TYPES OF REAL ESTATE

TYPES OF REAL ESTATE

1. Residential

Realtors would usually pursue residential real estate. Buying, selling or even renting homes has a big marketplace and usually, these real estate varies in specialty such as a pool and gym, available parking and much more. For example, you can specialise in working with homes that are for sale or for rent. 

2. Commercial

Commercial real estate involves buying, selling and leading commercial properties such as office buildings or warehouses instead of residential homes. In addition, you may need knowledge on finance and marketing to close deals on commercial properties as large companies will need your advice. 

TYPES OF RESIDENTIAL REAL ESTATE

1. Residential Property Rental

This refers to houses, apartments or other living spaces that you can rent out to tenants. To be a successful residential real estate agent, you must possess strong interpersonal skills such as the ability to analyse the market. You can choose to work as a lease agent, a rental agent or even a homeowner.  Individuals who are offering to lease their properties would require someone to prepare rental contracts and leases for their properties. Those looking for rental may hire agents to prospect, contact and set up meetings with potential renters. 

2. Residential Property Sale

Your best option for pursuing real estate as a full-time job may be if you enjoy assisting others in the purchase or sale of real estate. You will be assisting customers in finding their ideal property and paying a fair amount for it as a buyer’s agent. Other than that, as a seller’s agent, you will be looking for potential buyer’s for the property, schedule showings and prepare paperwork. 

3. Homeowner Association Management

Those who work in this field will help manage communities and prevent further problems from arising. As a homeowner association manager, you will work to keep the community safe and keep it up to date with the latest safety guideline. You must maintain records of dues paid and any violations found. You may also have to deal with administrative issues such as title and tax matters for the residents. 

4. Property Management

Residential property management is another speciality within real estate. You can manage a variety of properties as a property manager, including:

• Apartments: This kind of property might provide a lot of houses for rent all at once. As an apartment manager, you may run background checks and credit checks on prospective tenants to ensure you can approve their rental applications.
• Condominiums: A homeowners organisation is frequently involved in managing condominiums. Condominium managers are in charge of maintaining the neighborhood’s security and seeing to it that necessary repairs are completed so that the units look nice.
• Townhouses: Individuals or businesses may be the owners of this kind of property, and a homeowners association may also be present. You could have to take care of neighbourhood problems and fix damage to individual apartments as a townhouse manager.
• Homes: Managing a rental home may involve regular yard maintenance, plumbing and electric work and other repairs to ensure the property is in working condition for tenants.

TYPES OF COMMERCIAL REAL ESTATE

1. Office

• Class A: A Class A office block is a more recent structure with the most modern amenities, like a full-service kitchen and opulent finishing. Compared to other office buildings, the rent in these buildings is frequently greater.
• Class B: A Class B office block is a mid-range structure that is frequently older and has fewer amenities. These structures could be older than Class A structures, however renting in them is frequently less expensive than renting in a Class A office structure.
• Class C: The highest ranking Class C office building in the hierarchy of commercial office buildings offers the most value. Compared to a Class B or Class A office building, this kind is frequently smaller, has less expensive finishes, and does not have as many amenities.

2. Industrial

Properties that are primarily utilised for commercial production or warehousing for wholesale goods are included in industrial real estate. Businesses in the manufacturing, retail or other industrial sectors of the economy would usually buy or rent these properties. This is to serve as headquarters for the production of their goods. These homes may include particular facilities that promote efficiency or guarantee safety. For instance, chemical manufacturing facilities would usually have vents to ensure proper air circulation.

3. Retail

Retail properties are used for operations with storefronts such as cafes and clothes boutiques. These spaces are typically less expensive than many other forms of commercial space. However, because customers have more direct interaction with the companies, they may expect greater quality and service in retail stores. Retail properties are typically found in areas that are handy for driving and walking.

4. Resort or recreational

Hotels, golf courses, and campers can all be found at resorts. Opportunities in this industry may involve overseeing these assets and collaborating closely with the owners to make sure they are long-term profitable. Multiple investors may be involved in the running of a hotel or resort because larger hotels frequently cost more.