Career Development

What Does a Real Estate Development Manager Do?

Find out what a real estate development manager does, how to get this job, and what it takes to succeed as a real estate development manager.

Real estate development managers are responsible for overseeing the construction of new buildings and other real estate projects. They work with a variety of different stakeholders—including architects, contractors, property owners, etc.—to ensure that all projects are completed on time and within budget.

Real estate development managers may also be tasked with developing new projects or initiatives in their organization. This might include identifying potential sites for new developments, creating business plans for these projects, and working with outside vendors to secure funding for these projects.

Real Estate Development Manager Job Duties

A real estate development manager typically has a wide range of responsibilities, which can include:

  • Developing a strategy to obtain permits from government agencies for projects and managing the application process
  • Overseeing the design, construction, and marketing of real estate developments such as retail centers, office buildings, and multi-family housing complexes
  • Negotiating contracts with suppliers, contractors, architects, engineers, and other project team members to ensure that all parties are meeting their responsibilities
  • Estimating construction costs and creating budgets for projects
  • Preparing budgets and forecasts for future cash flow based on project assumptions such as rental rates, occupancy rates, etc.
  • Coordinating with architects, engineers, contractors, and other professionals to ensure that all construction plans meet industry standards
  • Managing all aspects of a development project from inception to completion, including acquiring land, obtaining financing, hiring contractors, and maintaining the property after construction is complete
  • Identifying opportunities to increase revenue through leasing space in existing properties to new tenants who can pay higher rents
  • Working with sales agents to market properties to potential buyers

Real Estate Development Manager Salary & Outlook

Real estate development managers’ salaries vary depending on their level of education, years of experience, and the size and type of company for which they work. They may also earn additional compensation in the form of bonuses or commissions.

  • Median Annual Salary: $95,000 ($45.67/hour)
  • Top 10% Annual Salary: $132,000 ($63.46/hour)

The employment of real estate development managers is expected to grow at an average rate over the next decade.

Demand for housing will continue to drive demand for real estate development managers. As the economy grows, more people will want to live in and move to cities, which will require new housing developments. In addition, as the population ages, there will be a need for more housing for older adults.

Real Estate Development Manager Job Requirements

A real estate development manager typically needs the following qualifications:

Education: A minimum of a bachelor’s degree in real estate, construction management or a related field is often a requirement to become a real estate development manager. Some employers may prefer a master’s degree in real estate development or construction management. Relevant coursework includes real estate law, finance, economics, business, construction and design.

Training & Experience: Real estate development managers often begin their careers in entry-level positions in real estate. They may work as real estate agents or brokers, property managers or sales agents. They may also work in related industries, such as construction or architecture.

Real estate development managers can also receive on-the-job training in entry-level positions. They may learn about the company’s practices and procedures and the software and technology they use.

Certifications & Licenses: While certifications are not necessary for a career as a real estate development manager, they can be valuable in finding a job and increasing earning potential.

Real Estate Development Manager Skills

Real estate development managers need the following skills in order to be successful:

Project management: Project management skills can be an important skill for real estate development managers to have, as they often oversee the development of real estate projects. This can include managing the project team, overseeing the budget and ensuring that the project is completed on time.

Budgeting and accounting: Real estate development managers oversee the financial aspects of a project, including the budget. They may be responsible for creating and maintaining a budget, which requires knowledge of accounting and financial tools. They may also be responsible for ensuring that the project is profitable and that the company is meeting its financial goals.

Marketing: A real estate development manager oversees the marketing of a project, including the development of a marketing strategy, the creation of marketing materials and the implementation of marketing campaigns. This requires knowledge of marketing techniques and strategies.

Negotiation: Real estate development managers often negotiate with clients, contractors and suppliers to ensure the project is completed on time and within budget. They may also negotiate with banks to secure financing for the project.

Communication: A real estate development manager communicates with many people throughout the course of their work. They may communicate with clients, contractors, suppliers, real estate agents and more. Effective communication skills can help a real estate development manager convey their ideas and messages to others.

Real Estate Development Manager Work Environment

Real estate development managers typically work in an office environment, although they may spend considerable time traveling to properties under development or to meet with clients, government officials, or other professionals. They usually work regular business hours, although they may occasionally work evenings or weekends to attend meetings or open houses. Real estate development managers may experience periods of high stress when deadlines are approaching or when projects encounter problems.

Real Estate Development Manager Trends

Here are three trends influencing how real estate development managers work. Real estate development managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for More Collaborative Development

The real estate development industry is changing rapidly, and one of the most significant changes is the need for more collaborative development.

This trend is being driven by a number of factors, including the increasing complexity of projects and the need to work with a wider range of stakeholders. As a result, real estate development managers will need to be able to collaborate effectively with other professionals in order to get projects done on time and within budget.

More Focus on Sustainability

As the world becomes increasingly aware of the importance of sustainability, developers are beginning to focus on building projects that are environmentally friendly. This means that Real Estate Development Managers will need to have expertise in green building practices in order to stay competitive.

In addition, there is an increased demand for LEED certified buildings, which requires developers to meet certain standards for energy efficiency, water use, and waste management. By becoming LEED certified, Real Estate Development Managers can ensure that their projects are up to date with current trends and meet the needs of their clients.

A Greater Emphasis on Customer Experience

Real estate development is a customer-driven business, and as such, businesses are placing a greater emphasis on customer experience. This means that Real Estate Development Managers need to be able to create spaces that meet the needs of their customers while also meeting the needs of the business.

By understanding what makes a great customer experience, Real Estate Development Managers can create spaces that are both functional and enjoyable. They can also develop strategies for marketing and branding that focuses on customer satisfaction.

How to Become a Real Estate Development Manager

A real estate development manager career can be a great way to get started in the real estate industry. As a developer manager, you’ll have the opportunity to work on a variety of projects and learn about different aspects of the business. You’ll also gain experience working with people from all areas of the industry, which will help you build your network.

To become a developer manager, you’ll need to have a strong background in construction and engineering. You should also have experience managing teams and projects. Additionally, it’s important to have a good understanding of finance so that you can manage budgets and stay within budget constraints.

Related: How to Write a Real Estate Development Manager Resume

Advancement Prospects

Advancement prospects for real estate development managers are good. As the economy continues to grow, the demand for new housing, office space, and retail space will increase. Development managers who have a proven track record of successful projects will be in high demand. In addition, development managers who have experience working with a variety of financing sources and who have good negotiation and communication skills will be in high demand.

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