Global Real Estate Development Industry
The global real estate development industry involves a range of activities relating to property renovation, re-lease and the sale of land. Developers are not themselves constructors though they do avail of builders’ services in the course of their real estate projects.
Developers buy land to sell it, but first move through a number of phases such as marketing the land, designing and putting into practice a property project for the land, including acquiring public approval and financing. Apart from builders, developers also collaborate with other necessary agents such as engineers, inspectors, surveyors, city planners, contractors, architects and leasing agents.
Developers not only acquire new land, or speculative development, but also make changes to existing structures to fulfill any functions called for by potential buyers. They can also prepare land for other purposes, such as mining. Some development teams encompass various talents (like architects and engineers), while other outfits can be much smaller and contract out work to external companies to offer services they may not have in-house. The developer continues to coordinate the real estate project and activities entailed throughout the duration of the project, calling on various professional services as needed.
Apart from the more physical work, developers also liaise with agents that are not directly related to building, such as government officials, legal agents and environmental consultants.