A property developer oversees the organization and planning processes during the property development stages. The specific steps of real estate development are dictated by the project's nature, data, and its spatial and temporal context. However, certain fundamental steps significantly enhance the project's success and profitability. The real estate developer's role becomes crucial from the onset of conceptualizing the project idea. The essential steps in development include:
1. Idea Generation: This initial phase is pivotal in real estate development. It relies on the developer's vision and understanding of the market and societal needs. At this juncture, preliminary financial analyses are conducted to assess the project's viability and success probability.
2. Idea Implementation: This phase involves refining ideas through site evaluations, financial assessments, and preliminary project designs. Subsequently, market studies and financial feasibility analyses are undertaken, alongside the preparation of designs that enable the developer to secure the requisite permits for project commencement.
3. Final Design: Following license acquisition, the focus shifts to finalizing designs, negotiating construction contracts, selecting a certified contractor, and engaging with financial institutions to secure funding for the project.