Real Estate Development
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property. Real estate development is different from construction, although many developers also manage the construction process.
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 structures, and rent out, manage, and ultimately sell it.
Sometimes property developers will only undertake part of the process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer that is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately.
Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In the Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990 s55.
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Scholarships for Real Estate Development Majors
AIA San Diego ScholarshipNewSchool of Architecture and Design |
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award Up to $20,000 |
deadline Varies |
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Architecture Portfolio Award - Tulane UniversityTulane University |
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award Up to $10,000 |
deadline Varies |
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ACI Foundation Fellowship ProgramAmerican Concrete Institute (ACI) |
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award Up to $15,000 |
deadline Varies |
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Justice, Equity, Diversity and Inclusion (JEDI) Scholarship ProgramSmith Group |
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award $6,000 |
deadline November 30, 2024 |
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SkillsUSA-Aerotek "Make Your Mark" ScholarshipSkillsUSA |
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award Up to $5,000 |
deadline April 15, 2024 |
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SOPREMA Scholarship ProgramSOPREMA US |
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award $5,000 |
deadline May 15, 2024 |
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APA Foundation Diversity ScholarshipAmerican Planning Association |
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award $5,000 |
deadline May 31, 2024 |
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"You Can’t Label People, But You Can Label Products" ScholarshipSttark |
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award $4,000 |
deadline March 31, 2024 |
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AIA Northeast Illinois 2024 ScholarshipThe American Institute of Architecture Northeast Illinois (AIA) |
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award $3,000 |
deadline April 19, 2024 |
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Houzz Women in Architecture ScholarshipHouzz Inc. |
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award $2,500 |
deadline March 31, 2024 |
Real Estate Development Related Majors
- Architecture
- Interior Architecture
- Landscape Architecture
- City/Urban, Community, and Regional Planning
- Environmental Design
- Architectural Design
- Architectural Technology/Technician
- Architectural and Building Sciences/Technology
- Architectural Sciences and Technology
- Architectural History, Criticism, and Conservation
- Architectural Studies
- Environmental Design/Architecture
- Sustainable Design/Architecture
- Pre-Architecture Studies
- Architectural Conservation
- Healthcare Environment Design/Architecture