Everything You Should Know About Real Estate: Definition, Types, and Terms
The word real estate is defined as materials that are not movable and have a material value. In other words, they are valuable goods that cannot be moved from one place to another. Two real estate examples contradict this definition. In addition to ships and boats, prefabricated structures are also considered real estate, although they are not immovable.
The concept of real estate is defined as valuable materials that are not movable, have value in the economic context and can be expressed in liquidity or money, are fixed on the earth, cannot be transported without damaging their originals, and cannot be taken from one place to another without damaging their essence.
The real estate carries integrity with the land on which it is located and every structure built in this area. According to the definition made within the scope of International Valuation Standards, the concept of real estate refers to the land, which is a physical asset, and the structures built by people on this land.
The origin of the word real estate is Arabic. The word real estate is shaped by taking the non-negative prefix of the word “movable”. If we give an example to the concept of real estate, buildings such as apartments, shops, plots, villas, mansions, factories, plazas, and shopping malls can be expressed as real estate types.
The concept of real estate, according to another definition, is a set of legally defined rights that consist of the interests and rights of the property, and have the feature of being permanently attached to the land.
What Real Estate Means?
We use many words in our daily speaking routine. However, we do not have information about the word origins of many of the words we use. Real estate is just one of those words. This expression, by definition, refers to land ownership, the place where the land is located, and the structure built on this area.
Realis is a Latin term, which is expressed as being and means real. Real is used in Middle English to refer to immovable property (i.e. a house, building, or structure) as opposed to property such as clothing or furniture.
The origin of the term real estate goes back to Latin and even to French when examined in more detail. This expression is derived from the Latin word status, which means a condition, the French derivative is estat. The present English equivalent of this expression is property or an individual’s interest, owned property.
The first appearance of the term real estate took place in London. After the Great Fire of London in 1666, many of the properties in London were destroyed. This situation created a great need for housing in 1670. The first use of the term real estate coincides with this period. The expression real estate has continued to be used with the same meaning since then.
How is The Real Estate History?
At the beginning of human history and for a long time after, people determined their habitats by moving with four-legged food sources. This has led people to lead a nomadic life for centuries. This is the situation that the people who lived in that period have reached in the present day; cave drawings, materials such as tools made of stone and wood, and similar traces they left behind.
Over time, humanity gradually abandoned its hunter-gatherer way of life. It is known that this period took place between 30,000 BC and 15,000 BC by researchers. This development has occurred regionally, not globally. Today, hunter-gatherer societies continue to exist in some parts of the world.
Although the transition to agricultural society was a regional development at that time, it later became a way of life preferred by large masses. With this development, a need for people to have a home had emerged. The history of humanity evolved from nomadic tribes and transitioned to settled life. This situation, together with the emergence of private property and land ownership, formed the basis of today’s real estate system.
Agrarian society progressed rapidly. With the need to cultivate and to managing fertile lands, the system of tribal leaders evolved. In this system, the tribal leader could settle disputes, distribute lands, and demand payment from all tribe members. Gradually, there was a transition to a more systematic lifestyle. Great forts were built, irrigation canals were built, high-yield farming methods were developed, and temples were established.
Groups advancing with the hunter-gatherer system maintained their existing order, but famine and living conditions prevented their populations from becoming overcrowded.
As the farming villages formed by the settlers grew larger, prominent families continued their lineage and property. In this way, pharaohs, kings, and leaders of other feudal dynasties appeared on the stage of history.
This situation manifested itself in two different ways in most countries: rent and taxes. Accordingly, all people living within the borders of the monarch’s kingdom were required to pay taxes. However, the people living in the kingdom had to fulfill many other responsibilities such as military service. The rulers who made these and similar demands owned the land both by birth and by military power. Over time, the general level of wealth increased with trade with other kingdoms, which led to the formation of the merchant class.
This has resulted in the creation of non-farm shops and homes that are bought, sold, and rented. Thus, merchants became the first people to gain wealth and status among the people. Although the traders did not own the land they were on, they became the owners of the real estate on it.
The concept of aristocracy disappeared over time and was replaced by the concept of politics. Existing lands were divided into smaller parcels and sold on the free market. In this process, the people who had enough money to buy title deeds were either merchants or old aristocrats. The peasant segment of society did not make much progress from the farming tribes of 30,000 years ago.
People were divided into various categories, such as middle class, blue-collar, and white-collar, according to their income status and occupation. With the changing world, people now had homes and cars.
It took a long time for the real estate industry to emerge and take its current form. The industry was not in service as we know it until the early 1900s. The sector took its current form at the end of the 19th century. In line with the work done by the National Association of Realtors, the National Association of Real Estate Exchanges was established. As a result, the real estate industry took its present form, undergoing a series of evolutionary changes involving sales and all other details.
How Does Real Estate Work?
If you want to own real estate, you should understand what the concept of real estate is, what it covers, and all the details. The dictionary meaning of the real estate concept is the piece of land included in the value of the property and the whole structure shaped in that region. If you own a house, the garage included in the house is considered part of the real estate. This also gives you the right to use the real estate you own as you wish, including selling or renting it. The way this process works can be expressed as follows:
- Building Plan and Construction Process: New buildings start with every building plan and construction phase, from residences, and office buildings to apartments, and shopping malls. The process is shaped as a result of municipal authorities, construction companies, architects, engineers, contractors, and construction personnel working together to create a real estate project. The project creation process may vary according to the characteristics of the building. For example, only one general contractor, one architect, and a few construction workers may be sufficient to build a detached house. Creating the plan and completing the construction of more complex structures such as apartments, offices, shopping malls, and hotels is a long process that can be accomplished with more personnel. If you want to own a home, it is often easier to buy a completed home. However, the advantage of buying land and building a house on it will be to have a structure that meets all your wishes and expectations.
- Real Estate Agents and Intermediary Institutions: You can purchase and sell real estate yourself, without any intermediaries. However, finding the most suitable property, identifying potential buyers, preparing official documents, and negotiating can be tiring and time-consuming. At this point, real estate brokerage and real estate agencies help at this stage. Real estate agents work with both buyers and sellers with their portfolios therefore, real estate agents help their customers find the most suitable residences for their tastes and needs. In this process, real estate agents play an important role in the conduct of negotiations between buyers and sellers. In return for this service they provide, they receive a percentage of the sale price of the property.
- Property management: If you are considering purchasing real estate for investment purposes, it will be advantageous for you to benefit from a property management service. As the name suggests, this service is for the management of real estate you have purchased for investment purposes. The company you will work with on the subject deals with the maintenance of the real estate and the collection of the rental fee, as well as the urgent calls and complaints from the tenants. Property management companies conduct detailed research to find potential tenants during the leasing process. If the tenants do not make their monthly rent payments, the property manager is also involved in the eviction process.
What are The Types of Real Estate?
When it comes to the concept of real estate, although the first property that comes to mind in the majority of society is housing, the types of real estate can be examined as 5 main headings in general. These titles can be listed as follows:
- Housing: It can be expressed as the places where individuals meet their basic needs for shelter. It has varieties such as detached, flats, waterside residences, and mansions. Its properties may differ from structure to structure.
- Real Estate Used for Agricultural Purposes: It is the type of real estate used for agriculture. It has diversity such as fields and land.
- Real Estate Used for Commercial Purposes: It is the type of real estate used for commercial gain. In other words, it can also be expressed as real estate in which commercial activities are carried out. Hotels, offices, shopping malls, stores, and shops are expressed as commercial real estate.
- Real Estate Used for Industrial Purposes: All kinds of real estates where production activities in the industrial market take place are included under this heading. Real estate such as factories, workshops, and production facilities is given as examples of this title.
- Real Estate Used for Special Purposes: It is the type of real estate allocated for a special purpose. Schools, hospitals, and similar institutions can be given as examples of this title.
What is Residential Real Estate?
As expressed in its name, housing includes all kinds of real estate that people use to maintain their lives. Many real estates, including detached houses, apartments, waterside residences, and mansions, are expressed as residential real estate.
Residential type real estate is purchased by individuals for basically two purposes. The first of these is that people buy housing to maintain their lives. The second purpose is to evaluate residential real estate as an investment tool. You can buy a house for investment purposes, renovate the house and then sell it for a higher price. Another method used for investment purposes is to buy a house and then rent it to the tenants. This option provides the homeowner with a monthly income.
What is Commercial Real Estate
Commercial real estate is a type of real estate that is preferred for commercial purposes and not used as a living space. Many properties can be included under this heading, everything from offices, shopping malls, restaurants, shops, movie theaters, and gyms to anything used for commercial purposes.
With this type of real estate, you can earn a profit by holding the property until its value increases, then selling it or leasing it to business tenants. For example, if you have an office, you can charge companies to rent that space.
You can also use commercial real estate for your own business and commercial activities. For example, if you are interested in the insurance business, you can use your office in the city as the epicenter of your business.
What is Industrial Real Estate?
It is a term that covers facilities such as real estate, factories, production facilities, warehouses, and distribution centers used for industrial purposes. Any building or piece of land used for this purpose is considered within this scope. The sale or rental fees of real estate used for this purpose can be expensive. These types of real estate are very valuable properties with their expensive prices.
Recently, people have become very popular with online shopping. Along with this development, people’s desire for the products they buy to reach them in a shorter time has occurred. Today, the demand for industrial real estate has increased due to these reasons. These developments make the industrial property type valuable today.
What is Land?
Another option that you can consider within the scope of real estate is islands that do not have a building or any structure on them. In case you buy land, you can develop and build the building plan on the land, following the local zoning rules and regulations applied in the area where that land is located. In this way, you will bring the property you bought to a more valuable point than when you first bought it.
What are Public Purposes Real Estates?
Real estates allocated for public use have a great variety. These real estates serve the public purpose. Schools, hospitals, police stations, municipal buildings, places of worship, and similar institutions can be given as examples of this title.
What Are The Examples of Real Estate?
The general definition of real estate is the land and the structure built on it, which is effective in determining the value of the property. Owning real estate also gives you various rights on that property, including living, selling, and renting. In line with this definition, property types are evaluated under 5 main categories, as stated in the above titles. Examples of the 5 main categories mentioned above can be explained as follows:
What is Apartment Real Estate?
The concept of an apartment is expressed as a building consisting of several floors and having one or more apartments on each floor. With the effect of industrialization, changes in economic, demographic, and cultural areas have been effective in the emergence of apartment-type houses. This type of building has gained more importance day by day as it provides accommodation for more people on a building plot of a certain size. When we look at today, the apartment draws attention as the most produced type of building. As a result of this situation, the concept of housing has become a whole with the concept of apartments throughout the world. As there are many varieties, the most well-known examples are; residence, low-rise, multi-story, etc.
It is expressed as a procedure carried out to guarantee the payment of the loan debt taken from the bank. A certain immovable is shown as collateral in return for the debt received. If you cannot pay your loan debt, the bank or the creditor sells your mortgaged real estate and collects its receivables. Mortgage can be made on a house you bought or another house you own. The contract representing the mortgage transaction is a formal promissory note. This contract is issued by the Land Registry Office and has official validity.
What is a Detached House?
The word detached is defined as independent, which is not connected with any other structure as a dictionary meaning. In this context, detached houses are expressed as houses that do not have any other house or structure below, above, or next to them.
Villas are the best example of this type of house where the entire property belongs only to the residents.
Detached houses are houses that have a higher cost of construction compared to apartments. On the other hand, detached house costs can be significantly reduced thanks to prefabricated and container houses, which have become widespread recently.
When looking at the detached houses in general, it is seen that they are located far from the center. The main reasons for this are the noise and pollution of the city and the desire to stay away from concrete.
What is Single Family Dwelling?
Single-family dwelling/residence means that the building is used by only one family and consists of only one suite or residential unit. It consists of a detached residential building. It is used as a single-family home, as opposed to a multi-family dwelling.
What is Multi-Family Dwelling?
A multi-family dwelling/housing unit can be expressed as a connected housing complex consisting of apartments and detached houses, comprising two or more housing units located on the same building or parcel.
What is a Portable House?
Portable houses are known as house structures that have the feature of being assembled and disassembled and, accordingly, the advantage of being mobilized to different places. The general features of portable houses are that they are prefabricated and can be moved on wheels.
What is a Mobile House?
A mobile home is a structure that is permanently built at the factory on a chassis before it is moved to the land where it will be built. They are used as residences or for temporary accommodation for vacation purposes. It can be positioned permanently or semi-permanently in a single location. However, such structures may also need to be moved for legal reasons.
What is Town House?
The townhouse is the name given to the type of residence that usually consists of more than one floor and takes up little space. Along with having various qualities, it offers its users modern and comfortable life. For townhouses, the same land is shared with several neighbors. As one of their typical features, they have a backyard with no separate access for users. Townhouses often have small gardens. Houses benefit less from sunlight.
What is a Twin House?
Twin houses can be defined as two houses located on a piece of land and separated by a wall or fence. Both houses have their private gardens. Each of these gardens offers homeowners separate access to the garden. It has excellent architectural plans and large gardens for direct sunlight. Twin homes tend to be more expensive than townhouses, according to an overall assessment.
What is Penthouse?
The attic floor is the name given to an apartment or similar building units located on the top floor of an apartment, detached building, or hotel. These building units are generally distinguished from other flats in the building they are located in, with their luxurious features. The penthouse apartments are flush with the rest of the building’s floors. However, they can also differ in terms of size, luxury perception, and price in line with these features.
What is Hotel?
A hotel is a name given to the establishments that offer accommodation services to their visitors for a short period. Small-scale and low-priced hotels only offer basic guest services. Larger and higher-priced hotels offer additional facilities such as a swimming pool, childcare, conference and event rooms, gym, restaurants, and spa. Hotel rooms are usually numbered according to a certain hierarchy. Some hotel establishments also have specially decorated rooms. Capsule hotels in Japan and some parts of the world offer their visitors only a small room with a sleeping area and a shared bathroom.
What is Shopping Center?
The general definition of a shopping mall in the dictionary is expressed as a group of stores built under a single roof. It is expressed as large shopping areas with stores of big brands, especially indoor centers. Successful centers in this area also offer services such as entertainment and experiential features to visitors.
What are Educational and Medical Buildings?
Such facilities are designed to adapt to emerging trends in education and healthcare. These areas, which are designed in detail according to the needs of the sector, are effective in creating links between students, teachers, health personnel, professional health leaders, counselors, and the community.
What are Restaurants and Cafes?
Cafes are comfortable places where drinks and food are served. The cafe in question can be a small or large-scale building. The size criterion depends on how much business they have and the concept of the space. A cafe menu mainly includes beverages.
Restaurants mainly offer products that can be consumed as meals. The menu variety of the restaurants is quite wide. Compared to cafes, restaurants are expressed as medium-sized venues.
What are Office Units?
An office is a space where plans and activities are carried out to manage a business or service. These areas can be a few m² or have much larger areas. Offices are grouped according to their qualifications when a general evaluation is made. This grouping is as follows:
- Class A: Class A offices are very prestigious buildings. They have a price well above the average rental fees of the offices in the region. These offices are easy to access and high-quality materials and state-of-the-art technology are used during the construction of the structures.
- Class B: These offices are rented at average office rental rates. These offices are preferred by many sectors. Material qualities and architectural qualities in these offices are considered to be average for the region they are located in.
- Class C: These offices are below the average rental prices in the region according to the needs of the users.
What is Store?
It is the name given to large shops where various products such as clothing, food materials, furniture, and electronic products are sold. The design and size of the store vary according to the type of products sold in it and the features it has.
What is The Real Estate Agent?
The real estate agent manages the marketing process of buying, selling, and renting a real estate product and executes formal contracts such as sale and rental for these purposes. It has the authority to file a property declaration. After real estate buying-selling and leasing transactions, agencies create a portfolio for themselves in this area.
This professional group performs the presentation of the real estate in their hands through the marketing techniques it has developed. The most basic feature that these people should have is a good knowledge of the land registry legislation.
Establishing floor servitude, mortgage, condominium establishment, barter, partition (sharing), proofreading (correction), use of municipal applications, drawing up the zoning plan of the region, reading the map and plan, and detailed examination of the city plan is among the other competencies to be possessed.
From the cadastral legislation to the Mortgage housing loan system and real estate law legislation, it should be well-versed. In short, all real estate services require professionalism.
How to Invest a Real Estate?
The real estate sector draws attention as a sector that offers advantageous options for those who want to make a profit through investment. Real estate, in general terms, is a sector that offers the opportunity to invest in housing, land, and commercial properties. This sector has become a sector preferred by many people as a type of investment with low risk and high returns. With good research and evaluation, high profits can be obtained in investments. While this means commercial real estate when an operator is considered, it is shaped as housing for those paying rent and as fields for farmers engaged in agriculture.
Before the investment process, a decision should be made to buy the house in question. A decision must be made on whether the real estate will be used for residence or investment purposes. After this stage, you can continue to progress with other details. The next most important step is to determine how the real estate will be financed. At this stage, the payment method and price of the real estate are important.
Many factors affect the price in the housing market. Factors such as the environment, the condition of the building, its location, social facilities, the floor where the residence is located, elevator, heating systems, and proximity to public buildings and workplaces are the factors that affect the price the most.
Can Turkish Citizenship Be Obtained With Real Estate Investment?
With the new program implemented by the Government of the Republic of Turkey, foreign investors are offered many conveniences for citizenship. At this point, the most important condition is to make a real estate investment worth $400,000 in Turkey. At the same time, foreigners are granted citizenship by establishing/purchasing a company with a capital of $500,000 or by investing $500,000 in investment instruments owned by the state. In this way, foreign citizens can gain citizenship in Turkey through real estate investment.
What are The Advantages of Real Estate Investment?
If you have savings, you can use these savings through banks, in foreign currency accounts, time deposits, or by investing in precious metals such as gold, or you can buy real estate. Considering the economic balances, the savings you make in different areas are in a position that carries a relatively higher risk. It is normal for economic investment instruments to lose value over time. Real estate is a very safe harbor for investment. With the investment you will make in this area, you will eliminate the risk and acquire an asset. Owning real estate means you have an investment that you can sell, even if things go wrong.
Investing in the real estate sector draws attention as an option that provides many advantages and profits in the long period. It is possible to use these real estate in various ways in the future. Examples of these are methods such as saving, generating income and using it as your living space and housing.
It is possible to list the advantages of real estate investment as follows:
- Investment that Does Not Lose Its Value: When you evaluate your savings with intangible assets, you are likely to encounter economic risks. Situations such as the stock market crash and bank bankruptcies create these risks. Owning real estate will allow you to own tangible assets. This reduces the risk factor.
- Earning Additional Income: When you buy a house or office, it will be possible to rent this property even if you do not live here or use it as an office. The environmental and physical features of the property you want to invest in are the factors that will affect the price when you want to rent.
- The Comfort of Living in Your Own Home: Living in your own home will allow you to make various changes in the home according to your taste. Such improvements that you will make in your own home will appear as investments that will increase the value of your property. When you want to sell your home, these improvements will allow your property to be sold at higher values. In addition, living in your own home will be a beneficial situation for your budget, as there will be no expenses such as paying rent.
- Lands in the Regions to be Valued: With professional research, you can earn high profits in the short term by purchasing land from a region that is important for real estate investment. With the development of the region, the value of your land will increase. In this context, the demand for your land will also increase. At this point, you can build a structure on your land or evaluate the property differently.
- Future Investment: Investments in real estate are long-term investments. When you want to sell, you can sell the house you bought years ago for a much higher price. With this feature, these investments made in the field of real estate, which you can leave to your children, open the doors to a better future for them.
What are The Disadvantages of Real Estate Investment?
Investments in the real estate sector are safe and long-term investments. It is possible to achieve very profitable results as long as the right steps are taken. However, if you are planning to make a high-cost investment, it is necessary to carefully examine all the advantages and disadvantages of the process before this high-cost investment.
When it comes to an investment in real estate, some factors should be considered. Issues to be considered in particular; obtaining the necessary permits, confirming the accuracy of the title deeds, checking the zoning records of the property, questioning the debt situation on the property, questioning the tax debt and the turnover value in the market. If you do not pay attention to these official elements, you will likely encounter problems in the future.
The decision to invest in the real estate sector should not be taken lightly. Taking advantageous and logical steps while investing will help you increase your earnings while reducing your risk.
What is the Economic Situation of the Real Estate Industry?
The Construction Sector undertakes the task of leveraging the economy with the added value and employment it provides to the countries. ‘Construction’ has become a sector that is not limited to the construction of the environment in today’s conditions, but also covers issues such as maintenance-repair and management. The concept of construction is not limited to building production today. The fact that the building is friendly to its environment, suitable for social life, transparent, and sustainable is also among the remarkable features of the construction industry. The Turkish Construction Sector has a significant impact on the employment and production process with its impact on a wide range of occupations.
This sector, which has great potential, has the feature of activating over 200 sub-sectors besides itself. With this feature, it is also referred to as the ‘locomotive sector’. At the same time, it has the characteristic of being a ‘sponge sector’ with its great employment opportunity. Almost all products produced within the construction sector can be defined as ‘investment goods’. Considering the contribution of other sectors that continue their activities depending on the construction sector, the construction sector has a share of approximately 30% of the GNP. As an example of the sub-sectors that the sector directly interacts with; sectors such as finance, real estate, business, and construction machinery, construction materials industry, domestic and international contracting services, and consultancy services can be counted. If we examine the construction materials industry in particular; Cement, ready mixed concrete, iron-steel, brick and tile, ceramic, plaster, lime, glass, aluminum, plastic, wood, paint, insulation, roof lighting, elevator, kitchen and bathroom materials can be examined within this scope.
If we take the Turkish Construction Sector under the spotlight, the sector, which started to form in the first years of the Republic, started with large water projects and railway lines. This beginning continued its progress until the 1950s when the winds of liberalization began in the world. The construction sector in Turkey showed a great leap forward in the 50s and 60s with the effect of public infrastructure investments. The progress in the construction sector gained momentum in this period. Turkey’s entry into NATO took place in 1952. This situation gave construction companies the chance to increase their infrastructure investments and keep up with technology at low costs. Industrial investments were mainly made by the private sector in this period. Public investments, which constitute half of the investments made in the country, are mainly directed to the infrastructure area. Turkish companies, which have gained experience with the public tenders they have realized, have managed to attract attention by signing many projects at home and abroad over the years.
The Contracting Sector in Turkey, which started with projects such as dams, highways, and hydroelectric power plants, has continued its progress until today with a great experience and breakthrough. The Construction Sector in Turkey has shown serious development since the 1980s. This growth and development trend slowed down after 1988. However, the liberalization process and increasing interest rates that took place in the same year hurt the sector. Rising investment costs have reduced the interest in the construction sector. Between 1993 and 2003, the Turkish economy grew by 26.13%. In this period, the construction sector contracted by 22.4% due to the decrease in investments.
Since 2004, the housing sector has started to revive. Looking at the first half of 2005, the rate of increase in construction permits was 40% compared to the previous year.
In 2008, the real estate market in the United States showed a great decline. To understand the reason for this, it is necessary to look before the event. Housing prices in the USA had shown a great increase as of 2000. The reason for this increase is the easily obtainable sustained sales, also known as mortgages. The constantly increasing housing prices created an optimistic atmosphere in the sectoral market. In this process, banks began to easily provide loans to low-income families to buy housing. The serious decline in housing prices in the following process caused a collapse in the credit market called subprime mortgage. As a result, low-income people who could not pay the loan interests went bankrupt. Their houses were confiscated and an environment of crisis occurred. This situation also affected Turkey to a certain extent.
Contracting companies of Turkish origin have completed more than 5000 projects in 70 countries since the 1970s. The average costs of these projects are expressed as over 130 billion USD.
How Does Real Estate Industry Work?
At first glance, the real estate sector is seen as organizing the buying and selling of properties such as residences, offices, and land with a certain system. But when the entire real estate industry is considered, things get more extensive and complex.
It can be said that the concept of real estate, which is the classic word of the real estate sector from the past to the present, as “a table, a chair”, is about to come to an end today.
Today, the real estate sector has given a new form to its operation. The sector has created a wide service network by bringing together various fields related to itself. In this context, the real estate sector and other stakeholders that make up the sector together create a much more systematic service. Examples to be given to these stakeholders can be listed as follows:
- Real Estate Development: Creating the best use models, designing the final product and performing the concept studies, preparing the business plans; cash flow planning, financial risk analysis, and licensing procedures are carried out at this stage.
- Real Estate Brokerage: Strategic consultancy and sector research are of great importance to identify opportunities in real estate investment. With this service, a detailed scan of real estate investment opportunities, their correct evaluation, and determination of the most suitable option is provided.
- Real Estate Sales and Marketing: Following the structuring of property transactions, joint venture structures are established with the support of brokerage services. At the end of the process, together with the determination of the legal and financial situation, purchase and sale transactions are carried out.
- Real Estate Loans: Making financial models for the decided real estate, debt restructuring, and creating the opportunity to reach capital are examined under this heading.
- Professional Services of the Real Estate: It is a service that expresses the regular recording of information about the real estate and the quick access to this information when requested. Keeping the information up-to-date prevents possible legal and material losses. In this context, it is a service that provides great benefits with the detection of problems and timely intervention.
- Property management: Professional services are provided in areas such as property-specific rental process management, collection management, budgeting of rent and additional expenses, and management of processes such as building maintenance, security, and cleaning.
What is Real Estate Development?
Real estate development is a type of investment. The process begins with the completion of the design and financial valuation of land. The process is completed as a result of the completion of the project studies of the land and the provision of financing. When we look at the concept of real estate development and investment stages in Turkey, the rapid development of this process, especially after 2000, has drawn attention to this system.
In Real Estate Development, the process begins with the purchase or lease of empty land that does not have any structures and infrastructure systems. After the fulfillment of the legal requirements, the next stage is passed. At this stage, the land is converted into land with the completion of roads and infrastructure services. This process is called “land development”. After the land is converted into a plot, the parceling process is carried out. After this process, the parcels in question are evaluated by selling them to construction companies, real estate companies, or individuals with a high-profit margin.
What is Real Estate Sales and Marketing?
In recent years, a significant change has occurred with the developing market conditions in every sector, including the real estate sector. The awareness of society against the earthquake risk, the change in the perspective of people on the concept of housing during the pandemic period, and the increase in competition on a global scale: It has made the transition to modern marketing techniques compulsory in the real estate sector.
The real estate sector, which has been affected by various changes, always draws attention as a dynamic sector with its qualifications. This important sector provides a great profit in sales with its customer-oriented marketing strategies.
The change between today and the past has led real estate buyers to receive services through channels such as various real estate websites, mobile applications, and websites of real estate offices. Potential buyers who receive service from these channels have an easier process of finding the real estate they want.
What is Real Estate Brokerage?
Real estate brokerage is known as the type of profession that mainly mediates the purchase and sale of house-land and the rental of these property types.
The real estate agent acts as an intermediary to communicate with the owner of the property. During this process, they cannot work independently while performing their profession. To fulfill his duties, they must be affiliated with an official institution. To fulfill this official condition, it is obligatory to register with the chamber of real estate agents or the chamber of commerce in the province where it serves. In this way, state surveillance is ensured. As a result, a safer and more systematic working sector emerges.
The duties of real estate agents have become very diverse today. Real estate agents provide services in many areas such as buying-selling, leasing, mortgage, building servitude and condominium, barter, grant, improvisation, proofreading, real estate declaration preparation, mapping, and regional development plan from municipalities, making sales promise contracts from a notary public.
What is Property Management?
The Property Manager provides services to property owners for a fee during the rental process and the daily operation of the property throughout this period, including the rental of properties it manages.
The service provided within the scope of property management; takes place under four main headings: in the legal field (leasing), in the financial field (tax and insurance), in the administrative field (security, operation, cleaning, budget), and the social field (market research, marketing). The service provided should be transferred to the property owner with professional, transparent, and analytical reports. This service manifests itself as a noticeable increase in the value of the property in the real estate market as added value.
What is Real Estate Loan?
A housing loan is a type of loan offered to consumers by banks. Banks provide financing to individuals by securing the house that their customers want to have. To benefit from this type of loan, you should apply to the bank from which you will get a housing loan after you have decided on the house that you want to buy, which decorates your dreams. If your application is approved by the bank, you will be asked to submit some documents.
What are The Professional Services of Real Estate?
Professional services provided in the field of real estate have a wide range. These services provide a great advantage for the property owner. The services provided in this context can be listed as follows:
- Ensuring the daily routine operation of the property without any problems,
- Finding the right tenant suitable for the property,
- Ensuring that the property is rented in a short time with its marketing skills,
- Preparation of a lease agreement that takes into account the rights of the owner and the tenant, and the preparation of the legal basis to prevent any problems that may arise,
- Arranging the relations between the tenant and the landlord,
- In cases that require maintenance and repair related to the property; organizing people such as repairmen, plumbers, and painters, reporting these expenses to the property owner,
- Realization of official procedures such as tax and insurance of the property,
- Determining the value of the property with a professional analysis of the rental fee, following the rent increase of the relevant period,
- It ensures that the payments made by the tenant are followed up and their payments are regular and keep a regular record of these payments.
- In case of a possible evacuation, it manages the evacuation process.
What Careers are Common in the Real Estate Industry?
The real estate sector has developed especially in the last period and has become quite comprehensive. With its wide scope, it has brought together many professional groups. In this direction; from law to finance; Many professions from construction to project planning have come together under the roof of the real estate sector. Some of these professions can be listed as follows:
- Construction-Project Managers,
- Marketing / Sales specialists,
- Counseling / Coaching service personnel,
- Legal unit personnel,
- Finance experts,
- Many more professionals such as investment planning specialists provide services in this field.