A real estate developer can be a person or company responsible for building new construction or renovating older homes, offices, buildings, and/or industrial sites. Developers are experts on the area’s market and spend a significant amount of time studying traffic and trends to understand what a specific region most needs.
They’re responsible for buying vacant lots or property and turning it into new businesses or houses, all of which are contingent on how prosperous it will be on the surrounding community. They generally have multiple areas of expertise, including market studies, local legislation, building development, project financing, and land acquisition. To become a real estate developer takes considerable skills, research, education, experience, and specific certifications.
While a developer might sound similar to construction or homebuilding, these are not the same things. The real estate developer is the person who coordinates everything so you can achieve your dream of bringing a design to life. Development encompasses everything from re-leasing buildings to purchasing raw lands.
What do you need to know about the process of working with a developer?
When developing real estate, you must have your finger on the market’s pulse to understand the advantages of the area you intend to create and the current trends. A developer will provide project-specific and unit-specific comparables within a comprehensive market study that includes current inventory, market depth, pricing trends, and any additional projects in the pipeline.
They will consult with financial partners and/or investors as needed. The market research also includes determining and monitoring recommended pricing strategies and targeted absorption goals.
Our team collaborates with the architect and developer to create the overall design, from floor plans to finishes. These plans maximize price per square foot while incorporating the buyer’s most sought-after details. Defining the target marketing to inform the overall unit mix, target size, and bedroom count is another critical analytical component of this phase. This stage will also provide insight into features that improve building functionality, systems efficiency, and owner lifestyle.
We can also make recommendations for forming your design team, including the best area architects, interior designers, and any additional ancillary professionals like landscapers, lighting designers, etc. Finally, we will establish and review a master timeline for the project that features critical dates for design, construction, and the sales launch.
Our marketing team will determine your brand’s direction, which will be applied to all marketing collateral deemed necessary by the developer and Compass. We establish the budget and any cross-marketing partnerships to ensure the target market is captured and attended to in marketing strategies.
To ensure deadlines are met, this means creating a marketing calendar for all deliverables. Marketing materials include ad campaigns, social media, email marketing, sales presentations, brochures, websites, site signage, and marketing floor plans. We also consult with professional videographers to create a captivating lifestyle shoot of the development area to promote livability and the best local amenities. We will refine our marketing position and style as we see results and generate responses from the target audience.
Finally, our team will work with you to communicate construction progress and updates to buyers, along with planning a release strategy and sales launch. We excel at driving the sales with a due diligence process and provide regular sales and traffic reports.
This process entails scheduling weekly meetings and calls to evaluate traffic and then the marketing and pricing strategy based on that feedback. All updates will be entered into the database to ensure listing information is up-to-date and both customer and agent-ready.
Please reach out to us today if you are interested in learning more about real estate development.
Compass
126 Newbury St. 2nd Flr,
Boston, MA 02116
Matthew Diozzi