How Can Luxury Real Estate Developers Benefit From a General Building Contractor License?
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How Can Luxury Real Estate Developers Benefit From a General Building Contractor License?

May 8, 2024 Share

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Luxury developers: Contractor license unlocks smoother projects, career growth & construction expertise.

Luxury real estate developers use existing land or buildings and turn them into new real estate ventures, typically commercial. They can create new real estate projects for tourist attractions, luxury hotels, luxury corporate buildings, luxury living, and more. Through renovation or new construction, they create many of the extravagant recreational and living options in many cities.

Image courtesy of Grant Lemons

While real estate developers are heavily involved in the construction and planning phases of the project, they aren’t physically building anything themselves, and therefore don’t necessarily require a general contractor license. However, there are some benefits that real estate developers can find when they obtain building contractor licenses.

Hands-On Approach

Real estate developers are tasked with determining which land or former building has the most potential to host particular real estate goals. With a general contracting license, developers have more training and oversight of each individual construction project in the field in technical aspects. They’ll understand each development better with their contracting knowledge as opposed to only real estate planning. They’ll know how to recruit construction crews and companies with much better knowledge of the overall process, as they understand their qualifications sufficiently.

Clearer Understanding

When a real estate developer is also a licensed building contractor, they have a firmer understanding of construction and permit laws, building codes, and land quality. They’ll know if a piece of land or building is a good fit for the project based on land surveys alone. The more experience with the technical aspects of construction, the smoother a real estate development project can go. Real estate developers are equipped with these basic skills, but a contractor license can detail and improve their skills and education.

Smoother Project Details

Real estate developers can provide a more accurate project timeline with fewer hiccups when they’re more educated and aware of what is happening regarding the construction process. They’ll know what similar construction projects take on average and know the likelihood of any difficulties that may come up in construction before they actually appear (apart from emergencies). Personal work on the project can help smooth it along as well, with developers having hands-on access to everything. Construction crews will be more qualified on each project as the developer will know how to recruit skills better.

Career Diversity

A general contractor license can translate to more clients, upward mobility, and role choices within that career. More qualifications as a real estate developer look impressive to potential partnerships and clients, which adds more projects to the portfolio. There are many construction careers within reach in addition to real estate development as well, such as construction project management or a construction company supervisor.

Avoiding Issues

When developers are more familiar with project timelines and the construction process as a whole, there are fewer miscommunications and project conflicts. This appears more professional to clients and speeds up the project timeline, which is good news for everyone involved in the real estate project. Buildings are renovated and constructed up to the most recent code, and a developer can be certain of this. Permits are all legally and timely obtained, and a developer will know how to do this themselves.

Better Education

When you have a growing and flourishing career, especially in the real estate industry, qualifications can get you even further. Expanding your knowledge in the real estate industry by completing formal training in the technical aspect of construction can make a world of difference in reputation, prestige, and project success. Developers can combine vision with reality in one fell swoop. Since obtaining a contractor license does not cost a lot, there are no drawbacks to obtaining such licensing.

Obtaining a Building Contractor License as a Developer

In order to obtain a building contractor license, even as a real estate developer, it requires proper training and certification. The requirements for obtaining a license depend on the state it is obtained. A developer will want a license in the area they are doing business. Major cities such as Miami, Florida, or Las Vegas, Nevada are prime locations for real estate developers to see their careers and businesses thrive. For that reason, those developers would need to qualify for their Florida or Nevada B-General building contractor license through proper courses, qualifications, and passing an exam. This also likely involves certified hours of construction training before becoming certified, but most real estate developers will know how to achieve this quite easily.

Conclusion

Real estate developers oversee many aspects of real estate projects. Luxury real estate developers are responsible for renovating or creating prime real estate investment locations in many different areas, from luxury apartment living to tourist attractions. A building contractor license can help a real estate developer grow with their clientele, partnerships, and in their individual careers by furthering their education in the field and obtaining specific construction knowledge for smoother project completions.

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