search

Understanding What the Real Estate is

Essay details

Please note! This essay has been submitted by a student.

Many of the times we take for granted our property without much thought. Not many people consider how the property was acquired or what listing their property would fall under. If one were to be in the market of buying or selling a property, where would they go?

To start getting an understanding of Real Estate one would need to know the definition. When the average person hears the words “real estate” they think of selling houses. Real estate is much more complicated than just selling houses. Real estate can apply to buildings, fencing, and many more items attached to the property. The big misconception is that real estate is just about houses and the rest of the property is an added plus but it is really all about the property. There are many roles in the process of selling real estate that help everything go smooth and professional. The most popular role known of the average citizen is a real estate broker. To become a real estate broker, one would have the same qualifications as a salesperson but also hold a salesperson license for at least 24 months.

AI-Written & Human-Edited Essay for only $7 per page!

AI-Powered Writing

Expert Editing Included

Any subject

Try AI Essay Now

As a Real Estate Broker some of the responsibilities include: preparing paper work, keeping listings current, host open houses. However, before one can become a real estate agent they must first become a sales person which isn’t exactly a walk in the park. The qualifications differ from state to state most are noticeably similar. For the state of Alabama, if one wishes to become a Real Estate Salesperson they must first complete your prelicense education and pass the state real estate license exam. A few responsibilities for a sales person are relatively the same as the brokers however, the salesperson must act as an informant of sorts being completely honest about the property. As I mentioned earlier real estate isn’t just selling houses. There are four different types of real estate to be sold. The first type of real estate I’m going to discuss is called Residential real estate. It is more of a traditional home sales type of real estate. It isn’t just limited to homes though. Anything from a condominium to town houses and even vacation homes fall under residential real estate.

Another type of real estate is called Commercial real estate. It is a pretty common type of real estate that the everyday citizen uses often and probably had no clue about. Commercial real estate can also include apartment buildings due to their profiting status. The third type of real estate is call industrial real estate. Anything produces it’s products is considered industrial real estate. Industrial real estate can also be used for research as well as storage. The fourth and final type of real estate is called Land. Land real estate can range anywhere from something being redone on land to a subdivision that’s being built. It is important to know what market you’re in if you ever look at buying property.

The real estate market has caused plenty of big events in history. To start off, all the way back in 1916 when the National Association of real estate agents was formed. It was also around this time that they came up with the name for a realtor. In 1929 the Great Depression happened and had a tremendously negative affect on the real estate market by collapsing it. In 1994 the way properties were advertised changed forever as online listings become available which led to an increase in the revenue from the housing market. In 2008 the most memorable moment to date directly involving the housing market happened. The housing market crashed which caused our worst recession since the great depression. The crash in 2008 is still our most recent recession. Real estate can be done anywhere all over the world but, what are the top 5 profitable cities in the U. S. ? According to Business Insider, The fifth one on the list is in Jacksonville, Florida. Due to its steady employment growth it is a better Jacksonville is a great profitable place where people will spend money. At number four we have Cleveland, Ohio. Cleveland is placed at number 4 considering the values of their homes increased by 13. 3%. Making the list again at number 3 is Florida but this time it’s Tampa. Tampa finished third due to its increase in population by over 2% and its growth in employment by 3. 6%. St. Petersburg, Florida is ranked number 2 in the U. S. for real estate. St. Petersburg also had a significant growth in both employment and population. The number one city in U. S. for real estate is Orlando, Florida. Orlando speaks for itself with a powerhouse of a theme park like Disney World planted right in the middle of it. No surprise that Orlando is ranked number one for the second year in a row. It’s no secret that the world is constantly changing. With this being said, innovations must occur in the real estate world to keep up with this ever-changing society.

One innovation in real estate comes from a software come Blockchain. Blockchain’s main goal is to have records on every single property in the U. S. which would make both customer’s and Salesmen lives much easier. Another big innovation in real estate is virtual reality layouts of houses. With this, buys can tweak furniture placements, wall colors, flooring, take out walls, etc. The possibilities are endless for the buyers. Instead of word of mouth, an innovation that connects users online to discuss certain properties has now made the saying “word of mouse. ” With this product users can discuss any concerns with the house and get second opinions on those tough color decisions. Many people all over the world make their fortune in real estate. A large number of celebrities have grown their money even larger through the benefits of rea estate. Jay Z is one of the more successful celebrities who has invested in real estate. Jay Z has bought and sold properties like real estate guru and it has helped bring him to a total net worth of $810 million. He is currently on track to become the first billionaire in hip hop.

Another celebrity who has made their millions in real estate is Arnold Schwarzenegger. This may come as a surprise to you, but Arnold made his money to fund his body building through real estate. He bought little apartment complexes and condos to help him continue body build and believe it or not, he was a already a millionaire before he ever hit the big screen. Vanilla Ice isn’t usually a celebrity that jumps out at you when you think of smart investors. However, Vanilla Ice did something that not a lot of young people do at his age. When he was younger and rising to stardom he decided he wanted to start planning for his future. So, we did he do? He invested in real estate and it has helped be able to continue to have more than enough cash flow even as he has gotten older.

One of the biggest names that comes to mind when one thinks of celebrities in real estate has to be our very own President of the United States, Donald Trump. Trump has made nearly a billion dollars in real estate to help contribute to his whapping three-billion-dollar net worth and though some may disagree with the way he did it, they can’t argue the results. Trump has nearly 40 commercial properties in the United States alone and has over eight hundred million in building assets. It is clear that Trump is on another level when it comes to celebrities in real estate.

Get quality help now

Prof Essil

Verified writer

Proficient in: Laws & Regulations, Industry

4.8 (1570 reviews)
“Really responsive and extremely fast delivery! I have already hired her twice!”

+75 relevant experts are online

More Related Essays

banner clock
Clock is ticking and inspiration doesn't come?
We`ll do boring work for you. No plagiarism guarantee. Deadline from 3 hours.

Apologies!apologies

This feature is still in progress, but don't worry – you can place an order for an essay with our expert writers

Hire writer

We use cookies to offer you the best experience. By continuing, we’ll assume you agree with our Cookies policy.