Matt Lotze | Four Characteristic of Successful Real Estate Developers
As a commercial real estate professional in San Diego, Matt Lotze has many opportunities to talk with students at the University of California about their upcoming careers in real estate. he is on the advisory board for the Bergstrom Center for Real Estate Studies, and in that capacity, he has the benefit of mentoring students. Many are fascinated in real estate development, and they all seem to consult the same question: “How can I become a developer?”
Matt Lotze has developed some small projects yourself, but prior to starting Front Avenue, he worked for a large commercial builder. He has also shown and consulted for many customers who are commercial real estate developers. Here are the top four qualities he sees most often in successful developers.
1. Relationships:
Relationships are a definite must, and they take time to build. A builder must have relationships with brokers, attorneys, tenants, equity sources, general building contractors, civil engineers, architects, agents, and others. My grandpa used to say that a Builder is like a movie producer who brings a successful team together to make a successful project — it takes awesome relationships to pull it off.
2. Risk Tolerance:
Some people find it very difficult to take risks. he always asks students fascinated by development how well they consider they could sleep at night if they knew their complete net worth (or more) was driving on the success or failing of a task. Prudent builders take calculated and calculated risks, and they regularly look for ways to reduce risk. Nevertheless, development is a high-risk business that some are just not cut out for.
3. Issue Solving:
By Matt Lotze, Building a successful project takes incredible skill to navigate through all the quickness bumps and hurdles along the way. Developers know how to solve issues, and they seem to recognize that there is generally more than one solution to an issue. Creative site planning, discovering solutions to zoning problems, dealing with nearby landowners and discovering ways to come in both on time and under price range are all examples of the problem-solving abilities a developer must have.
4. Creativeness:
Every development project begins with a plan, either for a specific use on a site or a vision for what a community might require. Developers are creative people who seem to always be looking ahead at what requirement might exist in the future. Successful developers push the letter with exciting designs, new building elements, and cutting-edge development methods. This creativeness is what brought us skyscrapers, city centers and all the locations we now call work and home.
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