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Career in Real Esstate Development

Essay by   •  April 21, 2011  •  Research Paper  •  1,253 Words (6 Pages)  •  1,359 Views

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Career in Real Estate Development

One of the biggest decisions one will ever have to make is what career to pursue after graduation. Believe it or not but this decision is not one to take lightly for it is what one will doing for the rest of their life. There are thousands of careers to choose from and a frequently asked question is "how do I choose what I want to be." The answer is simple, choose something that grabs your interest, particularly something you do well or have experience with. One should never base their career on how much money is in it, because then the job will not be satisfying or fulfilling for you are doing it for all the wrong reasons. Now that graduation is only a few months away, the question in what I want to purse has been floating in my mind. After thinking long and I hard, I realized what I want to be, a real estate developer. I feel that this is the career for me, because I believe that it will give me great pleasure to know that I helped a family get a home, give me a sense of who I am. The only problem is, what is one to do in order to become a real estate developer, how much goes into it. Now I will inform on what it is a real estate developer is all about.

When looking at how to become a real estate developer one also has to notice the outcomes. Among them being, (1) you are creating a beautiful home for someone who will be living in your design, long after you are gone, (2) the work is pleasurable, the ambition that one feels when starting a new development, and (3) the congratulations that comes after you have completed a project, the satisfactory of it all. There is really nothing that anyone can teach a person in becoming a real estate developer for it all comes from one's inner self that is beyond the scope of normal intelligence. Its not that it is difficult to become a real estate developer, its just very different from the normal. A famous quote used by real estate developer Colin Dillon, is "Spending money is easy...anyone can do it. Getting back...plus a bit more for profit; that's a bit more difficult." This phrase is very true for anyone can get a job and make money, 4but very few know how to take that money and make it into something more.

The one thing to consider when researching this career, remember that this is a career when one has to put in their money, in order to make money. In order to do this one has to look at the many aspects that go into being a real estate developer. Believe it or not but there is a lot to consider when making your final plans in where to have a business. Looking at the location, is this society well established, is this where someone would like to live, these are questions that need to be answered when picking the right location. One has to take the necessary time to learn about the town or city being considered for property development. The biggest thing to always remember is not to follow the crowd, position yourself in a market this is about to boom rather than one that has already blossomed (Williamson).

Another thing to consider is what can I afford, never over spend for that money may be lost in the long run. Consider the mortgage cost for the renovation and the redevelopment of the next real estate development. Don't put all the money into one investment, expand your horizons and spend wisely. One cannot forget to consider what audience they are trying to attract, don't place an expensive home in a poor community for that would be an investment wasted. Pick the property wisely and be careful not to under price or over price that investment (Nahorney). The list goes on and on in what to consider when dealing with real estate such as; managing budget, making friends with a agent, and making such that you are renovating and not rebuilding for that would be way to much money and time (Williamson).

There are a variety of schools that one can attend to purse a career in real estate development. One in particular is the University of North Carolina at Chapel Hill for its Kenan-Flagler Business School. Their program offers a MBA in undergraduate and executive degrees. The courses that one has to take range from real estate developers and practitioners, real property decision-making, finance, investment analysis, land use law and taxation. The main aspect is to sharpen one's skills in becoming a smart businessperson, knowing the fraud from the real when making an investment. One needs to

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