Construction and Real Estate Management

Real estate and construction management can entail either residential or commercial construction. It is helpful to understand both aspects of the field if you are planning on entering real estate and construction management. 

New construction in the residential sector today is at a standstill.  However, in the commercial field it is burgeoning.  Many people who are in real estate and construction management have switched into the commercial aspect of the field so that they can keep working. 

Building commercial real estate is not that much different than building residential real estate.  The concept is the same, but the process is more involved.  You often have to consider engineering plans, subdividing property and plat approvals when working in real estate and construction management. 

In many cases, those who work in real estate and construction management are called project managers.  A project manager will oversee the development of a new construction site.  This can be either a residential subdivision or a commercial building.   Real estate and construction management will entail making sure the Contractors Sworn Statement is correct and collecting lien waivers from all of the subcontractors and material suppliers. 

Anyone working in the real estate and construction management field should have a thorough knowledge of the real estate laws in the state where they practice as well as the new construction laws.  Real estate laws differ from state to state and it is imperative that lien laws are followed to the letter. 

Another important aspect for anyone working in the real estate and construction management field is familiarity with the city or municipality in which the properties lie.  This is imperative as the construction manager will most likely have to work closely with the municipality when it comes to getting permits and inspections passed.    An adequate knowledge of the building codes for the municipality is required. All real estate and construction managers should be up to date on all permits and codes that are required by state and city laws.

People who usually go into real estate and construction management have experience in the building industry.  They may be builders or general contractors.  Many builders whose business did not survive the real estate market crash are involved in this aspect of the real estate industry as it can be quite lucrative.

If you are planning on getting into real estate and construction management, you should have a complete knowledge of the real estate laws, especially as they apply to new construction, in your state.  A background in new construction is also desired, whether it was that of a job superintendent or a builder.  Keep in mind that residential and commercial real estate are different animals and will require different knowledge.  Classes in real estate construction management can also be very helpful, but most management companies or developers will be looking for people with experience to join their real estate and construction management team. 

The difference between those working in property management and real estate and construction management is that those in real estate construction management work on the property prior to the sale.  This means that they are in charge of making sure that the contractors or sub contractors do the work, meet with approval from the municipality, and are paid in a timely manner.  Those workings in property management assist in running the daily operations of business after the property has been built and open to the public.

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