The process of developing real estate projects is a complex one. During the process, there are the four phases to be aware of: initiation, conception, management, and marketing. Let’s take a closer look at each of the four stages.

  1. Project Initiation

All of the necessary conditions for developing the project are created here. Basically, it comes down to three approaches. The first is where a company seeks an idea and an investor for a property that they own. Most of the time, the core business is not related to real estate.

An architect would be a great fit here to help an investor develop an idea for a special site that they are developing. There is also the process of meeting an existing demand or idea, finding a suitable location and capital provider.

  1. Project Conception

The idea and capital is in place, now it is time to lay out all of the relevant information. Doing an analysis of the location and the market, what kind of competition there is, and all the risks involved to all parties.

This is essentially the viability study. How feasible is the project and what kind of costs and risks come along with it?

  1. Project Management

When the data has been looked at and it is determined that moving forward is the best path, the project management phase is next. This is where the planning of costs (the budget) is laid out at the start of the phase.

From there, planning and scheduling is implemented, determining the timeline for the development. After that, any planning and control of qualities are implemented to make sure that ordinances and guidelines are adhered to.

  1. Project Marketing

Finally, with the property developed, it is time to market and lease it. This is the process of finding the appropriate tenants for the property, establishing leases that provide the revenue that project developers have been seeking from the very start. A long process indeed, but one that is generally by the book.