Real Estate can be referred to as property which includes land and buildings; in addition, it also includes natural resources which can be found on the land i.e. the flora and fauna, livestock and crops, minerals, water etc that are immovable and lies within the property. Depending on the agreement between the landlord and tenant, the tenant may possess the right to make use of anything within the rented area.
It is however important not to mix up the term ‘Real Estate’ with ‘Real Estate Business’. Real estate is not related to business as it entails a property of land and building; whereas, real estate business is simply the profession of buying, selling or renting out these real estate properties.
Real estate is grouped into three categories based on its use; they are:
Residential: for the purpose of living; includes undeveloped land, houses, condominiums etc.
Commercial: refers to commerce; includes ware houses, office buildings, retail store buildings etc.
Industrial: for the production of goods; includes factories, mines, farms etc.
Real estate can help in the generation of funds especially when one is into selling and rentals; in doing this, consistency is required and also putting the interests of the clients first.