People who find success in real estate market tend to know the markets they invest in and can identify the prime locations within a region. They also tend to know what potential buyers and renters want in an area, ensuring they have a steady pipeline of interested bids. Essentially, they have the right information, which is something that allows them to stay ahead of the competition.
For the investor interested in getting into real estate,
it's vital to understand the process and be equipped with the right
information. Between the various laws governing real estate, emerging trends
and best practices, there's a lot that goes into successful
property investment. Astute investors such as Razi Salih appreciate the value
of knowledge and are continually looking to learn how to market their
businesses better.
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The Types of Real
Estate
The following property categories exist within the industry:
·
Commercial: Commercial real estate
includes buildings and structures used for business purposes, including malls,
colleges, offices, hotels and shopping centres
·
Residential: The residential market
captures resale and new construction homes for individuals and families
·
Land: In real estate, land refers to
vacant land (whether undeveloped or in development), ranches and working farms
·
Industrial: Industrial real estate
captures warehouses and manufacturing buildings used for purposes such as
storage, production and warehousing
Understanding these categories is vital as every type of
property has its own process, from appraisal and zoning to construction and
sale. As the rules and regulations also differ, many real estate experts tend
to identify a category and specialise in it.
Local Pricing
One area's property pricing trends will differ from another’s
for a variety of different reasons. Most commonly, the supply and demand
dynamics of an area will dictate prices, but even these are reliant on other
factors. As an investor, it's essential to understand areas where prices
accelerate faster and compare these to other sites. Such an analysis enables
the investor to figure out the places with the highest demand and get a sense
for which properties are reasonably priced.
The Main Players
A lot goes into a typical real estate transaction, meaning
there are many people involved. Some of these include:
·
The Agent: A real estate agent is an
intermediary between the industry and buyers or sellers. They help buyers find
potential property and assist sellers in listing their property for sale.
·
The Broker: A broker is typically more
educated and licensed than an agent. A broker can also be an agent, but an
agent cannot be a broker.
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