Real Estate Term of the Day: Developer & Development

Real Estate Term of the Day: Developer & Development

DEVELOPER – one who transformed raw land to improved property by use of labor, capital, and entrepreneur efforts (Barron’s Dictionary of Real Estate Terms)

Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from the beginning to end.Developers usually take the greatest risk in the creation or renovation of real estate—and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structure, and lease, manage, and ultimately sell it.Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, leasing agents, real estate agents, and more. (*source)

DEVELOPMENT – the process of adding improvements on or to a parcel of land.  Such improvements may include drainage, utilities, subdividing, access, buildings, homes, and any combination of these elements (Barron’s Dictionary of Real Estate Terms)

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