A property development manager is a person hired by the owner of the project to manage it through up to its completion. He ensures smooth running of the activities taking place in the project as it goes on. He can manage new, ongoing and existing projects. He should have the capability to keep track of the financial needs of the project. He should be able to identify potential projects and liaise with the investor for better returns. He should also provide guidance and work hand in hand with the architects and builders for the best outcome of the project. Negotiation of property sales is also a part of his responsibility. He can manage more than one project and should have excellent negotiation skills.
Duties of a project development manager
- Discovering potential property and projects
- Buying property on behalf of the investor
- Negotiating with builders and architects in regard to designing and planning
- Managing the sale of completed projects
- Monitoring workers and ensuring smooth running of the building activities.
- Identifying unoccupied land to start projects to lease or resell.
- Repot progress of the project
- Ensure the project is running smoothly and the team is working together
What skills do I need to become a property developer?
As a property developer, you are required to be creative. Different stages of the project require you to be able to think outside the box. Marketing skills, designing skills, and selling your project requires a high level of creativity. Financial skills are also a requirement for a property development manager. Financial skills do not only apply when pulling together money for property development but also when deciding on pricing of the projects. You should be competent enough when organizing how much you will rent the property for or sell it for.
Legal awareness is also of utmost importance. You will need to have the know-how of the laws governing property development and also the location you are setting up your project. Being that you will have a number of people you are working with on this project, you will also need to be an excellent team player. Great leadership skills are also essential in this project. Be patient with the project and with your workers and practice hard work all through the project.
In addition to the above overall skills, academic qualifications are another requirement. Most employers look for developers with a bachelor’s degree in finance, administration and marketing. Academic qualifications provide exceptional skills that enable you to run several business entities. Having experience is also another added advantage as you seek for this position. Previous experience in this field assures the investor of your capability and that their project is in safe hands. You must be able to prove that you can deliver and this can be done by referring your client to previous clients you have worked with.
People a property development manager works with
For a property to succeed, a property development manager will need to partner with several people for smooth running. Specialists that will help in designing and managing the project can be helpful in this project. These people include:
- Architect
an architect takes charge of designing the project and arranging on the construction procedure.
2. Planning expert
a planning expert assists in planning for application of permission
3. Surveyor
a quantity surveyor is typically the most crucial member in this team. He assists in calculating the project costings and assesses the materials needed in completion of the project.
4. Contractor
a contactor is the one who assists in hiring builders and designers who in turn practice their expertise according to the plan given by the architect.
5. Legal practitioner
a legal practitioner takes charge of all the legal procedures required in this project. He also offers advise and assist in selling the project legally.
6. Accountant
an accountant is in charge of all financial analysis such as filing tax returns, financial reports and budgeting
7. A professional snagging agency
The snagging agency checks for any faults after development completion right before it enters the market.
8. Real estate agent
A real estate agent is personnel with experience in sales of real estates. He plans for viewing of the project from interested and potential buyers and markets the project.
Skills that show you are an excellent development manager
There are unique features that differentiate a beginner and an experienced property development manager. In as much as an investor may want or wish to hire you, they will always go for the best and experienced property development manager. These qualities include:
- Planning: an experienced property development manager is highly organized to make the process easier and ensure efficient running. Proper planning can help you to coordinate and organize the project efficiently.
- Dynamic: a slight delay in the construction process can cost the developer quite a lot. A property development manager must always be on the lookout for risks and sort them out before losses occur.
- A great decision maker: you should be a super decisive project development manager to ensure tiny issues do not cause loopholes in the construction process. Identify issues that can affect the project and sort them out as fast as possible.
- Experience level: most employers will consider this as the first qualification before hiring you. Proof that you have completed previous project on time and within the set budget can create a good portfolio before your employer.
- Appropriate certifications: having the necessary experience can allow you apply for the certified construction manager certificate. Certification is proof of your expertise and guarantees your employer of quality services.
- Collaborative: a property development manager must be able to create good relationships with the team. He must be able to identify that person on the team makes a significant difference and contribution towards ensuring the project is successful.
- Communication: communication is key in the project. A good property development manager communicates efficiently with his team to know the progress of the project. He must be open minded and accept suggestions from other members of the team.
Note: the above-mentioned skills may not guarantee you that you are hiring the best property development manager but it will definitely assure you that they are experienced and consider hiring them.
How do I manage the project properly?
The relationship between time, money and quality is one thing a property development manager needs to have knowledge on. If you spend more time and a lot of money on a project, the outcome is likely to be appealing and it is most definitely the way to go, but most investors want projects finished at a faster rate, thus they have to put more money into faster construction and are not assured of quality. Quality products and projects take time to put together. You should be able to maximize on balancing the three tensions. Most experienced developers mainly focus on cost and time and end up getting high returns.
Conclusion
Property development can be a risky ordeal to venture in because you as the property developer dis the one to fund the project. You are required to be highly skilled, be confident in yourself and your work and be knowledgeable in this field. A project development manager works towards the success of your project within a given timeline and budget. The development manager kickstarts your projects till completion. They can also sell, lease or rent out the project in place of their client. A development manager is held responsible for budgeting for the project and might not necessarily be the one financing it.
FAQs
1. What subjects do I study to become a property development manager?
There are several topics you can study in order to become a competent property development manager. These include: economics, human resource course, project financing and planning and research. But always remember that experience is key in this field.
2. How does a property development manager earn?
A property development manager earns money by developing projects. When a client purchases land, they involve a property development manager to scheme through and decide for them an appropriate project. The development manager ensures the project is well taken care of, properly developed till completion, thus earning profits.
3. Is it necessary to involve a property development manager?
It is not a must but it is highly recommended. This is because the developer has past experience with similar projects and has a better understanding of the market trends, benefits and risks of your choice of investment. It is mostly advisable that beginner investors involve property development managers because if they opt to do themselves, they may fail terribly thus losing a lot of money spent on the investment.
4. What do I need to become a project development manager?
You will need relevant education and experience to prosper in this field to become a competent property development manager. Skills such as communication and marketing skills are also preferred in this job. You will also need to be as proficient as possible to come up with solutions to clients who may seem to have doubts about your work and organization.