Real estate refers to land consisting of the actual buildings and land on it, and its accompanying natural resources like water, minerals or crops; immovable property including a leasehold interest in it, buildings constructed for business purposes, and housing in general. This latter definition excludes personal property like furniture or household furnishings; the use of which would not necessarily be considered residential in character if they were used for private purposes. Real estate markets depend on many factors like location, accessibility, taxes, amenities, value, and quality. Certain types of real estate are classified as commercial real estate, residential real estate, and investment real estate. Residential real estate deals with houses and other forms of real estate intended to be used as places of residence by the owners themselves.
Property management refers to the process of maintaining the physical appearance of a real estate market. Property management firms to assist buyers and sellers in their search for property and work on many aspects of the transaction including marketing, sales and rental, financing, and keeping track of all property records. There are many people who are self-employed in the real estate industry, but do not engage in property management work. Many people choose to become self-employed in the real estate industry and these people often run their own real estate companies, managing the property management aspect of their businesses.
Vacant land is a critical driver of the real estate industry. This means that the amount of vacant land available is usually far lower than what it would normally be in normal economic times, causing the need for more land. The process of developing vacant land can take years and even decades, depending on the type of land and its current market value. A large number of people choose to invest in vacant land, either for the sole purpose of investing in additional properties, or because they have enough of it that they may want to rent out or lease out their holdings to other investors.