In New York City, real estate developers stand to make a lot of money. Real estate is an incredibly lucrative profession anywhere, but this is especially true in New York. Unlike other places, mortgage and rent are historically costly in New York City. Hence, real estate developers can stand to make a great deal of money.
On average, successful real estate developers can stand to make about a million dollars a year. However, this doesn’t account for those who are incredibly successful or those who are just starting out. For those who are at the very top of their game – think Donald Trump – the payout can be in the hundreds of millions of dollars.
However, those who are just starting out or who are working with a team where income is split multiple ways, yearly salaries can be in the low hundreds of thousands. Success in the real estate game in New York city entails a lot of hard work, drive and dedication. It can take decades before those new to the field really see those huge, lucrative paydays.
If you are looking to break into the real estate development industry in New York City, you’re in for a lot of challenges and hard work. However, the end result is worth it if you stick with it. Here are some tips on how to be a successful real estate developer in New York City.
Give It Your All
This is not a profession for slackers. If you want to succeed, it’s imperative that you commit yourself fully to learning more about your industry and working hard every day to make new business connections.
It’s All About Who You Know
You’ll only succeed as a real estate developer if you make the right connections. Even if you arrive in New York City knowing absolutely no one, you can succeed if you attend lots of networking events and always have a business card on hand.
Learn From The Greats
Watch what successful real estate developers are doing and try to emulate their techniques and tricks. The truly successful real estate developers didn’t get to where they are on accident. You should absolutely try to emulate their behavior.
If you follow these tips, you might just one day find yourself at the top of the real estate game in New York City. While it certainly takes a lot of hard work, the potential payout makes it very worthwhile.
Roman Temkin is a real estate developer who finds his success in NYC.