A STORY ON “REAL ESTATE”

The profession of real estate began around early 1900 in the United States.

Since then, the real estate industry has flourished consistently. The initial home sale records began in the United States in 1890. It was an attempt to create the first real estate associate in the United States. However, the attempt failed. But it helped set a base for the process which led to the creation of the National Association of Real Estate Exchanges in 1908.

WHAT IS REAL ESTATE

Real estate is technically land plus any other tangible improvement that might rest upon it or is built on it. The improvement might be a building that’s been erected there or a roadway. A land with any structure built on it is said to be improved. It’s unimproved when it is vacant. Real estate can include property, land, buildings, air rights above the land, and underground rights below the land.

Real estate also refers to producing, buying, and selling property. Your home is real estate, but so is vacant land you might own and haven’t improved yet. Real estate can be a Plaza in Abuja or an empty plot of land at Ajah, it could even be a patch of unimproved desert land that can’t be built upon.

TYPES OF REAL ESTATE

Residential Real Estate
Residential real estate includes both new construction and resale homes. The most common category is single-family homes, but there are also condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational homes, and vacation homes.

Commercial Real Estate
Commercial real estate includes shopping centres and strip malls, medical buildings, educational buildings, hotels, and offices. Apartment buildings are often considered commercial, even though they’re used for residences because they’re owned to produce income.

Industrial Real Estate
Industrial real estate includes manufacturing buildings and property, as well as warehouses. The buildings can be used for research, production, storage, and distribution of goods. Some buildings that distribute goods are considered to be commercial real estate. The classification is important because zoning, construction, and sales can be handled differently for this type of property.

Pieces of Land
Land includes vacant land, working farms, and ranches. The subcategories within vacant land include undeveloped, early development or reuse, subdivision and site assembly.

Real estate agents

Real estate agents assist individuals, businesses, and investors in buying and selling properties. The industry is typically divided up into specialities. And real estate agents are divided in two we have:

Listing agent
They help find buyers through the Multiple Listing Service or their professional contacts. They price your property, using listings of recently sold homes known as “comparables” or “comps” because they’re similar to yours. They can help you spruce up your property so it looks its best to potential buyers. They assist in negotiations with the buyer or the buyer’s agent to get the highest price possible.

Buyers agent
They negotiate for you, pointing out reasons why the seller should accept a lower price. They can help with the legalities of the process, including title search, inspection, and financing.

INVESTING IN REAL ESTATE

Anyone who buys or sells a home engages in real estate investing, and this means considering several factors. Will the house rise in value while you live in it? How will future interest rates and taxes affect you if you get a mortgage?
Some people do so well investing in their own homes that they want to buy and sell homes as a business. You might flip a house, buying it to improve it then selling it. Many people own several homes and rent them out. Others in foreign countries use Airbnb or a similar service as a convenient way to rent out all or part of their homes.
We are developing a platform that will let consumers rent out their homes without having to leave their households.
The real estate market in Nigeria is currently worth over $144 billion, experts say it can grow up to $500 billion in a space of 3 years.