ULI Learning
Introduction to the Real Estate Development Process
Online: On-Demand Course
Introduction to the Real Estate Development Process
Real estate development is a complex and iterative process that relies on the skills, efforts, and knowledge, of multiple professional disciplines to be successful. This course presents you with the basic elements of the real estate development process. You will become familiar with the steps and analyses that developers and other professionals engage in during the real estate development process. You will develop an understanding of the development process from building a project budget to valuing raw land before purchase, to finance concepts used by lenders.
Overview
Real estate development is a complex and iterative process that relies on the skills, efforts, and knowledge of multiple professional disciplines to be successful.
This course presents you with the basic elements of the interdisciplinary real estate development process. You will become familiar with the steps and analyses that developers and other professionals engage in during the real estate development process. You will develop an understanding of the development process from building a project budget to valuing raw land before purchase, to finance concepts used by lenders.
This course counts toward the Real Estate 101 Certificate.
Learning Objectives
Upon completion of this course, students will be able to:
- Build development project budgets.
- Understand market studies and their purpose.
- Understand project valuation methods and residual land value.
- Manage project site selection and the due diligence process.
- Understand entitlements and permitting issues.
- Manage a basic bidding and reviewing process for construction bids.
Curriculum
This course is delivered in six sessions:
Session One
Introduction
Budgeting
The Market Study
Session Two
Project Valuation Methods
Residual land value
Site Selection
Session Three
Due Diligence
Real Estate Deal Structures
Session Four
Entitlements
Session Five
Introduction to Finance Tools
Session Six
Construction
This course is eligible for 12 credits AIA LUs and AICP CMs. To apply for these credits, you must complete the test and pass with a score of at least 80%. Anyone seeking AICP CMs may self report as per APA continuing education rules. If you are seeking AIA LU credit and pass the exam, please use this form to submit your request. You will need to provide the name of the course, your full name, and your AIA number; without this information, ULI will not update your AIA transcript to reflect credits for the course.
All content is available for 90 days from first access. For extension inquiries, please email learning@uli.org.
ULI Learning is provided by the Urban Land Institute.
Topics
- Development
Experience Level
- Foundational
This course is designed for beginning-level participants looking for foundational information and insights.
Career Stage
- Beginning Real Estate Professionals
This course is designed for those considering a career in real estate, new to real estate, or changing from one industry area to another.
Format
This is a 12-hour webinar delivered in six two-hour sessions available on demand at your convenience.
David Farmer. PE, AICP
Principal, Keystone Development Advisors
David H. Farmer is the Principal of Keystone Development Advisors, LLC (KDA) a real estate development firm. KDA is an advisor to lenders and investors in Florida. David has more than 30 years of experience in real estate development and entitlement negotiation. He joined ULI as a Full Member in 2002 and served as an officer and Executive Committee member to the ULI Southwest Florida District Council. In 2010 he was named District Council Chair and completed his term in 2013. David is a passionate ULI member and promotes their mission wherever he has an audience. His background in civil engineering and planning provide a unique perspective to deal sourcing, analysis and execution. In 2015 David formed Metro Forecasting Models, LLC (MFM) a company which provides development forecasting for housing, commercial uses, industrial uses and public schools for governments to assist with their planning endeavors.
David began his career in the development industry in 1989 with an engineering firm designing commercial and residential projects for private clients. A professional engineer, he left the engineering field in 2000 to work full time for Keystone Communities overseeing the entitlement, design and construction of residential communities, resort facilities, and commercial projects. In 2002, after earning his Certified General Contractors license, he also became responsible for the permitting and construction of their projects.
Following a large sale of entitled and developed residential lots in 2003, the company’s focus shifted from development to entitlement and infrastructure development. At that time, David took on the additional responsibility of site selection and acquisition for the company. In 2005, he was made a principal of the company and participated in both the rewards and costs of acquisition, entitlement, and development.
David’s development experience includes both very successful projects and those with limited success. In the tradition of ULI, he feels it is important to focus heavily on mistakes made and lessons learned when teaching the real estate development process. One learns quickly what not to do when you are spending your own money on development projects.
David has brokered more than $70 million in real estate transactions and entitled thousands of homes and millions of square feet of commercial property. His favorite quote is “Begin with the end in mind.”
Pricing
- ULI Members: $395.00
- ULI Members (Government/NonProfit/Academic): $350.00
- Non-Members: $525.00
