Real estate is land, buildings, air rights, and property rights. It consists of land and improvement of buildings, roads, fixtures, and natural resources like plants, minerals, animals, water, etc.
We have four different types of real estate, they include;
This includes working farms, vacant land, and ranches. Land is the base of all kinds of real estate. The real estate agents such as realtors in scottsdale acquire underdeveloped land and rezone it to increase its value and density of the property.
Commercial real estate is the buildings and land that is used by businesses in doing their operations. It includes strip malls, shopping centers, educational and medical builds, offices, and hotels. Apartment buildings are also commercial buildings as they are used to generate income.
Residential real estate comprises housing for families, individuals, or groups of people. Residential real estate is the common type of real estate all of us might be familiar with.
Within the resident’s real estate, we have apartments, townhouses, single-family homes, triple-deckers, high-value homes, duplexes, condominiums, among others.
4. Industrial real estate
It refers to building and land that is mainly for industrial production such as factories. This includes manufacturing property and buildings and warehouses. They are buildings that are mainly used for production, research, storage, and distribution of goods.
We have some buildings that deal with the distribution of goods that are referred to as a commercial real estate. This classification takes into consideration the zoning and construction.
The real estate industry mainly involves the following
• Property management
• Sales and marketing
• Development services, such as accounting and law.
A real estate agent has to hire professionals, such as market analysts, agents, building inspectors, commercial brokers, real estate attorneys, home inspectors, loan underwriters, directors of real estate, mortgage underwriters, among others in order to carry out its business successfully.