An experienced real estate developer, Michael Snedeker holds the title of executive vice president of Elite Building Corp. in Waltham, Massachusetts, located just west of Boston. Among his responsibilities in the position, Michael Snedeker assists with long-term corporate development, business planning, sales and marketing strategies, and related business operations.
For entrepreneurs seeking to master the fundamental methods for starting and operating a company, the real estate development world serves as a great model. Here are some quick lessons entrepreneurs can learn from real estate developers.
1. Developers such as the Massimino brothers behind Alliance Realty Capital reveal that, if one wishes to build a successful business from scratch, it is crucial to identify a niche other businesses aren't filling. This means doing a lot of research and never being distracted by uninformed opinions.
2. Equally important, a real estate developer must assess the feasibility of a project before committing money and time. Developers complete an analysis, called a feasibility study, that takes into account technological, financial, economic, and legal factors. As with many other industries, professionals in the real estate industry must look at the market, the risk, the competition, and other key drivers of performance before deciding to make an investment.
3. Top real estate develops also understand that to attract investors, they must maintain a stellar reputation in order to inspire trust. This means methodically building up accomplishments to show investors a history of success one project at a time.