A real estate developer needs to have plenty of experience working as a developer and needs to be very familiar with market conditions to succeed in this business. The developer should have strong connections that are maintained with local government to help ensure that projects are completed on time. Developers can also get assistance from friends who can give them recommendations so that their sources can help to get a project pushed through.
A real estate developer needs to be able to work with a large team since he will be working real estate agents, politicians, landscapers, contractors, architects, and many other professionals. It is essential to have good interaction and communication with these individuals so that a project can be managed from start to finish. Also, developers need to ensure that they select hard-working and qualified team members and that they manage, organize and meet their demands.
Developers need to have enough flexibility to travel to other locations to develop their projects. They also need to have the flexibility to read the demands and needs of the community they are working in.
The following is a list of some of the major responsibilities that a real estate developer has:
- Each developer needs to ensure that every project has clear title deeds.
- Developers need to get all statutory, regulatory, and legal clearances before starting on a project.
- A developer needs to confirm if there are any legal dues on the land.
- A developer needs to secure finances that are required from funding institutions.
- The developer needs to be able to explain various real estate terms such as super built-up areas, built up area, and carpet area to customers, in addition to the project’s specifications and plan.
- If a project is stopped or there are any delays, the developer needs to repay the investors their money along with interest.
- Properties should be offered at fair prices by developers and marginal profit should be targeted.
- Developers need to plan so that there are no raw material shortages.
- Developers need to make inquiries with various municipal departments to establish whether there are any outstanding requisitions or notices that relate to the property.
- Developers should minimize or avoid any delays in completing their projects.
- Developers should offer quality services and construction.
- A developer needs to keep clients informed on the progress of their construction project and keep them updated on a regular basis.
- Developers need to keep the interests of their customers protected.
- Homes should be offered by the developer that allows buyers to make selections based on kitchen, floors, layout and other important characteristics.
- Properties should be sold by developers that are free of any encumbrances.
- Developers need to give a clear idea to buyers on extra charges such as service and VAT tax, open car park, covered car park, sewer, and electricity.
- The developer needs to stick with whatever the initial master plan was that was advertised when the project was marketed.
- Whenever they are dealing with clients, developers need to be completely transparent.
- It is unacceptable for project plans to be changed by the developer without the customer being informed.
- No developer will be allowed to build on spaces that have been designated as play areas or green areas.