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Overview of the Real Estate Industry

Let’s explore how the industry works and what the major jobs and careers are. The real estate sector can be classified into a number of categories:

1. Development

Real estate development is a process that includes the acquisition of undeveloped land, rezoning, building construction and renovation, and sale or rental of the finished product to end users. Developers can benefit by enhancing the value of the land (by adding structures or improvements, rezoning, etc.) and taking the risk of financing a project.

2. Sales & Marketing

Sales and marketing firms work with developers to sell the buildings and units they create. These businesses create all marketing materials and use their sales representatives to sell the finished development, earning a commission in the process.

3. Property Management

Property management companies help building owners in renting out the apartments within their structures. Their jobs include collecting rent, fixing deficiencies, performing repairs, and managing tenants. They charge a fee, typically a percentage of the rent, to property owners.

4. Real Estate Lenders

Since almost all properties and projects rely on leverage (debt) to finance their operations, lenders play a significant role in the industry. Banks, credit unions, individual lenders, and governmental organizations can all act as lenders.

5. Professional Services

There are a variety of real estate professionals who work in the industry and help make it function. The most typical examples include accountants, lawyers, interior designers, stagers, general contractors, construction workers, and craftsmen.

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