Professional Documents
Culture Documents
ASSIGNMENT 1
Real estate
Definition
A piece of land, including the air above it and the ground below it, and any buildings or structures on it. Real estate can include business and/or residential properties, and are generally sold either by a relator or directly by the individual who owns the property (for sale by owner). In most situations in the United States, real estate is a legal designation, and is subject to legislation also called realty.
1. Residential
This is the type that is best associated with real estate. Brokers, agents and realtors work together with home buyers and sellers in the sale and purchase of new and resold private homes. This is where the bulk of real estate transactions occur. There are sub-specialists who work with only buyers, sellers, seniors, firsttime home buyers, relocations and the like.
2. Commercial
This type of real estate company works with businesses to identify, purchase or sell property and land that is used for commercial purposes. This can include offices, retail, restaurant and light industrial properties. Commercial real estate deals are a lot more involved and take much longer than residential deals. Many brokers and agents are not only involved in identifying a property, but also in assisting with zoning, development, permitting, and financing and feasibility studies.
3. Industrial
This is a distinct subset of commercial property that requires a set of knowledge, skills and relationships that is more specialized than with regular
commercial properties. The typical client has to not only find the right geographical location, but also needs to find a locale that offers the right labour pool, tax structure, regulatory environment and governmental relationship. The brokers and agents who work with this kind of client have to be able to smooth the way for the client and gain the approval of the buyer, seller, local government, state government and community leaders.
4. Investor
This type of real estate brokerage specializes in working with single investors and investment groups. They help their clients find income-producing properties like rental homes, apartment buildings and retail centres like strip malls. They must know the area around the property, the past and future return on investment, and how the property compares to others in the area. They also sell these properties and utilize networking and personal and business relationships to generate quick sales for clients.
5. Property Management
Some brokers focus on managing rental properties for their client/owners. These clients range from individual owners of a single rental home who do not want to be involved in the day-to-day issues of being a landlord to groups that own several homes or an apartment building and who cannot manage on their own without help. These brokers must be experts in landlord/tenant law and are responsible for vetting renters, maintaining the property or properties, securing tenants, and handling all payments and paperwork for the rental or rentals.
6. Land
These brokers specialize in locating raw land for development by either home builders or commercial clients. They must be experts in the zoning process, and should have a strong network of relationships with other brokers whose clients are in need of raw land. They are also knowledgeable about local governmental regulations and should have good relationships with municipal authorities.
b) Duplex Property
A duplex is a structure designed for residential use and contains two living blocks sharing a common wall. Duplex properties may be listed residential or commercial, depending on the purposes they serve.
c) Condominiums Property
Condominiums, or condos, are apartments that are independently owned minus a yard and with common parking facilities and offer many amenities.
f) Patio Home
A patio home is a single story home with one joint sidewall and a patio towards the back facing the common area. Patio homes normally contain 2-4 homes in each structure and may have a backyard.
g) Loft Property
Lofts are usually found downtown and have high roofs, huge wide windows, metal staircase and cement floors, but no yard.
historical revenue, cash flow with owner perks removed and much more. Unless someone has extensive business valuation experience, it's better to enter this specialization carefully after time in the business in land or residential property markets. Specifics about certain commercial property types:
a. Multi-Family Property
Multi-family property comprises of buildings meant for numerous family groups, leased on a permanent basis. They typically contain five or more living units with shared amenities, such as doorways, foyers, lifts, staircases and walkabouts.
b. Rooming House
Rooming house properties usually have no more than 20 furnished units with common bathroom and kitchen facilities given out on a temporary basis.
d. Retail Space
Retail space comprises of single construction taken by single or multiple tenants and exclusively meant for retail use such as sales and display of garments and electronics.
f. Mixed-Use Properties
Mixed-use properties are a blend of residential and commercial units such as a retail store and a multi-family home in the same structure.
g. Healthcare Properties
This property type includes hospitals and nursing homes, health care centres and assisted living facilities. A license is mandatory to run the facility.
i. Restaurant Property
Restaurants are built for the making and selling of food and drinks, and include canteens, pubs, and inns.
j. Hotel Properties
Hotel properties are constructions that provide a suite of facilities and services, typical of the hospitality industry. Hotels are classified as either Complete Service or Restricted Service. Hotels can also be affiliated to a national franchise chain.
a. Self-Storage Properties
These are mini-warehouses and comprise of tiny compartments that are rented for private storage.
b. Warehouse Properties
Warehouses are commercial buildings built for holding goods and consist of massive open inner sections.
d. Manufacturing Property
Manufacturing property is designed for producing goods for sale or lease like factories.
f. Automotive Property
Automotive structures are built specifically for the automobile industry and usually have a small office cubicle, car lifts, and overhead doors. They include repair units, used car hubs, and tyre fixing facilities. Detailed study of property types and their comparative values is crucial in deciding the best option to work with and the possible monetary benefits accruing from each.
1. KTVR Vijaydeepa Group 2. Ravi Murugaa Constructions Pvt Ltd 3. Ramani Realtors Private Limited 4. SK Builders 5. Pinnacle Properties
6. Srivari Property Developers