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Four Types of Real Estate

Real estate is one of the booming businesses in the country today. Real estate is defined as real property that is made up of land and improvements that include fixtures, buildings, structures, roads and utility systems. The term “real estate” means actual or real physical property. Real is derived from the Latin word that means ‘royal’, since many kings used to be the sole owners of all of the land that made up their kingdom. And fun fact: in the original United States Constitution, it outlined that only property owners were eligible to vote. This, thankfully, has changed. Though most people in the United States now own their own property anyway! 

When we think of “real estate”, most minds go directly to homes, or property in which people are tenants. But little do many people know: there are actually four types of real estate, and they don’t all have to do with houses. To know more about these types, check out this article!

Types of Real Estate

If you are interested in going to the real estate business, or simply just curious about that world, you must know that there are four different types. Each of these are unique and have their own purpose and utility. The four types of real estate are as follows:

  1. Land
  2. Industrial
  3. Commercial
  4. Residential

Here’s a bit more in-depth about each of these types of real estate:

Land Real Estate

This is the most basic kind of the four types. Simply put, these are plots of land that haven’t been developed at all, or only have minor updates. These are mostly the undeveloped property and vacant land that includes the reuse, early development, site assembly as well as subdivision. Developers buy the land and then combine it with other properties which is known as ‘assembly’. They then rezone this so they can increase the value and density of the property. Once there have been considerable developments to an expanse of land, it becomes considered one of the following types of real estate:

Industrial Real Estate

Industrial real estate refers to the land and buildings that are used for industrial activities like warehousing, transportation, construction or factories. These are also used mechanical production as well as research and development. The buildings are sometimes used for storage, research, production and distribution of goods. However, some consider the buildings used for distributing goods to also fall under commercial real estate, but the construction, zoning and sales are all handled differently.

Commercial Real Estate

commercial real estate

These are your places of business, AKA commercial land and buildings used to carry out business operations. This includes shopping malls, office buildings, strip malls or individual stores or boutiques. Hotels, medical centers, apartments and parking lots are also included in this type of real estate. Basically any property upon which business is conducted with paying customers is considered commercial real estate. 

Residential Real Estate

Residential real estate is the most common type. This is what most people think of when they hear the term “real estate.” These properties consist of housing for families, groups or individuals. Residential real estate include apartments, single-houses, townhouses, condominiums as well as other types of houses and living arrangements like multi-generational houses or vacation homes.

How It Works

There are several areas in the real estate world that you can explore and find a career in the future, or simply uncover interesting information about how the real estate world works. They are divided into 6 areas, which we will discuss in further detail below:

  1. Property management
  2. Real Estate Lending
  3. Professional services (law, accounting, etc.)
  4. Development
  5. Sales and marketing
  6. Brokerage

Property management is when the real estate agency or firm helps the homeowners rent out their houses or units in their building. They are the ones responsible for showing the units to interested tenants, fixes deficiencies, make repairs, and carries out necessary management responsibilities that are required for maintaining the property. They get paid by charging the owners for a percentage from the rent of the tenants in the complex or property for their services.

Real estate lending on the other hand helps lenders, and these people play a big role in the development of the property and use this to finance their business. The lenders are usually consist of banks, private lenders, credit unions as well as government institutions.

Professional services is an area of real estate where there are professional agents working for the firm to help it function. Some of the most common examples of people who are considered to provide “professional services” are accountants, interior designers, general contractors, lawyers, construction workers and even people in the trade.

Development or real estate development is an important area wherein developers process the purchased land, rezone and construct or renovate buildings on the property. These are then sold or leased to end users. Developers earn their money by adding value to the land by taking on the risk of financing a project that they can later flip for profits to individuals or businesses that want to use their land for any given purpose. These people typically know all of the necessary city codes and zoning laws that list requirements for how buildings must be structured. There is a lot of knowledge and planning that goes into real estate and land development. 

Sales and marketing as it applies to real estate are people and departments that typically work in collaboration with the developers to help sell the building and units they have developed or created. They earn through commission for making all the marketing sales and materials needed in order to help sell the units or properties. Most of the time these firms assist in selling newly developed buildings and other properties.

Brokerage on the other hand is a firm that employs or hires a team of real estate agents or realtors in order to facilitate a transaction among buyers and sellers of a property. It is their job to represent the firm and help them purchase or make a sale with the best terms that they can come up with the buyer.

How Does One Get Into Real Estate?

Becoming a real estate agent or diving into other related careers can be extremely fun and rewarding. According to recent studies, the median pay of a real estate agent is estimated to be around $46,000 from the US Bureau of Labor Statistics. All you really need is a license, no college degree necessary! Not only that, agents also get commissions, and if they have the experience, they can earn as much as $100,000 or more each year. No wonder people take interest in this kind of work. But how do you become involved in the real estate?

Some people, by sheer luck, become real estate moguls simply because they work hard or that they have been introduced into the business early on, even before people took it seriously. However, there are now qualifications that one must have in order to become a real estate agent. Here are the basic qualifications that one must comply in order to become one:

  • Age
  • Application process and fees
  • Background checks and fingerprinting
  • Continuing education
  • Education requirements (such as a high school diploma or GED but most of the time no college degree is required)
  • Exams and exam eligibility
  • Pre-licensing courses and post-licensing requirements
  • Process for achieving the next level of licensing
  • Reports or criminal history

In some states, a license is needed in order to qualify to be a real estate agent. There is a reciprocal licensing agreement in some areas too which means you can get a license in one state and use it in another without getting another exam to qualify. However, keep in mind that each state has their own process in order for one to get a license through reciprocity. Make sure to check within the area you are living for the requirements needed. 

In conclusion…

Getting a license may take time and money, but in the end, it can be a really rewarding career. There is also flexibility in comes to career opportunities too. You may even consider going into different real estate designations and other certifications in order to specialize in one area. If you wish to be in the business then the best thing that you can do is study not only the four types of real estate, but explore even further into the possibilities that are offered through real estate. This way you have the knowledge you need in case you decide to become an agent or simply purchase a property or sell it. Either way it is always a good thing to educate yourself about these things as they can be handy in the future. Good luck!

jesse phalin
jesse phalin
01:29 18 May 21
Thank you, Thank you, Thank you! Went above and beyond assisting me through this process. Helped me move my things and even let me leave what I wasn’t taking with me. Thanks for all of the hard work.
Kelly Stewart
Kelly Stewart
21:27 08 May 21
My husband handled the process but felt good dealing with this local company and they did not try to change price after seeing the house. They actually offered higher once they saw our home. Had 5 companies come our to give us bids and they all were bait and switch. They beat everyone’s offers too. We tried to list before and couldn’t sell. I don’t know why anyone would work with head aches of real estate agents and paying commissions, banks, inspectors and the time to close only to walk away with the same money. Thank you Ryan and Jamie.
degan Stewart
degan Stewart
21:23 08 May 21
Thank you guys so much. Jamie is so sweet and on it. Ryan Is one of the most genuine people I’ve met in Vegas. They did what they said they’d do when they said they would and kept us in the loop the whole time
Brian Higgins
Brian Higgins
22:00 04 May 21
Thank you guys so much for everything. Ryan and Jamie Helped me find a place to get out of our old place. It was so nice to have the moving company just handle everything for me.
Sheila Winn
Sheila Winn
19:05 09 Apr 21
I struggled with the idea of selling my house to a "flipper". This company was fair, professional and extremely helpful every step of the way. I never had to wait for a response from Kelly Schnippel when I had a question or concern.I personally would recommend them to anyone looking to get a fair price for their property all the while getting kindness, professionalism and assistance from the buyer.Thank you Kelly Schnippel! I appreciate YOU and your team!Sheila Winn
Valerie Grijalva
Valerie Grijalva
17:30 27 Feb 21
Casey and his team will handle your transaction with the upmost professionalism and class like no other. Their knowledge in real estate will exceed your expectations and you won't be disappointed from beginning to end with their communication and systems to ensure your goals are met. I highly recommend Casey and his team!
Ann Reback
Ann Reback
18:51 25 Feb 21
Thank you for your professional and personal help in this process. You and your team have been so knowledgeable, responsive, courteous and kind...understanding my goals and executing each step in a timely and professional manner! THANK YOU! I will recommend you and your team to friends and others in our community.
Aviv Ben Shimon
Aviv Ben Shimon
16:38 25 Feb 21
Jess Lapensee
Jess Lapensee
16:31 25 Feb 21
From start to finish the selling process was quick and easy!
Eyal Karban
Eyal Karban
16:22 25 Feb 21
The best team in the business!Really helped us to cash out our home, very fast, very professional, great price, thank you!
jevim kale
jevim kale
04:17 27 Jan 21
Best experience with We Buy Any Vegas House. Extremely knowledgeable about home selling process and marketing. Wonderful people to work with. Highly recommend if you are looking to sell your home in Las Vegas NV.
Kate 7Timmons7
Kate 7Timmons7
01:02 26 Nov 20
We were looking to sell our home and called We Buy Any Vegas House so we could get more information. We spoke to Casey Ryan. Ryan was informative, answered our questions, and he went out of his way to give us the best advice on selling our home. Kelly was also helpful and was quick to answer any questions we had.We recommend calling We Buy Any Vegas House to anyone interested in selling their home.
Towik Jes
Towik Jes
05:36 16 Nov 20
I recently helped my parents sell their home due to unforeseen events and We Buy Any Vegas House.com made the process smooth and easy. Their company offered a very reasonable price for my parents home and they closed in 30 days as promised. Look no where else!
Alexa Pughlet
Alexa Pughlet
04:15 17 Sep 20
We Buy Any Vegas House is a very good company to work with, they were very professional and knowledgeable about their business. They made it very easy to work with them. If i ever had to sell my house again I would definitely call them first. Thank you guys for helping me out in my time need.
Pauletta Smith
Pauletta Smith
21:08 02 Sep 20
I contacted them on 8/06/2020 and had my check in my hand on 9/01/2020! They were fast, professional, and gave me a very fair offer for my property. I had to get out of my house pretty quick because of a medical problem and I was able to do most of the paperwork on line. The title company they worked with was great. Very fast and very thorough. No snags. Easy transaction! Signed all the papers and had my money 5 days later. I would recommend them to anybody. Plus...packed and took what I needed and left the rest. No cleaning or trying to find someone to take what I didnt want. Awesome! Thank you.
James Aimery
James Aimery
05:11 08 Aug 20
We Buy Any Vegas House was a great business team. Staff were helpful, friendly and responsive. I was able to sell my house within 2 months in an area where real estate agents are struggling with many properties on the market for much longer periods. I would recommend them to anyone thinking of selling.
Wayne Romerobel
Wayne Romerobel
03:57 30 Jun 20
These guys are the best place to sell your house in Las Vegas. They gave me a fair price and closed quick for maximum convenience. These people are professional, efficient, and extremely friendly.
Lynne M
Lynne M
04:52 24 Jun 20
I have nothing but positive things to say about this company! I needed to sell a house quickly after a death in my family. I spoke with several Cash for Houses Companies in Las Vegas and settled on We Buy Any Vegas House. Everyone was very sensitive about my situation, helpful, answered all my questions and extremely responsive when I called. Ryan and Kelly were awesome!After we settled on a price everything went super smoothly in escrow and again if I had any concerns or questions there was immediate feedback. Also the fact that I was able to do this remotely as I live in California was extremely helpful! I am so grateful for all the help I received during a very challenging time in my life.
Frank Lyod
Frank Lyod
04:21 12 Jun 20
Great team! Glad we chose We Buy Any Vegas House team who understood the market of real estate in our city. They gave us a fair cash offer for our home. We accepted and closed very quickly. We are happy with the outcome and the way we were treated from start to finish.
Sharla Olivaresretento
Sharla Olivaresretento
04:20 28 May 20
Had a really great experience working with We Buy Any Vegas House.com! I really needed to sell my house in Las Vegas and they helped out. Thank you so much!!
Tom Cruz
Tom Cruz
04:11 12 May 20
If/when I do decide to list my home, We Buy Any Vegas House will be the first place I call. They are professional, helpful, and friendly. They provided a lot of helpful information during the course of our business.
Robinson Hunk
Robinson Hunk
04:31 25 Apr 20
We Buy Any Vegas House buyers is a great blessing to my family. Our house was actually sold very fast, in just 7 days processed. Thank you so much!
Florinda Shuff
Florinda Shuff
04:42 08 Apr 20
Las Vegas home buyers has been great to work with. They’re very knowledgeable in real estate and always do what they say. I highly recommend We Buy Any Vegas House.
Florinda Shuff
Florinda Shuff
04:53 21 Jan 20
I got an amazing job offer down in Las Vegas and needed to sell my house fast. First, they explained everything to me and how it all works (selling your house for cash). The process was pretty easy and quick which I appreciated greatly!!
Freddy Aleman
Freddy Aleman
18:47 27 Dec 19
My wife and I recently bought a home from Casey Ryan. The home we purchased is located in Centennial Hills. Gorgeous remodel. Casey and his team did a great job of designing the home. We ran into a couple of issues shortly after moving in. Casey had his people out quickly during Christmas week to make a couple of repairs. He gave my wife and I peace of mind during a chaotic holiday week and for that we will always appreciate him. I would recommend a Casey Ryan home to my friends and relatives.
Angela Rienstra
Angela Rienstra
21:06 26 Dec 19
I needed to sell my house from out of state ASAP. I looked into some other larger name companies and was disappointed with their turn-around time and lack of customer service. I'm so grateful to have found Ryan (and Kelly)! They understood my time crunch and moved heaven and earth to buy my house at a fair price and closed by the promised date. They were with me every step of the way and offered world class service! 100% would recommend to anyone!
Sue Kuckelmann
Sue Kuckelmann
17:02 16 Nov 19
We couldn’t be more pleased with the service provided. From start to finish the team was professional and extremely helpful. All the deadlines were met or exceeded even when I was in Arizona and my husband was in Las Vegas. I would recommend them to anyone who is looking to sell in Las Vegas.
Sam Thompson
Sam Thompson
17:47 25 Oct 19
Great people and very professional. Treated me and my situation fairly and with care.
Mandy Majano
Mandy Majano
01:49 07 Oct 19
They did exactly what they said they would. Great company! Highly suggest!
Anthony Montonini
Anthony Montonini
01:31 07 Oct 19
Thank you guys. We were selling our house to Casey And Ryan and there was some HOA liens that totaled over $40k and they met with the HOA board with me and got them reduced to less than $5k so I walked away with $35k more than I thought I was going to. True professionals!
Nicole Dur
Nicole Dur
01:20 07 Oct 19
My grandma needed help selling after my grandpa passed :( anyways I found them through google and they really treated her like their own family. And let us leave a lot of the stuff she had accumulated over 40 years in the house. Thank you Casey and Ryan!!
pat rolman
pat rolman
01:13 07 Oct 19
These guys have true character. We signed agreement to buy my house then my situation changed and they didn’t force me to move forward. Then 2 months later I needed to sell it and they helped me find a new place any everything. They are really Great people.
That_one_random_ Crafter
That_one_random_ Crafter
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody R
Cody R
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
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