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How to Get a Job in Real Estate Development | Property Development
Real Estate Jobs
Careers in real estate development are exciting as it covers a broad spectrum of the industry. You will be working on land acquisition, concept and planning, design, finance, legal, construction, marketing, sales and operation of the assets.
You will also be working with a team from interdisciplinary and multidisciplinary groups such as architects, engineers and financiers.
Real Estate Supports Other Industries
In fact, the real estate development sector covers and supports a broad spectrum of other industries as well. The manufacturers and suppliers of building materials, construction industry, the consultancy services, shipping and land transportation sectors, light and heavy machinery sectors, banking industry and the legal professions are all partly dependant on the real estate sector. Should it suffer a downturn; these other sectors will also be affected.
While there are courses that offer a specialist degree in real estate development, you may still enter the industry even if you are an engineer.
What is Real Estate Development?
Briefly, real estate development is about investment and improvement to land or existing property. By doing so, the developer hopes to create supply and demand of assets that will meet the needs of the user or investor's requirement, either for residential, commercial or industrial properties.
It is a multi-layered business activities related to the built environment and the building industry. Its activities will include land acquisition, doing the master plan & design and getting the necessary approvals from the authorities and the public. It also involves clearing all legal issues, getting financing, constructing, selling and managing the property.
Careers in Real Estate
To have a career in real estate or to be a real estate developer, you will need to have a good working knowledge in four broad sectors within the industry.
- Real Estate Development: This is the main and a crucial part of the industry where you are required to know on land matters, building bylaws, design and construction, sales and marketing and finally management of the assets. Having a flair for knowing and anticipating what the market needs, able to see the potential of a particular asset, ability to come out with awesome design; will add value to you as a developer.
- Real Estate Finance: You also need to understand the finance aspect of doing property development. These will be on fund management, project and mortgage financing, investment banking, hedge funds, real estate investment trust (REIT) and of course cash flow.
- Project and General Management: An effective project management and people management of your project will not only ensure completion on time and on budget, but will also bring in better profit margins. Negotiation & good communication skills and a good sales and marketing knowledge are other added assets to your management talent.
- Sustainable Real Estate: You will need to understand the issues that are facing the industry such as wastage of construction materials, using renewable energy, being sensitive to the environment, using sustainable development practices not just in the buildings but also in the infrastructures, landscaping and other external works. You will need to address any sensitivity that might affect public opinion of your project, if there are any.
Careers that have Indirect Link to Real Estate Development
Due to the nature of the work process, property or real estate developers will be working with several counterparts, from the conceptual stage right up to sales and property management stage.
They will include financiers, urban planners, architects and engineers, amongst others.
Real Estate Facts
Real estate developments and the construction of these properties is labor intensive. If there is a downturn in the real estate sector, there will be a big drop in employment.
Real estate, in any recession, will therefore contribute to a high unemployment rate.
Looking for Jobs in Property?
So if you want to build a career in real estate development, you can be involved either directly or indirectly within that sector.
Careers that have indirect links to real estate development are in:
- Urban & Country Planning: Optimizing the efficiency of land use and infrastructure in relation to economic, financial, environmental and social needs.
- Architecture: Designing of buildings and other structures for the aesthetic, functional and economic return. It has to cater to the needs of the developer and the end user.
- Engineering: The engineering team comprises mainly of civil, mechanical and electrical engineers who will be responsible for the foundation and structural design and for all the mechanical and electrical components of the building.
- Finance: Evaluating project viability for project financing to developers and providing mortgage financing to buyers
- Legal: Will look at all legal issues relating to all aspects of the development, from land matters, on construction, on sales and right through to property management
- Landscaping: Landscape Architect or Designer will plan, design and monitor the construction and maintenance of soft and hard landscaping to the properties including open spaces and public parks
- Interior Design: Complementing the works of an Architect by transforming the interior spaces into a style and functionality that suits the user's need.
- Land Surveying: Land & property titles and land surveying works as in the demarcation of property lines for construction, land division and titles.
- Estimator/Quantity Surveying: Contractual matters and preparation of contract documents with contractors and suppliers, estimating project cost and preparation of Bill of Quantities.
- Specialized Services: These services will vary with each project depending on the complexity or nature of the project. The shopping center project will bring in retail specialist, a hospitality project such as a hotel or golf and hotel resorts, will have hotel Management Company and golf course consultant in the project team.
Jobs Abroad in Real Estate Development
Is the job market in real estate development stagnant in your country? Or are you keen to explore the world and be a global worker?
Working abroad offer both exciting and challenging moments that await you. If you have what it takes to live and work abroad, then wait no further.
Property Jobs in Dubai, the UAE and other Middle Eastern Countries
Dubai used to be the most popular and most sought after overseas real estate jobs in the world. The salary and perks were good and life in Dubai was yours to enjoy. However, after the property market crashed in 2008, jobs are few and the market forecast is still pessimistic.
Developments are still going on, albeit at a much slower pace. The more active area is the neighboring city of Abu Dhabi, the capital of the UAE. Companies are still recruiting new staffs, but will pay a lower salary and with less perks, compared to its heyday.
If you are keen to work in this region, do a continuous search for job opportunities not just in Dubai and Abu Dhabi, but also for other Middle Eastern countries like Oman, Kuwait, Bahrain and Qatar.
Real Estate Jobs in China
The China property market is still active despite fear of it being overheated. Demand for housing in China is strong and the government's priority for public housing is one of the key factors for a strong property outlook.
Hence, job opportunities in real estate development in China are good. The best way for anyone interested to take up this challenge is to go to a job placement agency. Do your research on-line and work with a reputable international organization.
Besides working full time or part time in China, other opportunities are internship programs for architectural and engineering students. These are usually available in the bigger cities of Shanghai and Beijing.
Property Development Jobs in Other Parts of the World
With the Eurozone confidence down, Europe may be a difficult if not impossible place to find real estate jobs.
India has already opened up its property market to foreign property developers to help increase and improve its housing, commercial and hospitality sectors. Working with these foreign developers may give you an opportunity to work in India.
Job opportunities are better in Asia compared to other parts of the world. Another Asian country that is worth checking out is Singapore. With its highly developed property market, they are recruiting people in the retail and in hospitality sectors.
Career Opportunities in Real Estate Developments
However, career opportunities in real estate developments are everywhere. It's a matter of how often we do our search for these openings. The best way is to register with each of the regional job placement or search consultants for jobs in your desired country.
© 2012 Mazlan