Property development is an interdisciplinary field and requires various skills and expertise. Typically, developers purchase a parcel of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval, raise the financing, improve the land and build the structures, and rent out and manage or sell the property upon completion of construction. While some property developers preform most – if not all – of these functions, some undertake only part of the process.
A project development project calls the property developer’s assembly of a team of professionals to address the various economic, physical, environmental and political issues inherent in a project. The success of a property development project depends primarily on the developer’s ability to effectively coordinate and lead the process. Property developers must have good knowledge of the local real estate market and practical experience.
The project manager is a professional who monitors the property development process during the construction phase and is responsible for the general oversight of the construction or redevelopment of a property to ensure the project progresses according to the specifications and on budget and on schedule. This requires dealing with any obstacles that arise in a timely and effective manner. Other functions may include specifying the project scope, budget and schedules and performing as general contractor and acting as property manager upon project completion.