One of the most challenging careers in the world today is that of a real estate developer. People like Randall Benderson are actually few and far between. A lot of people think that there are millions of successful real estate developers, because they are so often seen on the news. President Donald Trump, for instance, is a real estate developer. However, the reality is that there aren’t many of them out there. It is only those who can find a scoop in a market crash, who can make smart decisions when everything seems to crumble, who are ready to not just embrace change but see it coming as well, who can make it big. If you want to become a real estate developer, therefore, it is important that you are realistic about what the job entails. The following Q&A session with Randall Benderson may be of benefit to that.
A Q&A with Randall Benderson
Q – What is a real estate developer?
Simply put, they are individuals who purchase a piece of land for a project that they speculate will be successful in the future. They are often responsible for managing the construction work on the site, so that they know that the land has value added to it. Once their project is developed, they will sell it, or they may decide to hold on to the plot and lease it for profit.
Q – What jobs exist in real estate development?
Because real estate is so wide, ranging from commercial (such as retail properties) to residential (such as condos), and because there are such variations in geographical locations (Phoenix, Tampa Bay, and Sarasota, for instance, are all very different), a lot of different skills are also needed in the industry. Naturally, money is required, but there is also a need for construction supervisors, clerical staff, market researchers, surveyors, accountants, lawyers, and so on. It is a very broad field of work, therefore.
Q – How can you get into the field?
Some people get in because they are lucky. However, most people choose a subfield within real estate development that they are interested in, and study it, preferably at degree level. They then take on an entry level position and build their way up.
Q – Does it offer a stable career?
Unfortunately, it does not. The industry is fraught with risk and if you cannot manage that, then the industry is not for you.
Q – How come some firms do ride out economic uncertainty?
There have been a number of firms, and even individual real estate developers like Donald Trump, who seem to be able to wither any storm. Luck is an element of that, as is skill, but it is mostly about having the financial backing to hold on to a piece of property when there is no demand for it at all.
Q – Why should I be interested in real estate development?
It is a field that affects all levels of society. It is dynamic and interesting, and one in which you can literally see the results of your hard work. And, if you play your cards right, it is also a field in which big money can be earned (but also lost).