After looking through some of the forums and seeing the comments people are making regarding their prospective or current purchases, I thought I would clarify the roles and explain who does what when a property development appears on the market.
Please keep in mind I am simplifying some of the processes and on occasion there may be some overlap in roles discussed, as always this is to give you a rough guideline.
The Developer - The developer essentially puts the components of the project together. He will source and buy the land (sometimes will acquire the land from the owner for no cost, but agree a split on profits when the project is complete), he will employ an architect who will draw up plans and then submit them to attain the relevant planning consent. A project manager will be hired who will co-ordinate the contractors and sub-contractors and get the project delivered.
Generally, the actual developer will have nothing to do with the selling of the project. This is usually passed on to a Promoter.
The Promoter - The Promoters role involves packaging up the project and turning the non-user friendly architects images into glossy brochures and client friendly literature. They will advise the developer on pricing and look to market the project and raise its profile.
The Master Agent - The Promoter and the Master Agents Roles sometimes blur slightly. A promoter can sometimes fill The Master Agents job.
The Master Agent will distribute the project out amongst the real estate agents. They will then provide all the necessary information about the development including web images, prices etc. in order that the Real Estate Company can furnish clients with everything they need.
The Real Estate Company -The role here is to market the project to the general public, using the web, exhibitions, magazines and anywhere else appropriate. They will handle the buying process and act as an interface between the customer and the other parties involved, giving the client a clear picture of what is happening throughout the process.
As I said at the start of the article this is a rough snapshot of how things work, and will hopefully give you all a better understanding of the role each party plays.