Real estate is a field that studies the ownership, development, and exchange of physical property. This includes land, buildings, air, and underground rights. There are many different branches of the real estate industry. Real estate development companies, for example, coordinate the construction of new buildings. Once the buildings are complete, they can be marketed, sold, or leased. These companies are paid for their services.

Residential real estate includes single-family residences, townhouses, and condominiums. Commercial real estate includes office buildings, strip malls and medical centers. Residential and commercial real estate are used for different purposes. Apartments are rented to individuals while commercial properties are used primarily for businesses.

To be successful in the real estate business, it must be focused on a niche. You can focus your efforts and avoid overspending or underwhelming customers by choosing a niche. For this reason, a definitive business plan recommends choosing a niche and sticking to it. For example, if you want to sell real estate in New York, you need to focus on a specific area.

Real estate agents earn their living by collecting commissions from the sale of a property. These commissions are usually based on a pre-determined percentage of the purchase price. Their duties include conducting market research and locating available real estate on behalf of their clients. They organize meetings between potential clients and sellers and prepare the paperwork necessary to close a transaction.

Real estate wholesaling is a rewarding endeavor for those with an entrepreneurial spirit and a small amount of capital. Wholesaling offers a chance to learn more about the industry, in addition to the profit. A wholesaler of real estate must create a marketing strategy to promote his or her wholesale business. Cold calling, direct marketing, or online advertising are all possible marketing techniques. The wholesaler should also be familiar with local laws and regulations.

A real estate agent is an individual who has obtained a professional license in order to sell real estate. They are knowledgeable about the local market and know how to negotiate for the best price. They also help their clients negotiate deals that benefit both of them. Real estate agents are often experts in a particular field.

To obtain a real estate license, a candidate must complete a set amount of training hours and pass an exam. Usually, the exam covers state and federal laws as well as real estate principles. The exam is passed and the agent is granted a professional license. Most states require agents to affiliate with a real estate broker.