There are many real estate concepts that the investor or those who wish to invest in real estate must know and understand, including the concept of real estate development and the main roles played by the real estate developer.
Real estate development is the basic step in any investment, and the adoption of the appropriate real estate developer is one of the most important credits that the investor must consider when choosing any real estate project to invest in to ensure its success.
Many investors and individuals, in general, have a lot of questions about the main roles played by the real estate developer and how different it is from the real estate investor. Here, we will mention some of the roles of the real estate developer to clarify the difference.
The real estate developer is the one who comes up with the idea of the project, buys the land to build the development and prepares it, conducts feasibility studies, and sets a time frame for the completion of the project.
The developer supervises the selection of contractors to implement the project after studying the market situation while knowing its requirements to implement a project that matches all the above.
The developer’s role includes setting the budget for each step of the workflow and supervising the contractors and workers to perform their role to the fullest as well as keeping the investors informed of that.
The real estate developer oversees preparing all official papers, taking the required approvals and licenses to build the facility, and secure funding for the project in full until its completion.
Therefore, we find that most of the responsibilities of real estate development fall under the developer’s tasks, from choosing the land for the project, determining the market needs, and even handing over the last unit in the facility to investors.