Course length: 16 hours / 8 modules
Level: Introductory
Designed for: Developers, owners, investors, land planners, engineers, brokers and construction professionals.
Course Access: Upon enrollment, students have 90 days to complete this course.
This course, another of NAIOP’s most popular, examines the seven stages of a comprehensive real estate development model. The Development Matrix begins with raw land in the land banking stage and continues all the way through the development process to include building renovations and property redevelopment. Examine each development stage and learn how value is created, and the key players, critical tasks, controllable costs and major risks for each. Apply these principles to real world practices now – and learn how to perform basic calculations to estimate and analyze real estate values. After completing this course, build on what you’ve learned by taking the Advanced Development Practices course next.
Course modules:
- Overview of the Development Process
- Land Banking
- Land Packaging
- Land Development
- Building Development
- Building Operations
- Building Renovation
- Property Redevelopment
If you would like to purchase an individual course module instead of the full course, visit the individual course page.
Tuition & Register
Payment for a NAIOP on-demand course entitles access for one person only to the course and all materials.
Course Tuition
| Member Type | USD | CAD |
| Member | $329 | $444 |
| Nonmember | $529 | $714 |
| Developing Leader | $229 | $309 |
| University Faculty Member | $95 | $128 |
| Student Member | $95 | $128 |
| Student Nonmember | $145 | $196 |
How to Register
- Register online: Click on the green Register button at the top of the page. You will need to log in or create a free account in order to see the Register button.
- Mail: Send check payments to: NAIOP, CL500060, PO Box 5007, Merrifield, VA 22116-5007
- Register over the phone/questions: 866-666-6780
Note: You have 90 days from the date you register to complete this course.
Confirmation
All registrations processed online receive an automatic order confirmation and receipt. If you register via fax, mail, or phone, a receipt must be requested by contacting education@naiop.org.
Login instructions to access the on-demand course are sent under separate cover from NAIOP Learning. If you do not received the login instructions, please check your spam folder. If the login email is still not there, please contact the NAIOP Education Department.
Cancellation Policy
No refunds will be issued.
Key:
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EDPOD Module 1 Overview of the Development Process
Module 1 Overview of the Development Process Class Recording
Open to view video.
Open to view video.
During this session, students will discuss what real estate developers are and what real estate developers do from several points of view. Students will also review various perspectives of real estate development from the writings of James A. Graaskamp. The discussion then moves to the seven-stage real estate development process using a schematic diagram, a box diagram and a venn diagram. The seven stage model is combined with the eight required tasks for each stage to define the real estate “Development Matrix.” This 56-cell matrix is analyzed to demonstrate how real estate developers and real estate professionals interact throughout the life cycle of a real estate project. The students will expand this two-dimensional model to include property types and thereby define a three-dimensional real estate “Development Cube.” At the end of this module, students will have a working knowledge of the development matrix.
Module 1 Overview of the Real Estate Development Process Presentation
Open to download resource.
Open to download resource.
EDPOD Module 2 Land Banking
Module 2 Land Banking Class Recording
Open to view video.
Open to view video.
This session explores Land Banking, the first stage in the real estate development process, in terms of how value is created. Students will review the critical tasks, major risks, key players and controllable costs of this stage. Students will learn to identify land bankers and understand the role of land banking in its relation to other stages. Students will learn to understand the varied nuances of the term “value” in real estate and the difference between market and investment value. This module also demonstrates the three variable Direct Capitalization Model and compares it to the more complex Discounted Cash Flow Model. This course will utilize the Direct Capitalization Models to calculate and compare values throughout the real estate development process.
Module 2 Land Banking Presentation
Open to download resource.
Open to download resource.
EDPOD Module 3 Land Packaging
EDPOD Module 3 Land Packaging Class Recording
Open to view video.
Open to view video.
This session explores the second stage of the real estate development process, Land Packaging. Students will review the critical tasks, major risks, key players and controllable costs of this stage. Students will identify the steps in the land packaging process and recognize the important roles of the numerous stakeholders required in this stage. Students will learn to calculate stabilized Net Operating Income (NOI) using gross income, vacancy and collections, and operating expenses. Students will also learn to estimate overall capitalization rates and understand the difference between market and investor’s rates. Estimating property value using the direct capitalization model will also be covered in this module.
Module 3 Land Packaging Presentation
Open to download resource.
Open to download resource.
EDPOD Module 4 Land Development
Module 4 Land Development Class Recording
Open to view video.
Open to view video.
This session explores the Land Development stage. We will review the critical tasks, major risks, key players and controllable costs of this stage. Students will learn how value is created through constructing infrastructure needed for future building development. In order to better understand the relationship between land developers and building developers, students will learn to estimate building development costs. The special skills section will continue with a review of how to calculate land value, using those cost estimates.
Module 4 Land Development Presentation
Open to download resource.
Open to download resource.
EDPOD Module 5 Building Development
Module 5 Building Development Class Recording
Open to view video.
Open to view video.
This session explores the Building Development stage. We will review the critical tasks, major risks, key players and controllable costs of this stage. The special skills section will focus on project feasibility by reviewing four components: 1) return on total costs compared to overall market capitalization rate 2) required spread as a measure of riskiness 3) the four step process to estimate a building developer’s justified land price 4) reviewing overall project feasibility with pessimistic, most likely and optimistic outcome predictions.
Module 5 Building Development Presentation
Open to download resource.
Open to download resource.
EDPOD Module 6 Building Operations
Module 6 Building Operations Class Recording
Open to view video.
Open to view video.
This session explores the Building Operations stage. We will review the critical tasks, major risks, key players and controllable costs of this stage. The special skills section will instruct students how to estimate property value using a mortgage-equity analysis. This will be broken into four parts. First, understanding how an underwriter may analyze a property’s value using debt-coverage ratio, land to value ratio and borrower’s character. Second, how to estimate mortgage value in terms of annual debt payment and mortgage constant. Third, to estimate the equity value with the after financing cash flow and equity dividend rate. Finally, this session will conclude with estimating returns after financing.
Module 6 Building Operations Presentation
Open to download resource.
Open to download resource.
EDPOD Module 7 Building Renovation
Module 7 Building Renovation Class Recording
Open to view video.
Open to view video.
This session explores the Building Renovation stage. We will review the critical tasks, major risks, key players and controllable costs of this stage. Students will learn how renovation of a property may increase the value to better optimize the existing use. In order to better understand how this value is created, the special skills section will focus on estimating the building renovation costs and the coinciding property value after renovation. After a review of those components, we will then discuss how to determine if a renovation project is feasible using overall net disposition cap rate analysis.
Module 7 Building Renovation Presentation
Open to download resource.
Open to download resource.
EDPOD Module 8 Property Redevelopment
Module 8 Property Redevelopment Class Recording
Open to view video.
Open to view video.
This session explores the Property Redevelopment stage. We will review the critical tasks, major risks, key players and controllable costs of this stage. This is the eighth stage of the real estate development process and completes the development cycle. To complement this stage, the special skills section focuses on the hold versus sell decision. This analysis uses the marginal rate of return and reinvestment rates, first examining how to estimate each, and then the comparison between the two in order to make the decision.
Module 8 Property Redevelopment Presentation
Open to download resource.
Open to download resource.
Module 8 Case Study - Edmonton RFQ
Open to download resource.
Open to download resource.
Module 8 Case Study - St Elizabeths RFP
Open to download resource.
Open to download resource.
Module 8 Case Study - St Elizabeths RFP Response 1 - Anacostia Economic Development Team
Open to download resource.
Open to download resource.
Module 8 Case Study - St Elizabeths RFP Response 2 - Four Points Team
Open to download resource.
Open to download resource.
Module 8 Case Study - St Elizabeths RFP Response 3 - Friedman Capital Team
Open to download resource.
Open to download resource.
Module 8 Case Study - St Elizabeths RFP Response 4 - Redbrick LMD Team
Open to download resource.
Open to download resource.
Module 8 Case Study - St Elizabeths RFP Response 5 - Thoron Capital Team
Open to download resource.
Open to download resource.
Module 8 Special Skills - AirPark West Example
Open to download resource.
Open to download resource.
EDPOD Exam - Required for Certificate Candidates
30 Questions | 8 attempts | 24/30 points to pass
30 Questions | 8 attempts | 24/30 points to pass
If you are a NAIOP certificate candidate, the test is required. You must get 24 out of 30 questions correct in order to pass the test. You have five attempts to pass the test.
EDPOD Skipping the Exam Acknowledgement
Agree to terms to continue.
Agree to terms to continue.
If you are not planning on taking the test, please click the Read Terms button. Then you will be able to complete the Evaluation and print your transcript.
EDPOD Evaluation
7 Questions
EDPOD Transcript
16.00 PDH, AIA Learning Units credits | Certificate available
16.00 PDH, AIA Learning Units credits | Certificate available
| Access Date |
Quiz Result |
Score |
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"The instructors were extremely knowledgeable with great examples and case studies."
Anthony Graham, Associate Broker, Keller Williams Capital Properties
"The course is an excellent introduction to commercial development, and it was exactly what I needed to bridge the gap of my knowledge and get a better understanding of the industry."
Athina Johnston, Operations and Project Office Manager, Everest Group
"I highly recommend this course for newer developers and even seasoned practitioners looking to brush up on fundamentals. Great course!"
Jacki Christopher, National Build-to-Suit Development Manager, Ryan Companies US, Inc
"Very solid real estate development course, for both seasoned professionals and new entrants into the field alike."
Jason Yap, Vice President, Investments, OUE Limited
"The course is well structured, provides good foundation and useful skills for any professional associated with real estate development."
Marina Boyer, Vice President of Leasing/Property Management, The Young Group, Inc
