A development consultant is who you want by your side during the project.
When looking to embark on a real estate development project, there is a lot to get everything in order and come out with the best results. It can be like trekking into the wilderness. With the right guide who knows the terrain, you have a much better chance of getting through in stride. In the same way, a commercial real estate development consultant is there for you.
Summary of the Real Estate Development Process
Before one jumps into this type of project, one should be aware of the whole scope of what to expect. Commercial real estate development consists of three main steps:
- Site selection: If you have a particular site in mind or have already made a deal on it, congratulations! If not, a consultant can help you pick the best one for your purposes.
- Design and approval: Once you’ve secured the land, it’s time to design the building or building renovation. You’ll need approval from the city before you can continue.
- Construction and close-out: Then, it’s time to build! Once the property is complete, you can legally close out the project and welcome tenants.
Who Can Use a Development Consultant?
Any individual or group that wants to develop commercial property can hire a consultant. Some of the types of clients they may have include the following:
- Religious organization
- Non-profit organization
- Business
- Real estate investor
- Corporate real estate team
- Municipality
- Developer or landowner
- Public-private partnership
What Is a Development Consultant?
A development consultant has expertise and experience in every step of the real estate development process. He or she can effectively guide you through every phase, understanding the ins and outs and the potential challenges that one may face.
Understanding the Role
A real estate development consultant is by no means the decision-maker. The owner or investor of the building always has the final say, but the consultant is the trusted advisor. The consultant is also a manager, helping to direct the process in the right direction. Tasks that he or she may manage include:
- Determining the best use for the land
- In-depth underwriting
- Financing
- Permitting
- Planning the project delivery method
- Managing the team (architect, builder, attorney, city, lenders, etc.)
- Closing out
When to Hire a Development Consultant
The best time to hire a real estate development consultant is at the earliest stage of the development process. The sooner you have expert advice to guide your direction, the sooner you can reach your goal, avoiding unnecessary missteps along the way.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.