https://medium.com/@johnson_gary123/the-process-of-real-estate-development-a9320c40f8b4
Real estate development is a process of multiple steps that are time-taking and involves risks as well. From the time a project starts to the time that it completes several problems can come along the way but if they are overcome, real estate can prove to be an extremely profitable investment. There are different kinds of problems that can come in the way during the development of a real estate project that can be of different capacities and can affect the project. The best way is to always find the best solutions for the problem to make sure that the problem does not return and also has no side effects what so ever.
The early stage of development
This early stage is extremely time consuming and contains the most risks as well since it’s the start of a project and there are many unknowns involves. Some of the steps that should be taken during the early stages of development are doing a complete and detailed market analysis and creating a feasibility report, doing surveys, land assessments and financing opportunities. These basic but important steps help the individual carefully plan the project and make significant decisions while taking it further to the next step of construction.
The intermediate stage of construction
This step although contains very less number of problems but is equally important as the first one. The vitals steps in this process that should be taken care of are project marketing and vertical construction. During this step, the owner of the project starts to market his project rapidly so that the market becomes aware of his project and he can find the right buyer for his project. Also, the vertical construction is important because the faster the construction the faster his project will end and he will be able to move on the next one. If the construction is slow, the owner will be stuck with the project and this will only create a bad reputation for him.
The final stage of Operation
After the completion of the second stage, the final stage of operation begins. Just like different important steps need to be taken during the first two stages, similarly, some vital steps need to be taken during the last step as well. These steps include the continuous marketing of the project because if the marketing is somewhat slow or is less, there are chances that the owner might lose some buyers at the last minute due to the lack of interest. Another one is the creation of property management which will help in the overseeing of the estate of the owner and help him in the better management of the project.
If all goes well, it is surely possible that the project becomes a success and is considered as an example for all the other projects.