The term Real Estate (often misspelled as realestate) has been repeatedly used in this blog, yet, some might even be confused as to what exactly this term refers to – Houses? Buildings? Baseball cards, perhaps?
Well, a lot may know that a house is a type of real estate property. And, yes, that is a correct idea. But, what else are considered real estate properties?
To make the discussion simple, especially for those who are only starting to learn about this industry, let me present the top 3 kinds of real estate properties: Lots, Houses, and commercial buildings.
This refers to empty lands, to be exact. Examples of which are vacant residential lots, farms, ranches, etc. As long as it is a property that has no infrastructure atop it, it is considered a vacant land that is very much juicy when it comes to sales. This kind of realty is expensive and is great for those agents who wish to have big commissions. If you decide to sell this kind of property, it is best that you then focus on it, as it has a different set of requirements than that from selling other real estate properties like houses and commercial buildings.
While this kind of property promises real estate agents greater profit, it will also require that you travel to farther areas because that is where these things are usually available. Nonetheless, nothing is ever easy so if you have the knack for selling empty lots, then have a go.
this kind of property is the most popular, as well as the most in demand property. This is the reason why most of the newbie realtors always decide to take on residential property selling. There is a lot to sell, a lot of people to sell to, and a you do not have to go too far from the city in order to make the sales. This also means easy and fast paperwork because, again, you won’t have to travel far from the city (where you file these papers and wait for approval, etc.).
Selling residential properties not only mean houses. It actually means every type of building where people choose to live, meaning, condominiums, townhouses, apartments, family homes, all belong under the residential property category.
This involves both land and building, so in a nutshell, it may seem like a crossbreed of the first two types. The main thing to remember about commercial properties is the fact that these lands or buildings are, or will be, used for income generating purposes. It can be an empty land that will be used for a commercial park or a building that will be leashed for offices. As long as it has the purpose of entering business, then it falls under this category.
This type of property is the most complex to handle, so it is advised that new real estate agents do not engage in it unless fully ready. However, if you find in you the desire to sell commercial properties, then by all means, pursue that passion and be the greatest real estate agent you can be.