If you’re a real estate developer, you need to be surrounded by a diverse team of professionals in order to successfully plan, build, and market your property development project.
Large property development companies have dozens of employees to handle every aspect of a real estate development project. But does a small company require so many team members? Not necessarily.
In this article, we discuss some of the key roles and responsibilities on a real estate development team.
The Project Manager or General Contractor oversees the entire real estate development project. They may oversee many subcontractors, expedite operational processes, and handle the finances.
The Construction Manager oversees the construction process, manages contractors, and ensures that the project is completed on time.
These managers should meet regularly to review timelines and progress to determine if they are meeting goals and expectations. Both managers work with various vendors and consultants, which are included but not limited to:
- soils experts
- site supervisors
- plumbing
- framing
- drywalling
- electrical wall
A land surveyor is responsible for surveying the property and creating site plans and maps.
The Architect designs the building. In most cases, these will be cookie cutter designs, as your architect has likely already worked on similar projects. They are responsible for ensuring that it meets local building codes and zoning requirements. Engineers are responsible for designing the building’s structural and mechanical systems, including electrical, plumbing, and HVAC systems.
You’ll have your legal and financial teams. Bernstein Financial Services helps real estate developers prepare to meet with construction lenders so that they can secure financing. We work with real estate developers to plan for an efficient cashflow process. We also pay bills and monitor accounts throughout construction.
A real estate lawyer helps the developer navigate the legal aspects of the project, including contracts, permits, and zoning regulations. A real estate broker helps the developer market the property and find buyers or tenants. You’ll likely want to meet with environmental consultants to ensure that the development project meets environmental regulations and guidelines.
For the most part, the above team members are those that you absolutely must have in your core team. So, make sure you don’t start a project before you’ve hired them!
This article is for educational purposes only and should not be taken for business advice about your specific situation. Please schedule an appointment with a Principal at Bernstein Financial Services to help you determine your optimal planning strategies.