How Does the Development Sector of Real Estate Work?

Today I’m joined by David Mulcahy and Tyler Thomas  from the Great Seattle Opportunity Team. There’s a lot of business out there relating to development and rezoning, so I wanted to talk a little bit about how the Great Seattle Opportunity Team is contributing to the market.

According to David and Tyler, they work mainly with development properties in Seattle. They say that it’s very easy to get started in the development space. Their personal experience with starting a business in this area began with a mentorship. Ultimately, David and Tyler say that starting in this business is as simple as having a genuine interest. 

Interest in getting started is just the first step, though. I also asked them how marketing aids them in their endeavors. Tyler said that, from a marketing perspective, what really matters is being able to effectively convey information to a developer.

He says that this becomes easier once you’re able to run the numbers and get a good understanding of how a space might be most effectively used. Having all the necessary information to make your case is the key to getting the deal done quickly.

But, what about the actual sourcing of these properties? Do David and Tyler work with residential or commercial brokers?

Having all the necessary information to make a strong case is the key to getting the deal done quickly.

Actually, this sort of collaboration does happen. David explained that he and Tyler both recently partnered with someone who is both an architect and a real estate broker. Now, they’ve been sending him information, projects, and have even begun a joint venture with him and another seller.

David, Tyler, and their team are happy to assist anyone who needs help structuring a deal. Their assessments can really help determine the financial viability of a project.

It all goes back to a willingness to learn, ask questions, and take a genuine interest in improving the business. As a part of that, they told me that working with Moncord has been extremely valuable to their team. Because they only operate in the development sector of real estate, collaborating with Moncord helps them run their business more smoothly and at a higher level. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.