Real estate development is a multidisciplinary process involving a variety of disciplines. It involves a significant financial risk on the part of the developer. The developer makes money only when the finished property is worth more than its costs. The process is divided into three main phases and includes a range of important activities. These phases can be further broken down into eight sub-phases.

Involvement of a variety of disciplines

The study of real estate as an academic discipline dates back to the turn of the twentieth century, when the field was just starting to develop. Because of the diversity of practice, the field was plagued by fraud, speculation, and inefficiencies, creating a need for internal regulation. In addition to a need for more accountability, this diverse approach also created an environment for conflicts of interest.

Various disciplines are involved in real estate development, including architecture, construction, urban planning, and civil engineering. The field of architecture also involves the use of science and mathematics. Architectural design involves the incorporation of the various disciplines into a particular design, while civil engineering involves the planning, construction, and design of physical and natural environments.

Three main stages of real estate development

Real estate development is a process that includes many steps. It starts with evaluating the land and planning its future use, zoning laws, surveys, and financing. In addition, it includes developing site plans and obtaining building permits. It may also involve environmental assessments. Ultimately, theĀ Bill Bhangal value of real estate depends on how it is used.

Developers take on the most risk in real estate development. They typically have few leasing commitments before construction starts and they must justify their project with projected demand for the property after it is completed. The risk is high at all three stages of the process, but the end results can be very rewarding.

Social capital factor in real estate development

The concept of social capital refers to the value that communities can provide to residents by providing opportunities for civic participation and cooperation. People in a community who have a high level of social capital are more likely to be involved in civic organizations and work towards bettering the community. Often, social capital comes from the relationships and bonds formed through neighborhood associations and other institutions. For example, a neighbor who knows a school principal is more likely to support policies and decisions that affect their children.

The concept of social capital has been applied in a variety of contexts, including the growth of entrepreneurial firms, the creation of new knowledge, improved supply chain relations, and the evolution of communities. The first researcher to attribute social capital to these phenomena was Lyda Hanifan.

Getting started in real estate development

As a real estate developer, you must have strong research and analytical skills. You should also have a sense of ethics and be able to maintain moral standards when dealing with large projects. There are several ways to get started in real estate development. Some developers begin their careers as real estate agents, where they work to sell existing properties to clients and then improve them. Others work with architects, builders, and planners to promote new development projects.

The type of property or development you choose to build depends on the local market and the type of demographics in the area. For example, a residential development on a secluded site may not be suitable for a large number of people, while a residential area near a city may attract a higher number of people.