REDH - Education

What Education does a Developer need?

Many people have told me that they are interested in developing property, but they don’t know where to begin. Even a great number of real estate professionals feel that they are interested, but not adequately trained to start their own development business. For years, people who wanted to study real estate development had to get an education in some related field, then get a master’s degree in business administration. Sometimes the college would offer a real estate or finance concentration. Much of the education seemed unrelated to the actual career.

Today, all that has changed. Many educational programs in the United States offer undergraduate degrees in:

Architecture

Construction management

City planning

Civil engineering

Many schools also offer Master’s of Real estate Development programs, which give you a structured education that encompasses real estate, real estate finance, or construction/development. People who graduate with this type of master’s degree might become city planners, developers, entrepreneurs, or work as legal professionals, finance professionals, or brokers. MIT offers a program (Master of Science in Real Estate Development, MSRED for short) that can be completed in one year.

Education Not Necessary

The most interesting thing about real estate development is that you don’t really have to have the education mentioned above in order to be successful. Going to school, as many famous people through the ages have proven, does not mean that you will have success. Likewise, not going to school doesn’t mean you won’t be successful. Since real estate development does not follow one predetermined career path, it is easy enough to learn all that you can and never get the formal education. It’s a very fluid, changing world anyway; so if getting the theoretical education is not your cup of tea, prepare yourself for your career without formal schooling.

How can you do that? One way is to work for a builder, finance company, real estate company, auction business, or developer. You can easily learn the ropes in a hands-on style.

While you are learning in person, be sure to read all that you can. Anyone can learn a great deal from studying books and magazines (especially trade magazines) on the subject.

Another way to learn a great deal about the business is to talk with other developers. Joining the local builder’s association is a good way to start finding like-minded individuals. Talk to them and let them know what you are doing; most will be helpful and friendly (after all, they were new once, too!)

Of course, the biggest part of your real estate development education is going to take place on your first few jobs. You will learn more than you ever thought possible – and then one day you will realize that it seems easy, and you’ll wonder why you ever thought real estate development was mysterious.

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