Stephen Reeder, CEO of the UCR Group in Redlands, California, directs major real estate projects from initial investment to completion. Stephen Reeder’s expertise stems from understanding the complex process of development.
Archipreneur magazine describes four stages of this venture: project initiation, conception, management, and marketing. Developers seek to minimize risk in all four phases, since their control over the project decreases over time.
- Initiation. One of three approaches drives this preliminary work: 1) a location looking for capital and an idea, 2) an idea looking for location and capital, or 3) capital looking for an idea and location. The rough outline of a project emerges, followed by acquiring financing and land.
- Conception. A feasibility study takes into account the project’s costs and benefits, and analyzes its competition, market, and purpose. The developer either launches or abandons the project, depending on its projected profitability.
- Management. The developer works out the nuts and bolts of the project, finalizing its design, selecting contractors, and coordinating its completion.
- Marketing. This phase should start early to attract clients and reduce financial risk. Starting soon enables marketing experts to leverage their knowledge of a community’s economics to help sell or lease the project.
