Property developer

Property developers buy land, finance deals, order construction projects and orchestrate the process of development. They purchase a tract of land, decide on a marketing strategy, and develop the building program. Developers must also obtain legal approval and financing. When the project is finished, they may lease, manage, or sell the property.

The following job titles also refer to property developer:

speculative property developer
house developer
housing developer
domestic property developer
property developers
commercial developer
office property developer
speculative developer
developer of real estate
speculative builder
office developer
land developer
commercial property developer
real estate developer

Bachelor’s degree is generally required to work as property developer. However, this requirement may differ in some countries.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Property developer is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to property developer.

construction general contractor
quantity surveyor
budget manager
defence administration officer
public funding advisor

These occupations require some skills and knowledge of property developer. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of property developer with a significant experience and/or extensive training.

This knowledge should be acquired through learning to fulfill the role of property developer.

Contract law: The field of legal principles that govern written agreements between parties concerning the exchange of goods or services, including contractual obligations and termination.
Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
Budgetary principles: Principles of estimating and planning of forecasts for business activity, compile regular budget and reports.
Market research: The processes, techniques, and purposes comprised in the first step for developing marketing strategies such as the collection of information about customers and the definition of segments and targets.
Investment analysis: The methods and tools for analysis of an investment compared to its potential return. Identification and calculation of profitability ratio and financial indicators in relation to associated risks to guide decision on investment.

These skills are necessary for the role of property developer.

Audit contractors: Examine and document different industry contractors, in order to determine whether they comply with regulations and standards in relation to safety, environment and quality of design, construction and testing, etc.
Ensure compliance with legal requirements: Guarantee compliance with established and applicable standards and legal requirements such as specifications, policies, standards or law for the goal that organisations aspire to achieve in their efforts.
Provide cost benefit analysis reports: Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
Estimate profitability: Take various factors into account to calculate the cost and potential revenues or savings gained from a product in order to evaluate the profit that could be generated by the new acquisition or by a new project.
Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
Follow health and safety procedures in construction: Apply the relevant health and safety procedures in construction in order to prevent accidents, pollution and other risks.
Coordinate marketing plan actions: Manage the overview of the marketing actions such as the marketing planning, internal financial resource granting, advertising materials, implementation, control, and communication efforts.
Manage contracts: Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes.
Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
Keep records of work progress: Maintain records of the progress of the work including time, defects, malfunctions, etc.
Execute feasibility study: Perform the evaluation and assessment of the potential of a project, plan, proposition or new idea. Realise a standardised study which is based on extensive investigation and research to support the process of decision making.
Monitor contractor performance: Manage the performance of the contractor, assess whether they are meeting the agreed standard and correct underperformance if needed.

Assess financial viability: Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.
Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.
Negotiate land acquisition: Negotiate with landowners, tenants, mineral rights owners or other stakeholders of land containing mineral reserves in order to buy or lease the land.

This knowledge is sometimes, but not always, required for the role of property developer. However, mastering this knowledge allows you to have more opportunities for career development.

Business management principles: Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.
Building systems monitoring technology: Computer-based control systems that monitor mechanical and electrical equipment in a building such as HVAC, security and lighting systems.
Energy performance of buildings: Factors that contribute to lower energy consumption of buildings. Building and renovation techniques used to achieve this. Legislation and procedures regarding energy performance of buildings.
Building codes: The set of guidelines that determine the minimum standards for buildings and other constructions in order to protect public health and safety.
Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
Architecture regulations: The regulations, statutes, and legal agreements existing in the European Union in the field of architecture. 
Leasing process: Know and understand the leasing process, including any requirements, tenants, and legal conditions. Analyse the benefits of leasing equipment or any other items, rather than buying or acquiring via another method.

These skills and competences are sometimes, but not always, required for the role of property developer. However, mastering these skills and competences allows you to have more opportunities for career development.

Develop energy saving concepts: Use current research results and collaborate with experts to optimise or develop concepts, equipment, and production processes which require a lesser amount of energy such as new insulation practices and materials.
Oversee planning of security systems: Monitor the selection and installation of security systems such as fire protection and soundproofing equipment and make sure it is sufficiently efficient and compliant with current legislation.
Manage staff: Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
Monitor parameters’ compliance in construction projects: Monitors progress in construction sites and the compliance of various parameters outlined in the design phase such as quality, costs, timeline, and contractors’ responsibilities.
Liaise with financiers: Liaise with people willing to finance the project. Negotiate deals and contracts.
Recruit employees: Hire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.
Attend trade fairs: Attend exhibitions organised to enable companies in a specific sector to demonstrate their latest products and services, study the activities of their competitors, and observe recent market trends.
Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
Liaise with shareholders: Communicate and serve as communication point with shareholders in order to provide an overview on their investments, returns, and long-term plans of the company to increase profitability.
Liaise with quality assurance: Work closely with the relevant quality assurance or grading party involved.
Negotiate land access: Negotiate with landowners, tenants, mineral rights owners, regulatory bodies or other stakeholders to obtain permission to access areas of interest for exploration or sampling.
Value properties: Examine and evaluate land and buildings in order to make valuations about their price.
Manage maintenance operations: Oversee maintenance activities, making sure that staff is following procedures and ensuring routine and periodic refurbishment and maintenance activities.
Use safety equipment in construction: Use elements of protective clothing such as steel-tipped shoes, and gear such as protective goggles, in order to minimise risk of accidents in construction and to mitigate any injury if an accident does occur.

1323 – Construction managers

 

 

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References

1. Property developer – ESCO