Real Estate Developer Course

Lesson 1 • Key Stakeholders and Their Roles

Identifies every party involved in a project and their motivations. Understanding stakeholder dynamics is essential for managing relationships throughout development.

Lesson 2 • The Development Project Lifecycle

Maps the sequential phases from site identification to asset disposition. Provides the structural framework students will deepen in later chapters.

Lesson 3 • The Development Industry Overview

Defines real estate development and its role in the built environment. Establishes the industry context that frames every subsequent chapter.

Lesson 4 • Developer Business Models

Contrasts merchant build, build-to-hold, and fee development models by risk profile and return structure. Students can align a business model with investor and market objectives.

Lesson 1 • Demand Analysis Techniques

Covers population growth, employment trends, and household formation as demand drivers. Students translate macro trends into project-level absorption forecasts.

Lesson 2 • Site Identification and Screening

Introduces criteria-based screening to narrow a universe of potential sites to a short list. Systematic screening reduces due diligence costs and improves site quality.

Lesson 3 • Site Due Diligence Fundamentals

Covers physical, environmental, and title investigations required before site acquisition. Students learn to identify red flags that affect project viability or cost.

Lesson 4 • Defining the Trade Area and Submarket

Teaches methods for delineating primary and secondary trade areas using demographic and competitive data. Accurate submarket definition prevents mispriced feasibility assumptions.

Lesson 1 • Real Estate Financial Concepts

Establishes time value of money, net present value, and internal rate of return as the analytical foundation. These concepts underpin every financial model built in this chapter.

Lesson 2 • Building the Development Pro Forma

Walks through construction of a project-level pro forma from revenue assumptions to net profit. Students produce a working model that integrates costs, revenue, and financing.

Lesson 3 • Construction and Permanent Financing

Explains construction loans, mini-perm loans, and permanent debt structures and their terms. Students can evaluate lender requirements and size debt appropriately for a project.

Lesson 4 • Equity Structures and Investor Returns

Covers preferred equity, common equity, and waterfall distributions used to allocate returns among partners. Students can structure a joint venture that aligns developer and investor incentives.

Lesson 1 • Zoning and Land Use Regulations

Explains zoning classifications, overlays, and use permissions that govern what can be built on a site. Students can read a zoning code and identify development potential or constraints.

Lesson 2 • Rezoning and Entitlement Strategy

Covers strategies for pursuing rezoning, general plan amendments, and planned unit developments. Students learn to build political and community support for complex entitlement campaigns.

Lesson 3 • Entitlement Process and Approvals

Maps the sequence of discretionary and ministerial approvals from pre-application to final permit. Understanding the process allows developers to schedule timelines and budget approval costs.

Lesson 4 • Land Control Strategies

Compares purchase contracts, options, and ground leases as tools for controlling land before full commitment. Choosing the right control structure protects capital during entitlement risk.

Lesson 1 • Design Economics and Cost Control

Links design decisions to hard cost outcomes using cost-per-square-foot benchmarks and constructability review. Students can identify design choices that improve or erode project returns.

Lesson 2 • Design Phases and Developer Review

Walks through schematic design, design development, and construction documents as sequential milestones. Developer review at each phase ensures design stays within budget and program.

Lesson 3 • Sustainability and Building Performance

Integrates energy efficiency, green certification, and resilience standards into the design process. Sustainable design reduces operating costs and meets increasing investor and regulatory expectations.

Lesson 4 • Programming and Space Planning

Defines the program as the quantitative and qualitative brief that drives design. A well-defined program prevents costly redesigns and keeps the project aligned with market demand.

Lesson 1 • Quality Assurance and Inspections

Covers inspection protocols, testing requirements, and deficiency resolution during construction. Quality assurance protects the developer from warranty claims and reputational damage.

Lesson 2 • Contractor Procurement and Contracting

Covers bid processes, contractor qualification, and contract types including lump sum and GMP. Selecting the right delivery method and contractor is the single largest cost decision in development.

Lesson 3 • Project Closeout and Turnover

Manages the transition from construction to operations including certificate of occupancy and lien releases. Proper closeout protects the developer legally and enables timely lease-up or sale.

Lesson 4 • Schedule Management and Milestones

Introduces critical path scheduling, milestone tracking, and delay analysis for construction projects. Students can read a project schedule and identify risks to the delivery date.

Lesson 1 • Marketing Strategy and Positioning

Defines the target customer, competitive positioning, and marketing channels for a development project. A clear positioning strategy accelerates absorption and supports premium pricing.

Lesson 2 • Commercial Leasing Fundamentals

Explains lease structures, tenant improvement allowances, and rent escalation for office, retail, and industrial assets. Students can evaluate and negotiate commercial leases that meet return targets.

Lesson 3 • Residential Sales and Leasing

Covers pricing strategy, sales team management, and lease-up velocity for residential projects. Students can set pricing, manage a sales team, and track absorption against pro forma assumptions.

Lesson 4 • Stabilization and Asset Performance

Defines stabilization metrics and tracks net operating income against underwriting assumptions. Achieving stabilization triggers refinancing or sale events that realize developer returns.

Lesson 1 • Asset Valuation Methods

Covers income capitalization, discounted cash flow, and sales comparison as the primary valuation approaches. Accurate valuation informs hold-sell decisions and refinancing strategy.

Lesson 2 • Disposition and Exit Strategies

Covers outright sale, recapitalization, and portfolio sale as exit mechanisms with distinct return profiles. Students can structure and execute a disposition process that maximizes net proceeds.

Lesson 3 • Portfolio Construction and Diversification

Applies diversification principles across asset class, geography, and development stage to manage portfolio risk. Students can construct a development pipeline that balances risk and return at the portfolio level.

Lesson 4 • Hold vs. Sell Decision Framework

Applies IRR, equity multiple, and opportunity cost analysis to the hold-versus-sell decision. Students can build a quantitative case for disposition or continued ownership at any point in the cycle.