The developer is the key person of any project

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Not so long ago, a new word appeared in our vocabulary, which many have heard (more than once), but have a rather vague idea of its meaning. It is borrowed from English (from develop) and is translated as "develop", "transform", "improve". And the person who is engaged in this very transformation is called a developer. This definition is suitable for any area to which these processes apply, but it is most firmly rooted in the field of real estate. Thus, development is aimed at the qualitative development of real estate, which results in an increase in their value. This is a very profitable business that requires serious investment and a lot of time and labor.

In this process, the developer is the key person who organizes all its stages, starting from the idea,project creation and construction, ending with the implementation of the object (sale or lease). As a rule, he also owns the financial resources invested in the project, therefore, all financial risks fall entirely on his shoulders (or rather, pocket).

What is the main goal pursued by the developer? This is, of course, making a profit by maximizing the value of your project. In this desire, he can start a number of such works as repair or redevelopment of the structure, its interior decoration. All these activities will lead to a qualitative improvement of the object, and therefore, increase its value in monetary terms. This development is also called renovation.

What are the responsibilities of real estate developers? These include the following stages of work:

• development of the idea and concept of the future object;
• organization of financial support (if necessary - search for investors);
• development of a feasibility study and selection of a construction team;
• registration of legal rights to the property;
• design and construction works;
• commissioning of the facility;
• search for a broker to sell real estate.

The list is considerable, and this is natural, because the developer is the one who accompanies all stages of construction and implementation of the object from beginning to end. And the last moment is just the most pleasant - extracting commercial benefits. And if the project is implemented successfully, then it will be possible to earnvery good. The largest developers make millions of dollars on real estate objects (and these are not only residential buildings and their complexes, but also business and shopping centers). Naturally, in the course of their work, they cooperate with various organizations, including banks and insurance companies, construction teams and brokers, and part of the profit goes to cover their services. However, the main beneficiaries are those who manage the entire project, namely the developers.

The term is now more widely used. Developers are both software developers and those involved in the development and improvement of business processes in various fields. In a general sense, these are people engaged in a type of activity that is one of the areas of management and gives very significant results both financially and economically.