Any piece of land owned by a person, or persons or a company is referred to as real estate and any structure or growth on that property is a part of that real estate. Any immovable property is called real estate in legal terms. Property is divided into two major categories, which are referred to as commercial and residential.
These two classes are further subdivided into several categories. The real estate business has become a huge booming business. People or business houses who own property hire real estate agents to manage the sale, purchase and renting of their properties for them. In most countries real estate businesses require a proper legal license to run their business. Different countries have different laws for setting up and running a real estate business. The real estate business in taught as a special subject in certain colleges.
People who run or work in the real estate business also maintain close links with mortgage companies and other financial institutions. Legal firms that deal with the legal aspects of property transfer and rental deeds have links with real estate agents. Real estate business houses know the price of properties in the areas in which they operate. Knowing this is a major part of their business. Real estate business houses operate in a part of a large city and do not cover the entire city. In smaller towns they may cover the entire town.
People and business houses like real estate developers do not have the time to buy, sell or rent property and they approach a real estate business to handle this for them. The real estate dealers help people to sell their houses or to rent their houses. Similarly they help real estate developers to sell or rent the homes or apartments they are constructing. Real estate agents might choose to only deal in buying and selling of property. Real estate agents also deal only in property rentals, in the UK they are called Letting agents.
Real estate firm either hire or employee a surveyor who evaluates property. Depending on the surveyors report a real estate agent will work out a price for the property.Maintenance services are also provided by some real estate agents who deal in property rentals. People who want to rent home or apartment prefer to deal through real estate agents and also prefer that the maintenance of a property is also done by the real estate agent.
The real estate business has taken a nose dive since the world financial crunch. The economic crunch has had the worst impact on the real estate business. Mortgage companies and other financial companies stopped giving property loans and mortgages or raised their interest that people could not afford to buy properties. A large number of home owners who lost their source of income have been forced to sell their homes because they could not pay the mortgage. Many real estate businesses have been forced out of business because of the slump in the property market.

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