Table Of Contents
- Real Estate Development Associate Job Duties
- Real Estate Development Associate Job Requirements
- Real Estate Development Associate Skills
- Real Estate Development Associate Work Environment
- Real Estate Development Associate Trends
- How to Become a Real Estate Development Associate
- Advancement Prospects
- Job Description Example
- Similar Jobs
Real estate development associates are the behind-the-scenes workers who help turn developers’ dreams into reality. They work with real estate developers to plan, finance, and build new projects. Their job is to ensure that everything goes smoothly from start to finish.
Real Estate Development Associate Job Duties
A real estate development associate typically has a wide range of responsibilities, which can include:
- Communicating with contractors and subcontractors to ensure that work is being completed on schedule
- Inspecting the property to determine how it can be improved upon or what renovations need to be made
- Negotiating with prospective buyers to obtain the highest price possible for the property
- Conducting research on market conditions, zoning requirements, and construction techniques to identify opportunities for growth in specific neighborhoods or regions
- Reviewing financial statements to determine the worth of a project or company
- Reviewing contracts with vendors to ensure that all terms are fair and legally binding
- Reviewing architectural plans to ensure compliance with local building codes
- Coordinating with architects, engineers, contractors, and other professionals to complete construction projects
- Preparing bids on potential projects based on research and analysis of data provided by clients
Real Estate Development Associate Salary & Outlook
Real estate development associates’ salaries vary depending on their level of education, years of experience, and the size and type of company they work for.
- Median Annual Salary: $66,500 ($31.97/hour)
- Top 10% Annual Salary: $143,000 ($68.75/hour)
The employment of real estate development associates is expected to grow at an average rate over the next decade.
Demand for housing will continue to drive demand for real estate development associates. As the economy grows, more people will want to live in and move to cities, which will lead to a need for new housing developments. In addition, the need to update existing infrastructure, such as roads and bridges, will require real estate developers to plan and oversee these projects.
Real Estate Development Associate Job Requirements
A real estate development associate typically needs to have the following:
Education: A real estate development associate degree is not a requirement for this role, but many employers prefer candidates who have a bachelor’s degree in real estate, business or a related field. Relevant coursework includes real estate principles, finance, business law, economics, accounting, construction and marketing.
Training & Experience: Real estate development associates typically receive on-the-job training from their supervisors or managers. This training may include learning about the company’s specific processes and procedures, as well as the software and computer programs they use. Real estate development associates may also receive training in the specific areas of real estate they specialize in, such as property management or sales.
Certifications & Licenses: While certifications are not necessary for real estate development associates to get hired, they can help you stand out when applying for jobs and increase your earning potential.
Real Estate Development Associate Skills
Real estate development associates need the following skills in order to be successful:
Communication: Communication is another skill that can be useful for real estate development associates. This is because they often need to communicate with clients, other members of a development team and other professionals. For example, they may need to explain the details of a project to a client or explain the project’s budget to a manager.
Organization: Real estate development requires a variety of tasks and responsibilities, and being organized can help you manage your workload. Organization skills can help you prioritize your tasks, manage your time effectively and keep track of important documents.
Negotiation: Negotiation is the ability to persuade others to agree with your ideas. Real estate developers often negotiate with clients, suppliers and contractors to ensure they meet their needs and expectations. This can help you ensure the success of your projects.
Time management: Time management skills can help you meet deadlines and complete projects on time. Real estate development projects can involve multiple tasks, so it’s important to manage your time effectively to ensure you complete all your work.
Detail-oriented: Real estate development requires attention to detail. You may be required to review and analyze complex financial documents, so it’s important to be able to read and understand all the information presented. You may also be required to review and analyze architectural plans and other construction documents, so it’s important to be able to notice any errors or inconsistencies.
Real Estate Development Associate Work Environment
Real estate development associates typically work in an office environment, although they may spend considerable time traveling to properties that are being developed or to meet with clients. They work regular hours, although they may occasionally work overtime to meet deadlines. Real estate development associates typically work on teams with other real estate professionals, such as brokers, architects, and engineers. They may also work with government officials to obtain the necessary permits and approvals for development projects. Real estate development associates typically have a great deal of responsibility and must be able to handle multiple tasks simultaneously. They must also be able to work well under pressure and meet deadlines.
Real Estate Development Associate Trends
Here are three trends influencing how real estate development associates work. Real estate development associates will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.
The Need for More Technical Skills
The real estate development industry is becoming increasingly technical, as developers are required to have more knowledge about things like building codes and zoning laws.
This trend is causing a need for more technical skills among real estate development associates, who will need to be able to understand and work with these complex regulations in order to develop projects that are compliant with the law.
More Collaboration Between Real Estate and Other Industries
Real estate development is becoming increasingly collaborative between different industries, such as architecture, engineering, and construction. This trend is due to the fact that each of these industries has unique expertise that can be used to create better projects.
As a result, real estate development associates will need to be able to work effectively with people from other fields in order to create the best possible projects. They will also need to be able to communicate effectively with all members of the team in order to ensure that everyone is on the same page.
A Greater Focus on Sustainability
Sustainability is becoming an increasingly important focus for many businesses, as they realize the importance of being environmentally responsible.
Real estate development associates can capitalize on this trend by developing expertise in sustainability-related areas. This includes everything from designing buildings that use less energy to creating communities that are friendly to pedestrians and cyclists.
How to Become a Real Estate Development Associate
A real estate development associate career path can be a great way to get your foot in the door of the real estate industry. As an associate, you’ll have the opportunity to work on a variety of projects and learn from more experienced professionals. You may also have the chance to take on some leadership roles within the company.
As you progress in your career, you may want to specialize in a particular area of real estate development. This could include commercial, residential, or industrial development. You may also want to focus on a specific region, such as the East Coast, West Coast, or Midwest.
Advancement prospects for real estate development associates vary depending on the size and structure of the organization they work for. In smaller organizations, associates may have the opportunity to move into project management roles. In larger organizations, associates may move into positions such as project director or development manager. Some real estate development associates may eventually start their own development firms.
Real Estate Development Associate Job Description Example
At [CompanyX], we’re looking for a highly-motivated real estate development associate to join our team. The ideal candidate will have a background in real estate development, project management, or construction management. He or she will be responsible for assisting in the development and execution of real estate projects, including due diligence, feasibility analysis, site selection, contract negotiation, and construction coordination. The real estate development associate will work closely with the project manager and other members of the development team to ensure that projects are completed on time, within budget, and to the highest standards.
Duties & Responsibilities
- Research and analyze market trends, demographics, zoning regulations, and other data to identify opportunities for real estate development
- Prepare feasibility studies that assess the economic viability of proposed projects
- Work with architects, engineers, and other professionals to plan projects
- Identify potential sources of financing for projects and negotiate financing terms
- Obtain approvals from government agencies for proposed projects
- Manage the construction process for real estate development projects
- Oversee the leasing or sale of developed property
- Develop and implement marketing plans to promote properties
- Negotiate contracts with tenants, buyers, and sellers
- Maintain relationships with current and potential clients
- Stay abreast of new laws and regulations affecting the real estate industry
- Attend conferences and seminars related to real estate development
Required Skills and Qualifications
- Bachelor’s degree in real estate, finance, business administration, or related field
- 2-4 years professional experience in real estate development, investment banking, consulting, or other relevant field
- Excellent financial analysis skills, including proficiency in ARGUS and Excel
- Strong market research and feasibility analysis skills
- Outstanding written and verbal communication skills
- Superior organizational skills and attention to detail
Preferred Skills and Qualifications
- Master’s degree in real estate, finance, business administration, or related field
- 6+ years professional experience in real estate development, investment banking, consulting, or other relevant field
- ARGUS Developer certification
- Experience with GIS mapping software
- Bilingual (English/Spanish)
- Property Manager
- Real Estate Agent
- Real Estate Attorney
- Real Estate Appraiser
What does a real estate development associate do? ›
Negotiate contracts and coordinate team throughout the development process. Coordinate property acquisitions and closings with funders and attorneys. Manage permitting and approval process with municipal officials, legal counsel and architects. Coordinate community and resident processes.What does a development analyst do in real estate? ›
This position will initially support the Acquisition team during the investment process. Responsibilities will include, financial modeling, market analysis, cash flow analysis review, and due diligence activities for new acquisitions.
Development associates are creative, personable, and detail-oriented individuals with strong written and verbal communication skills.How much does a real estate development associate earn in DC? ›
How much does a Real Estate Acquisitions Associate make in Washington, DC? The average Real Estate Acquisitions Associate salary in Washington, DC is $107,100 as of January 26, 2023, but the range typically falls between $89,500 and $126,900.What skills do you need to be a real estate developer? ›
The ability to plan and organize projects, general knowledge of real estate and an entrepreneurial mindset are all important skills to become a real estate developer”. You will also need strong analytical and research skills so that you can make wise investment decisions.What is associate level in real estate? ›
• Real Estate Employee Level 1 (Associate Level)
If an employee is engaged to assist either a salesperson, property manager or strata manager, they'll be classified at the Associate Level. For example, someone who is employed as a property sales associate.