Real estate development is a comprehensive business procedure encompassing various activities ranging from the renovation and occupancy of existing structures to acquiring new land and the actual sale of such acquired land or pieces to others. Developing real estate involves many diverse activities such as establishing partnerships, obtaining financial support, negotiating the deal, marketing and selling the property, maintaining contract terms, and making structural modifications, among others. The development of a property refers to how it meets all the requirements for a first sale. This article is all about the steps to be followed in the development of a real estate property. Real estate development has been around for ages, but today real estate developers are faced with several challenges due to change in regulations and market conditions.

Many factors affect the speed and magnitude of real estate development projects. The rate at which such projects develop depends on the type of development project and the level of involvement of investors. If there is less involvement of investors, the rate of development projects slows down and vice versa. It has been seen that investors, who have a good sense of negotiation skills, find it easier to invest in projects that come with a slow pace of development.

The development projects’ size and location determine the kind of technologies that developers use to complete their real estate development projects. Rapid technology development requires highly advanced technologies like computer software, lasers, and computer hardware and software, whereas traditional real estate development requires hard labor and more sophisticated machinery. Developers use different types of technologies to carry out their real estate development processes. The following discussion highlights the main types of technologies used by developers for developing real estate projects.

This is another technique being used by property developers to carry out the real estate development process. It is mainly used in developing small projects and individual properties. In this technique, new structures and houses are created based on old buildings existing at a particular location. The reason behind using this technique is to reduce the total cost of construction while maximizing the productivity and efficiency of property developers.

This is another technique that real estate developers widely use to get started with their real estate development projects. The single path principle follows this theory. The property developers approach a real estate broker who helps them identify and locate an appropriate piece of land. Once this is identified, the property developer contacts the owner of this land who agrees to sell this piece of land if he/she will buy something from the developer. As a result of this deal, a contract is signed, and the real estate developer becomes the single path provider for all his/her real estate development process.