The property development process requires skills of many different professionals, including architects, engineers and site planners, market consultants, attorneys, environmental consultants, surveyors, title companies and lenders. A project engages the different professionals in various capacities during each distinct phases of the property’s life cycle. Whereas large developers may have most of the required services in-house, small developers commonly outsource the services by contracting with other professionals for each service as needed.
The planning phase calls for a due diligence officer, appraiser, cost estimator, financial analyst, feasibility analyst, market analyst, financial advisor, environmental officer, lawyer, building architect, landscape architect, civil engineer, site planner and local government authorities. The construction phase commonly requires project manager, acquisition officer, title search/abstractor, closing attorney, building architect, general contractor, subcontractor, engineer, landscape architect, interior designer, mortgage banker/broker, construction lender, interim lender, permanent lender, escrow agent, grantor/grantee, guarantor, equity investor, general partner, limited partner, joint venture partner, investment committee, marketing manager and tax advisor.
Parties that can be involved in the operation of property include the property manager, facilities manager, leasing representative, lessee, lease administrator, servicing agent, accounting team, management company, portfolio manager, asset manager, investor relations officer and risk manager. If developers retain ownership of developed property in their portfolios, external property managers and facilities manager are commonly engaged to manage the day-to-day operation of the properties.
Many of the parties involved in the sale of developed property are the same who are involved in the planning, acquisition/production and operational phases of a property development project. The sale and purchase of property generally requires the involvement of real estate brokers, appraisers, consultants, advertising media, banks, lawyers, notary publics, local land registrars (land registry system) and others.