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| Real Estate Industry Overview Love-Hate Major Players Job Descriptions & Tips Real Estate Job Listings Industry Overview The real estate industry’s pared-down definition is land. However, it’s much more complicated than that. The industry involves the buying, selling, renting, leasing, and management of commercial, residential, agricultural, and other kinds of property, including all the functions that support such activity, such as appraising and financing. The successful realtor is necessarily a shrewd salesperson with a deep knowledge of real estate markets and a broad understanding of the contracts, laws, and tax regulations that apply to real estate transactions. Thinking big is part and parcel of the real estate industry, and grandiose speculation has created some of America’s greatest fortunes. John Jacob Astor traded in his empire of beaver pelts for a gamble on uptown Manhattan real estate and in the process became the richest man in America. Arthur Levitt’s own development virtually created that fixture of American life: the suburbs. More recently, moguls like Sam “the grave dancer” Zell and the perennially overreaching Donald Trump have made fantastic fortunes on real estate gambles. Even for nonbillionaires in the industry, the thrill of deal making, the promise of financial reward, the potential to have a lasting impact on cities and communities, and the sociability make real estate a rewarding profession. The real estate market has undergone dramatic changes in recent years. Real estate investment trusts (REITs) have become major sources of financing for property acquisition and development. The total market capitalization of public REITs has grown from $10 billion in 1991 to more than $218 billion in 171 funds today, causing a revolution in real estate financing, similar to the rise of the individual investor in the stock market. Sources of financing have been steadily moving from cabals of private investors to public equity, in the form of REITs. With this shift has come more transparency in the market and a slow whittling away of the old boys network for which real estate investment is infamous. This transparency also shines a critical light on investment strategies, which are now subject to public scrutiny, and are therefore more accountable to the will of investors. Families with their savings invested in REITs are unlikely to tolerate the wild swings of fortune of stereotypical real estate tycoons; Wall Street and REITs have had a stabilizing effect on the industry. Finally, mergers and acquisitions have increased the size and scope of firms involved in real estate, with companies like brokerage and hotel franchiser Cendant leading the charge.  Want to learn about current industry trends and major players? Learn how.Real Estate Job Listings Real Estate Real Estate Development Real Estate Sales Real Estate Broker Property Manager |
