The first stage of community development is a feasibility analysis to examine the options for realizing the value of a real estate asset. This analysis also investigates the market, entitlement, and financial issues that may arise. The next stage of community development is the design and implementation process. The design stage is where the physical components of the community are planned. Implementation occurs after approval by all necessary legal and governmental entities. The final phase of community development is management. This includes all functions that run the community, such as monitoring and maintenance of amenities.