Real
Estate Industry
The
real estate business is primarily concerned with the
buying, selling and management of commercial and residential
properties. The real estate business is a major area
of business with billions of dollars of property bought
and sold every year.
Purchasing a property is a time consuming and expensive
activity, each property has individual and unique characteristics.
The real estate industry has evolved into several different
fields to facilitate the purchase and management of
property. These fields include surveyors who value property.
Estate agents and brokers who make deals between the
buyers and sellers of property and charge a % of the
property price as their commission. Property management
on both a corporate and individual level. Relocation
services assist in moving people and businesses to different
parts of the country or even to different countries.
Finally the development sector is concerned with developing
land for new properties and renovating older properties.
The development of the internet has had an impact on
the real estate business. Both buyers and sellers have
more information available to them than ever before.
This has lead to the reduction of demand for brokers
as buyers and sellers can now deal directly with each
other.
One of the problems with the real estate business is
its cyclical nature in many countries. There is a period
of rapid growth in prices of property and the number
of transactions completed followed by a slump in prices
and a reduction in the demand for property.
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