How to Become a Successful Real Estate Developer in Jordan?

Have you ever thought about entering the real estate world and were you excited to become a real estate developer? 

Then you took your first steps in this world and then you were confused?

And you no longer know what is the difference between nomenclature and terminology, or what role it should play!

Don't worry! Homes Jordan accompanied the most important details that you should know if you decide to become a real estate developer.

Who is the real estate developer? 

He is the owner of the site and the person responsible for devising the idea of developing the site and introducing it to build an integrated real estate project or develop an existing project.

The types of real estate projects differ according to the vision of the real estate developer. The project may be:

- Residential (apartments, houses, villas, residential complexes)

- Commercial (malls, offices, companies)

- Recreational (clubs, parks)

- Or a service project such as (a hospital, or medical complex)

So, when you decide to become a real estate developer; Keep in mind that the site is the foundation from which you will start! Whether you own it or are still in search of a site; the site is the one that will determine the type of real estate development that you will do and start your journey of success in real estate development, and ask yourself these questions:

- What is my goal in the real estate development of the site?

- What is the appropriate project to be established on this site?

- What is my future vision of real estate development?

- Should I focus on one type of real estate development project or diversify the projects?

-What sources of financing should I consider?

It is better to find the initial answers to these questions, because they will help you a lot in clarifying your way and setting the appropriate plan to start the first project in the field of real estate development, and you will notice that your answers to these questions will differ from time to time, depending on your requirements and the market situation.

And try not to feel anxious when the answers change, just focus on your goal, and consult specialists and experts in this field.

What is the role of the real estate developer? 

If you start working as a real estate developer, start by preparing yourself to perform the following tasks, as they are the main steps for engaging in real estate development: 

1. Conducting an appropriate feasibility study for the project through the following real estate development analyses:

Market analysis

Site analysis

Competition analysis

Risk analysis

Cost analysis

2. Extensive research and study on the state and requirements of the real estate market, such as knowing the population density in the location, evaluating economic conditions, and the degree of competition.

3. Searching for the main funding sources to start implementing the project and finding alternatives to avoid any financial obstacles to its completion.

4. Study the method of achieving the desired profits from your work as a real estate developer and from the real estate projects that you will establish

Be aware of the risks you may take! If the risk outputs are large, then this is a strong indication of the possibility of project failure, so; Pause and re-think the type of project and study it again. 

And remember as a real estate developer! That you will have to work with other parties such as contractors, real estate agents, or brokers, who will have a major role in the successful implementation, marketing, and sale of your projects. 

Mechanism of cooperation and the difference between the real estate developer, the contractor, and the real estate agent

Concepts and nomenclature often get mixed up between people regarding real estate parties (developer, contractor, agent), and we at Homes Jordan will define the role and tasks of each party in a simple and quick way, for you to know in detail how to cooperate between all parties, and how to direct the customer according to his requirements and needs.

•Real Estate Developer 

It's you! The owner of the land and the idea, and the main financier of the projects, is the one who does the feasibility study for each project, studies the market requirements, and puts plans for implementing the project and achieving profits. He is the one who appoints the contractor or contracting company that will implement the project, in addition to developing sales strategies and agreeing with the real estate broker to achieve sales.

•Contractor 

He is the person responsible for executing the real estate developer’s plan, which starts from the stage of purchasing the materials and equipment necessary to build the project, daily supervising the implementation of the construction of the project, following up all the stages it goes through during its implementation period, and monitoring the occurrence of any obstacles or problems during the implementation process that may sometimes force him to Consult the real estate developer and discussing with him the optimal solutions, until he reaches the stage of handing over the project ready and completed to the real estate developer on time.

•Real estate agent 

It is the party that obtains a power of attorney from the real estate development companies to manage all buying and selling operations, and this power of attorney is an exclusive contract between the agent and the developer so that the real estate developer can only deal with this agent until the end of the sale process.

Many people may ask; Is the real estate agent the same as the real estate broker?

Let us explain the difference with a simple example between an agent and a mediator.

Homes Jordan is a real estate agency that owns the largest real estate list in Jordan, as it has many contracts with its clients who are real estate owners. Real estate, in addition to its digital and traditional marketing operations, Homes Jordan also entrusts the completion of all banking procedures and the transactions of the Department of Survey and Land to finalize the sale process, in addition to carrying out the real estate marketing process.

As for the real estate broker, his task revolves around serving the real estate searcher (buyer) or the real estate owner (seller). He only presents the property to the researchers, as he does not undertake the responsibility of managing the property, and the interest for the real estate broker is (mediation cost), i.e., a percentage of the commission from the sale or purchase process.

Now that we have talked about the most important main points that will introduce you to the world of real estate development, the most important point remains the love of work and the creation of ideas that add to your real estate development projects a special imprint that attracts people and investors. Jordan now has investment ingredients that contribute to attracting investors from all over the world! Your success in this field is the success of society, the country, and its economy. 

At any time and from anywhere in the world, and with Homes Jordan, you can communicate with an integrated advisory team of real estate, engineering, and legal experts. And consult them in all real estate matters related to selling, renting, and buying real estate inside Jordan, and do not forget to follow us on the following social media:

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