Real estate is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location.
REAL ESTATE MARKET
With the development of private property ownership, real estate has become a major area of business, commonly referred to as commercial real estate. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:
- Appraisal: Professional valuation services.
- Brokerages: A mediator who charges a fee to facilitate a real estate transaction between the two parties.
- Development: Improving land for use by adding or replacing buildings.
- Net leasing.
- Property management: Managing a property for its owner(s).
- Real estate marketing: Managing the sales side of the property business.
- Real estate investing: Managing the investment of real estate.
- Relocation services: Relocating people or business to a different country.
- Corporate Real Estate: Managing the real estate held by a corporation to support its core business-unlike managing the real estate held by an investor to generate income.