Real Estate And Planning

Real estate is real property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems. Property rights give a title of ownership to the land, improvements, and natural resources such as minerals, plants, animals, water, etc.

Types of Real Estate

There are several types of real estate, each with a unique purpose and utility. The main categories are:

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

1.Land

Land is the baseline for all types of real property. Land typically refers to undeveloped property and vacant land. Developers acquire land and combine it with other properties (called assembly) and rezone it so they can increase the density and increase the value of the property.

2.Residential

Residential real estate consists of housing for individuals, families, or groups of people. This is the most common type of estate and is the asset class that most people are familiar with. Within residential, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.

3.Commercial

Commercial property refers to land and buildings that are used by businesses to carry out their operations. Examples include shopping malls, individual stores, office buildings, parking lots, medical centers, and hotels.

4.Industrial

Industrial real estate refers to land and buildings that are used by industrial businesses for activities such as factories, mechanical productions, research and development, construction, transportation, logistics, and warehousing.

Development

Real estate development is a process that involves the purchase of raw land, rezoning, construction and renovation of buildings, and sale or lease of the finished product to end users. Developers earn a profit by adding value to the land (creating buildings or improvements, rezoning, etc.) and taking the risk of financing a project. Development firms create a new product, which can be thought of as the “primary market” or generation of new inventory.

Sales and Marketing

Sales and marketing firms work with developers to sell the buildings and units they create. These firms earn a commission for creating all marketing material and using their sales agents to sell the inventory of completed units. These firms typically focus on new units.

We are at KLLFM

• We are licensed to help people buy, sell, and rent homes and other properties.
• Each day is spent on active, income-producing work, as well as on the administrative paperwork that the job entails.
• A typical day might involve spending time at the office, meeting with clients, staging and showing homes, and scheduling appraisals and inspections.
• Other tasks include generating leads, researching, marketing, and accompanying clients to property closings.

Working With Real Estate Sellers 

Afternoons are often spent working directly with (or on behalf of) clients—and helping them navigate what is typically a pretty complex process.

Of course, real estate agents typically represent one side of the real estate transaction: working with either sellers or buyers. Seller’s agents (aka listing agents) help clients find ready and willing buyers for their properties. On any given day, a seller’s agent might:

• Meet with potential clients
• Set listing prices
• Prepare listing presentations
• Take digital photographs of properties
• Market property listings (including entering them into the local multiple listing service [MLS])
• Make suggestions for property updates
• Stage homes so they show at their best
• Host open houses
• Vet potential buyers
• Negotiate various aspects of the sale

Working With Real Estate Buyers 

Agents who work with buyers find properties that match their clients’ requirements and price range. On a typical day, a buyer’s agent might:

• Comb through the local MLS to find appropriate properties
• Scout houses online and in person
• Send listings to potential buyers
• Show properties
• Ensure clients are pre-approved for a mortgage
• Submit bids and negotiate on the buyer’s behalf
• Set up home appraisals and inspections
• Guide clients through the contracts, agreements, and other documents
• Accompany clients to inspections, loan meetings, closings, and other activities where their presence is either required or requested

Working with buyers often involves more time because of the sheer number of options in the local real estate market.

"It’s especially time-consuming on the buyer side,” says Kaderabek. “We have various strategies to narrow criteria for buyers, which is honestly more helpful for buyers than it is for us. Focus is key. You’re not going to find the perfect house. Let’s find that 95% house. Managing FOMO [fear of missing out] is also a challenge. There’s always another house out there".