The industry dealing with property involves various aspects like development, leasing appraisal, marketing & management of commercial, residential, agricultural & industrial properties.
The industry fluctuates depending on the condition of respective economies but at the same time remains consistent since people always need homes and businesses need commercial space.
How does the Real Estate Industry work?
Real estate is a property consisting of land, the buildings on it, and any natural resources within the property boundaries. It typically works because the value tends to rise. Because of large economic forces, there are times when these properly rise or fall in value at the same time this is what people mean when they say the market is up or down.
The real estate market is all properties available for sale in a given area.
The housing market is a segment of the real estate market consisting of residential properties only. To gauge the trends in the general welfare housing market is closely watched. As many residential properties are owned by individual families, if the housing market is doing well we can assume that families are doing well because their net worth is rising.
Role of Real Estate Agents:
Real estate agents help people buy and sell homes by providing expertise on the dynamics of the local market, negotiating on behalf of their clients. They also ensure that any transaction is according to local laws and regulations
There are mainly: Buyer’s agent & Listing agent.
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Buyer’s agents represent people seeking to purchase property whereas a listing agent represents people seeking to sell the property.
These agents form the backbone of the real estate industry as they work with their clients and each other to complete a real estate transaction quickly and efficiently.
They make money by charging a commission for their services that is usually paid out as a percentage of the final property selling point.
This commission is split by the buyer’s & seller’s agent & is only paid out when a sale is complete.
The importance, vastness, and ever-rising growth of the real estate industry are evident from the fact that the size of the professionally managed global real estate investment market increased from $9.6 trillion in 2019 to $10.5 trillion in 2020.
