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If you have a background in construction or real estate, you might have thought about becoming a real estate developer in Wilmington, NC. Are you familiar with the ins and outs of commercial real estate? Learn more about the differences between commercial and residential real estate, and read through a list of tips about how to get started in this interesting and high-demand field.
How Is Commercial Real Estate Different Than Residential?
According to Investopedia, commercial real estate is only used for business purposes. It may be an office, workspace, or meeting area. Commercial buildings include everything from shopping malls to tiny family-owned general stores to restaurants. You have the opportunity to generate income from investors during the planning stage of the property as well as revenue from whoever rents the space to use for business purposes.
A residential real estate property, in contrast, is a building where people live. This category includes single-family houses, apartment buildings, or townhomes. You can make money by developing and owning residential real estate (for example, you could rent out a house or function as the landlord of a multi-family apartment building), but if you’re looking for profit, you’ll likely see more revenue from commercial properties.
3 Tips for Commercial Real Estate Beginners
As commercial real estate development can be drastically different from residential, you should familiarize yourself with your local and state laws before delving into this occupation. Keep the following tips in mind as well.
1. Learn About Education and Licensing Requirements
If you want to be a developer, the first thing you should do is familiarize yourself with commercial real estate. In North Carolina, you need to obtain a real estate license to sell property — but there isn’t a specific commercial license or developer license. Then, focus on following a career path in business management, working as a commercial broker, and networking with your peers to find connections in the field.
If you’re planning on working for someone else to get your feet wet, consider hiring a professional to look over your resume. You may also need to consider hiring team members or employees.
2. Find Land for Development
Finding space for commercial development isn’t simple. You should be aware of zoning laws, permits, and landscaping regulations in the area. Remember, it’s not necessary to begin your career with a beachfront condo development. Consider starting with a small restaurant or family-owned retail property to learn the ropes.
3. Create a Marketing Plan
Market your idea in a creative way to attract investors as well as individuals and groups who will use your space for their business needs. Use online ads, flyers, and word-of-mouth to spread the word about your upcoming store, restaurant, or development. Consider an online logo maker to save money on graphic design and choose from numerous styles, texts, and colors.
Make your development safe and accessible for everyone. The more lighting you add, the safer the location will be. If you’re looking for canopy lighting, work with your contractor. This also ensures that pedestrians are protected with bright lighting in tunnels, canopies, and garages.
Becoming a developer may seem like an enormous task, and it is! Keep in mind that the more you learn about commercial real estate, local laws, and investment opportunities before you begin, the more profitable and successful your new enterprise will be.
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