| Success Favors the Prepared (and Well Researched) |
| Written by Jonathan Smoke | |
| 01.02.2008 | |
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Discuss this article on the forums. (0 posts) As we enter 2008, I predict that the importance of research and well-informed analysis will only grow. Therefore, the demand for quality research and the analysts capable of producing it should be high. The irony is that not all builders and developers appreciate quality research, or at least many didn’t appreciate it when they had all the easy money they could get. That appears to be changing.  Investors and lenders are now requiring serious research to back development and construction lending. What was fluff that few paid attention to a few years ago has turned into what it should have been all along—serious analysis of the likelihood of success of a planned project as well as the expected price and pace of absorption.Through this web site I have had the opportunity to meet and interact with thoughtful researchers. One of the most interesting people I met late in 2007 was Richard Abraham, the founder of The REDI Foundation, a Massachusetts Non-Profit Research and Educational Institute that focuses on training and certifying developers and market research analysts. Since REDI began in 1975, it has sponsored 124 seminars across the United States. More than 20,000 people have attended these seminars where Mr. Abraham and the presidents of 300 of the country’s most respected development firms shared their knowledge with students. Along the way, they amassed vast amounts of nuts and bolts knowledge on every conceivable real estate development subject. Some of the developers joining Mr. Abraham at these Seminars include Kaufman and Broad, Trammell Crow, Pulte Homes, Corcoran Jennison, Spaulding and Slye, American Nevada Company, Greystone Group, Maui Land and Pineapple Company, Barratt-American, Farnsworth Development, Druker Company, New England Development, and John D. Lusk Company, just to name a few. Seeing an acute need for research and feasibility, REDI recently developed and began offering a Self Study Certification Real Estate Development Market and Feasibility Course. Mr. Abraham and REDI believe they are observing an explosive demand and therefore, a significant career or business income opportunity for professionals who are trained to conduct accurate and detailed Market Research and Feasibility Studies. According to Mr. Abraham, “I believe the day is coming soon where Lenders will require more accurate, more precision-detailed and independent, certified Market/Feasibility Studies, before making any loans.”
The Self Study Certification Real Estate Development Market and Feasibility Course teaches developers and builders how to determine if a considered development is feasible. Also, this course teaches professionals how to start and operate their business as professional, highly-trained Market and Feasibility Analysts. According to REDI and based on industry research, the first year income potential for a home-based business is about $150,000-$200,000 per year. Additionally, Mr. Abraham will be conducting an optional, two day Seminar for students enrolled in the Certification Real Estate Development Market and Feasibility Course who want to pursue a career or start a business as a Market/Feasibility Consultant. Mr. Abraham will personally conduct this Seminar. This two day Seminar, to be held in Los Angeles, will review critical Market/Feasibility Course material and focus on teaching students how to market their services as professional Market/Feasibility Consultants. In addition, Mr. Abraham will discuss his plans to create and offer a national affiliation with his firm, Leading Edge Market & Feasibility Studies LLC. Mr. Abraham is serious about his course, and REDI only plans to accept the best applicants for the program. He is also very optimistic about the value of the program as he recently told me: “Due to the mortgage crisis, and greater lender scrutiny in making development and construction loans, I see an explosive need and demand for highly trained real estate Market/Feasibility Analysts. I plan to teach serious, accepted applicants how to write $200,000-$500,000 in business per year.”
Based on my interaction with him, I wish I had known about this program when I was starting out. Instead, I had to learn the hard way. I think REDI will see significant demand for these courses and seminars. For more details, visit www.redii.org. 
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