Going into real estate development can be a lucrative career move, offering an average salary of $81,703 per year in the United States. If you’re interested in becoming a property developer, building a strong real estate portfolio is the first step to building a rewarding full-time career that generates the entirety of your income. By being careful to hone in on your niche and start small, you can make all the right moves that help you stand out from the competition.

Choose the right market

Choosing the right market can make or break your portfolio and career as a property developer. Keep in mind, in addition to location, market can also describe property type, such as, residential, commercial, or industrial real estate. So, to identify the ideal market for your needs, it’s first important to consider your short-term goals. For example, are you interested in developing high-end residential rental apartments for professionals?

Or, perhaps your interests lie in affordable office or retail space. Maybe you’re aiming to grow a reputation for developing great houses in a certain city or county. Only by honing in on your niche will you be able to select the right market accordingly based upon property type, demographics, buyer demand, property availability, and costs.

Consider your financing options

Accessing the right financing options is key to building a successful portfolio; it can also help you grow faster than you would have just relying on your own funds. A BTL (buy to let) mortgage, for example, is a useful choice if you plan on renting your investment out. The right BTL mortgage for you depends on your individual needs as a developer, as well as the lender’s own criteria. Additionally, keep in mind, BTL mortgages usually require a 20% downpayment, although, in some cases, a 15% down payment may suffice.

Build a strong foundation

Feeling like you have to build an amazing portfolio in record time puts too much pressure on yourself and can lead to bad decision making. Start small and gain some experience in the industry first.

And, if you do fail, at least you’ll have the benefit of failing on a small scale that’s easier to recover from compared to failing on a large scale. As a successful developer, you’ll be using the profits made from your first properties to invest in new ones.

So, it’s important to focus on building a strong foundation from which to grow your career – rather continually borrowing money in an effort to launch multiple new projects, and spreading yourself too thin. Real estate development involves ample research across a myriad of regulations and laws, construction management, and property management, and a slow and methodical approach can prevent you from slipping up and ensure you do everything right.
Real estate development can be an exciting and lucrative career.

By choosing the right market, considering your financing options, and building a strong foundation, you can develop a strong portfolio and stand out from the competition.

Author's Bio: 

Harris Shawn writes SEO articles for online business marketers and SEO tools users to make their Google rankings surge. His articles have appeared in a number of websites i.e., eLearning Industry, and Calculators. tech and Inside Tech Box. He contributes articles about digital marketing, SEO techniques, and tech regularly to Prepostseo.com