The number of real estate developers in Dubai is a whopping 2500+ and is only rising by the day. With new property developers emerging, the competition is getting higher, with only the top ones winning. So, how to become a successful developer in real estate?
Steps to becoming a successful developer in real estate go from learning the basics of real estate and gaining experience to finding a site and constructing your project. While it may seem too straightforward, it does require you to hone the right set of skills that cannot be overlooked.
Read on to find a step-by-step guide on how to be a successful property developer in Dubai.
Who is a real estate developer?
An individual or a corporation responsible for planning, financing, managing, and constructing a real estate project at a given site. This may include developing a new project on a piece of empty land or renovating and developing a building that’s already present.
Apart from planning and construction, real estate developers also market and sell the developed property to interested buyers.
Note: Real estate developers may be government entities or private entities.
What are the skills needed to become a real estate developer?
Becoming a real estate developer comes with its set of challenges. From having an eye for detail and planning every small step to ensuring its executed with precision, a real estate developer is more like an entrepreneur.
Here’s a set of skills that a real estate developer must possess:
- Self-reliant, autonomous, and decisive
- Natural leaders who prefer to make their own decisions
- High tolerance for risk and skilled at evaluating potential success and minimizing failure
- Skilled at identifying market niches and untapped opportunities
- Driven by the desire to succeed, in various forms
- Action-oriented, with a clear vision and focus on completing projects
Step-by-step guide to becoming a successful developer in real estate
So, how to become a successful property developer? Make sure to have fundamental knowledge about the industry and local regulations, basic experiences, and a strong network.
Here’s a step-by-step breakdown.
Step 1: Understand the basics of real estate development
The basics of the real estate industry like the local laws, financial terms and processes, construction, and marketing of the completed projects are crucial. One of the best ways to gain this knowledge is through books, seminars, and attending informative classes.
Step 2: Build a diverse network
Having a strong network is one of the most crucial steps to becoming a successful developer in real estate. The best way to do this is by attending networking events, and conferences, and joining real estate associations. This way, you can not only connect with leading developers but also meet stakeholders like venture capitalists, investors, and partners.
Step 3: Find a mentor
Finding a mentor is always the best way as you get to gain knowledge from someone who’s been where you are today. They can help you learn about the challenges and pain points not mentioned in the books or other sources. Look for someone who has years of experience with a track record of working on successful projects.
Step 4: Work on developing your skillset
Firstly, work on honing technical skills like project management, negotiation, finance, and marketing, which form the foundation of real estate development. You can do that by taking courses or a degree in real estate. Next, work on soft skills like decision-making, taking risks, and being autonomous.
Step 5: Gain hands-on experience
Learning is important but the knowledge you get from hands-on experience is irreplaceable. Try to gain at least basic hands-on experience by working as an intern or in entry-level positions for the real estate developers best known in your region.
Step 6: Identify your niche
You may not know it but real estate is a very broad sector. It has various sub-categories like residential, industrial, and commercial. You can even get more specific by only choosing options such as green construction, etc. This will help you get a competitive edge.
Step 7: Create your business plan
Before you start your real estate development business, create a business plan that includes your goals, budget, timeline, and marketing strategy. It should also include your target market, competition, and unique selling proposition. A well-crafted business plan can help secure financing and attract investors.
Step 8: Plan and secure financing
Real estate development requires a lot of money, and securing financing is pivotal to your success. Consider getting a loan from a bank or other financial institution, or you can look for investors who are interested in funding your project.
Step 9: Find a suitable site
Once you have secured financing, find a site for your real estate development project. Look for a site that meets your needs, such as proximity to amenities, and accessibility. Make sure to consider the potential for growth and development in the area.
Step 10: Conduct due diligence
Conduct due diligence before finalizing a site. Research the property’s history, zoning regulations, and environmental factors. Also, get the property inspected by a professional to ensure that it is safe and structurally sound.
Step 11: Start developing your project
Once you have secured financing and found a site, you can start developing.
Grovy – Best Developers in JVC
Grovy Real Estate Development LLC is an example of a successful developer in real estate. With a rich history of over 35 years in the industry, these developers ensure to provide only the highest quality when it comes to precision in the construction, style, and planning of real estate projects.
Unfortunately, several real estate developers start in the field without any prior knowledge, only to end up failing and incurring losses.
To become a successful developer in real estate, it’s crucial to gather knowledge, gain experience and build yourself in the industry through extensive market research and delivering on your target audience’s demand.
