Top 3 Major Types of Real Estate Property:
The vast majority of real estate agents and brokers work with three major property types. It's no coincidence that these are the three property types accounting for most of the real estate transfers. As a new agent or broker, you may want to narrow your focus and specialize in one or more property types. A study of the number of properties of each type in your area, and their relative values, would indicate the possible financial rewards of working with those types.
1. Vacant Land
Farm and ranch specialists have long been quite successful in this business. Generally the property size and price is quite large, with corresponding commissions. Be sure you understand the specific buying requirements and motivations of your prospect.
In rapidly growing areas, specializing in building lots for properties can be lucrative for an agent. Just know that, as long as the spread continues, the area you have to cover will get farther out from the city and possibly your office.
2. Residential Properties
The residential type of property is by far the most popular with both new and experienced agents. That's no surprise, since
Real estate agents then further specialize in types of homes, including condominiums, separate homes, duplexes, high value homes, vacations homes, etc. There's plenty to go around.
3. Commercial Properties
Commercial property can be empty land zoned for commercial use, or an existing business building or buildings.
Commercial property valuation requires a more complex method, taking into account the income potential of the property, historical revenue, cash flow with owner perks removed and much more. Unless someone has extensive business valuation experience, it's better to enter this specialization carefully after time in the business in land or residential property markets.
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