What is a Real Estate Development Manager, and what are the required skills and studies to become one?
A Real Estate Development Manager is responsible for overseeing the development of real estate projects, from the planning and design stages through construction and completion. This can include residential, commercial, and industrial developments.
This can also involve identifying potential development opportunities, conducting market research, negotiating deals with property owners and contractors, and managing the financial aspects of a project.
What are the different job titles?
- Development Manager
- Project Manager Development
- Real Estate Business Development Manager
- Acquisition Manager
- Expansion Manager
What is the role of a Development Manager?
A Real Estate Development Manager is responsible for overseeing the development of real estate projects. She/he may work on a variety of projects, including residential, commercial, and industrial properties.
This can include identifying potential sites for development, coordinating with architects and contractors, managing budgets and schedules, and overseeing the sales and marketing of the completed project.
She/he may also be involved in renovating or rehabilitating existing properties.
The development manager may also be responsible for obtaining the necessary approvals and permits, coordinating the design and construction of the project, and overseeing the marketing and sales efforts. In addition, the development manager may need to work closely with a variety of other professionals, including architects, engineers, and financial analysts, to successfully complete a project.
What are the main tasks of a Development Manager?
The main tasks of a Real Estate Development Manager that you could find in a job description are the following:
- Contact person for all questions regarding real estate purchases
- Identifying potential development opportunities and analysing their feasibility
- Working with architects and engineers to design and plan the development
- Coordinating the procurement of necessary permits and approvals
- Managing the construction process, including hiring contractors and overseeing their work
- Monitoring project budgets, and expenses and ensuring that the development is completed on time and within budget
- Working with lenders and investors to secure financing for the development
- Negotiating contracts and agreements with stakeholders such as landlords, tenants, and government agencies
- Managing the sales or leasing process for the development
- Maintaining relationships with key stakeholders such as local officials and community leaders.
- Technical contact for the investment team, asset management and users throughout the entire realisation phase
- Review and implementation of ESG and sustainability in the project
What are the skills required for a Development Manager?
- ERP and CRM related to Real Estate
- Strong network
- Real Estate laws and regulations
- Conflicts dealing
- Service and customer-oriented
- Very good verbal and written communication
- Team player
- Ability to work under pressure
What salary does a Development Manager earn?
The salary might differ depending on your city or country and your property/portfolio size.
The gross salaries per year are around:
- 0 – 5 years: EUR 55,000 – 70,000
- 6 – 10 years: EUR 71,000 – 99,000
- > 10 years: EUR >100,000
What are the qualifications to become a Development Manager?
There is no specific set of qualifications that are required to become a real estate development manager.
However, most real estate development managers have at least completed a bachelor’s degree in a field related to real estates, such as finance, business, or urban planning. Some real estate development managers also have a master’s degree in a related field.
In addition to educational qualifications, real estate development managers should also have strong analytical, communication, and organizational skills and a thorough understanding of real estate market trends and regulations.
Experience in the real estate industry, either through internships or previous employment, can also be helpful for those seeking to become Real Estate Development Managers.