Hi WSO!
First off, I recently discovered this re forum and have been lurking for about a month and WOW it has been so useful for me, so thank you for that!
To my question: I am trying to decide which location to launch my career in real estate development. I am wondering what the differences are working for a developer in a primary market vs a smaller market, and which type of market is better to start out in. I've heard countless times that real estate is a local business, and sticking in one market for your career produces certain advantages, is this true?
I figure that smaller markets have a lot of opportunity for growth, which is appealing to me, but also carry more risk. Primary markets are probably more stable, but I feel there is less opportunity because most deals are overvalued and there is more competition.
Curious to hear y'all's input.
Hi mIRRacle, any of these topics helpful:
Fingers crossed that one of those helps you.
I’m going to give my opinion as opposed to a real fact based answer. As background, i work for one of the larger development firms in a T1/2 market - so maybe I’m biased. If given the option and you don’t have a personal preference I’d say go with the larger market. You may think less opportunity and more competition but there’s alway way more sites to build on, rehabs to complete, turning neighborhoods, etc. Along with that, a lot of the large developers stationed in the T1 cities also operate in those secondary and tertiary markets. A lot of the NYC, Dallas, and Atlanta firms are all over Orlando and Charlotte hunting for deals. I’d also take into account the networking and job opportunities a primary market offers. Just something to think about.
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