Development University; The Apartment Developer's Dilemma

In the same way that we recently considered the definition of ‘Developer’ (Who Am I; The Apartment Developer’s Dilemma), we must apply the same scrutiny to the purpose of the development firm, if we ever hope to fix our broken industry. As we begin the enquiry, ask yourself the question; what is the job of the development firm? Most of us would reply with some form of answer that would refer to building buildings or investing in and developing real estate. I would posit that those answers totally miss the mark. While each of those activities do occur within the development organization, the primary responsibility of the firm is really to create developers. The job of the developer, on the other hand, is to create and invest in buildings on behalf of the firm. It is really that simple. If we, the leaders of the next generation of real estate developers, hope to repair the shambles that our industry has become, then our firms must become ‘Schools for Development.’

What that means for the developer is that their job is going to have to change. So who must they become? Regardless of your religious affiliation (if any), you are probably familiar with a story in the Bible (Matthew 4:19) where Jesus was walking along the Sea of Galilee, when he came across Simon and Andrew. These two brothers were fishermen by trade, and were in the process of casting their nets into the sea. When Jesus approached them, he said that if they abandoned their work and joined with him, that they would no longer be fishermen, but would become ‘fishers of men.’ Similarly, I would argue that the development firm must ultimately become a ‘developer of developers.’ Fortunately for us, the developer’s goal is only to stimulate the hearts and minds of our protégés, not necessarily to save their souls.

Strategically, the majority of the developer’s more pragmatic tasks remain the same. And at the end of the day we are still producing and profiting from buildings. But our firm’s goals, and consequently the role it’s leadership must change. Within our new schools of development, we ‘seasoned’ developers are the Deans. Where we are used to making buildings, we must learn to dedicate our efforts to teaching our students to understand and respect the many interconnected facets of the real estate process. We must teach them what a good decision is and how to determine it. We must teach them to have courage and show them the romance of the industry. We must impart to them that their job will be to one day teach others as well. As the artists of the built world, we derive so much pride from the 20 – 25 developments that we create throughout our careers. Each one is personal and has a story. However, by becoming the Deans for our Schools for Development and by imparting our wisdom and values to future generations of developers, we gain the opportunity to have our legacy become an infinite number of developments. We can truly and significantly change the world. Simply put the long-term result from becoming a ‘school for development’ will be better buildings, corporate scalability with a self-perpetuating structure, and a much greater sphere of influence within the industry.