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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!

Ricki Irwin
Ricki Irwin
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!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
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 Raynoha
Cody Raynoha
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!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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