Real Estate Developers


Overview

Introduction

Real estate developers envision, organize, and execute construction or renovation projects for commercial or private use. This process involves negotiations with property owners, real estate agents, investors, lending institutions such as banks and insurance companies, architects, lawyers, general contractors, government officials, and other interested parties. Developers may work independently as consultants or in partnership with other professionals involved in real estate development.

Quick Facts


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Median Salary

$100,110

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Employment Prospects

Fair

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Minimum Education Level

High School Diploma


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Experience

Experience as an assistant highly recommended


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Skills

Building/Trades


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Personality Traits

Enterprising

Earnings

There is no set pay scale for real estate developers. How much they make depends on their skill and experience, the size of the projects on which they work, the structure established for their payment in the development entity contract, and the successful completion of the project. Some real estate developers become millionaires. An exceptional few become billionaires, such as President Donald ...

Work Environment

Real estate developers are often highly visible individuals in the community. It is important that they have excellent communication skills, be able to work with all kinds of people, and enjoy the speculative nature of their business.

Developers spend a great deal of time negotiating with executives in banks and insurance companies, government officials, and private or corporate business...

Outlook

The outlook for real estate developers is subject to the fluctuations of the general economy. In the early-to-mid 2000s, economic conditions were excellent for real estate developers. Record-low interest rates roused many formerly depressed areas of the country to renewed economic vigor. But housing prices declined in 2006 and 2007, which, along with other factors, caused the housing market to ...

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