Real Estate Development Manager Salary
Job Description for Real Estate Development Manager
The real estate development manager oversees the day-to-day operations for a real estate development. Additionally, they are responsible for the continued growth and development of the company. Most of the time, a manager provides excellent customer service to develop relationships with current and potential clients; this includes answering queries, responding to complaints, and ensuring clients are satisfied. At times, the real estate development manager must forecast new trends in the ever-changing real estate market. They also need basic accounting skills to handle the budgeting aspect of this role; they must successfully develop and manage department and/or project budgets.Read More...
Another aspect of the role is to work closely with the architecture and engineering team; they bring ideas to the team - and offer constructive feedback on others' ideas - for current and upcoming development deals. At times, the real estate development manager must recruit and train new members to be a part of the development team. In the position, it is essential to deliver results related to providing the company with growth in the areas/regions assigned.
A bachelor's degree is generally the minimum educational requirement for real estate development manager positions. Previous experience in a similar position is needed as well. Leadership and interpersonal skills are needed in this position, as is the ability to work well individually and as part of a team.
Real Estate Development Manager Tasks
- Review sites to assess costs and needed steps for zoning, local ordinances, and acceptability.
- Write recommendations for how to proceed with various properties, neighborhoods and strategies.
- Analyze existing economic, demographic, market, and environmental variables to identify areas for expansion.
Real Estate Development Manager Job Listings
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Popular Skills for Real Estate Development Manager
Survey results imply that Real Estate Development Managers put a diverse skill set to use. Most notably, skills in Business Development, Contractor Management, Design, and Budget Management are correlated to pay that is above average, with boosts between 6 percent and 14 percent. Skills that pay less than market rate include Contract Negotiation and Construction Estimating. Those familiar with Financial Analysis also tend to know Contract Negotiation.
Pay by Experience Level for Real Estate Development Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Real Estate Development Managers. Salaries of relatively inexperienced workers fall in the neighborhood of $74K, but folks who have racked up five to 10 years see a notably higher median of $95K. Professionals who spend a good 10 to 20 years in the workforce haul in an average of $108K. Real Estate Development Managers who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $133K.
Pay Difference by Location
For Real Estate Development Managers, busy Washington offers a higher-than-average pay rate, 30 percent above the national average. Real Estate Development Managers will also find cushy salaries in San Francisco (+28 percent), Los Angeles (+23 percent), Boston (+14 percent), and Philadelphia (+12 percent). Location significantly influences compensation, with Indianapolis Real Estate Development Managers earning much less — 27 percent less — than the national average. Tampa and Atlanta are a couple other places where companies are known to pay below the median — salaries are 20 percent lower and 16 percent lower, respectively.