The real estate industry is vast and complex, with numerous moving parts and a wide range of professionals integrated. While we may only think of the industry as primarily involving a realtor who helps buying and selling homes, as well as the broker who lends you money, there are many more individuals and interactions worth keeping in mind.
So many earn a living through the real estate industry; here are just some of the key players taking part when you’re interested in buying, selling or simply maintaining property.
Real estate industry professionals
An appraiser determines the value of a property. This is to be done without bias and based on market research, including key statistics, scarcity and condition of the property. An appraiser is not supposed to favour the buyer or the seller, or take into consideration how intent they are with buying or selling. Simply, an appraiser determines fair market value.
Even those who haven’t had experience buying and selling real estate may have interacted with a property manager. This role, as the name suggests, manages a property, whether it’s an apartment complex or piece of commercial real estate. Management includes regular and seasonal maintenance, taking care of tenants and associated complaints and even maintaining safety or security. A property manager can play a key role in helping increase the value of your investment over time.
This profession functions as a liaison or go-between with the lender and the borrower. If you’ve ever bought a house, you’re likely to have worked with a broker in securing a loan from the bank. This work can be complicated and time-consuming, which is why it’s an essential part of the real estate process, especially when a buyer is shopping around for the best deal available.
Real estate developer
A developer builds a new property or renovates an existing one. Any type of property may fall under their purview, from single-family homes, apartment buildings or large industrial complexes. They coordinate the construction and the sale upon completion.
Another vital part of any real estate transaction involves the home inspector. They look at the current state of your home and seek out any clues that may indicate its future condition. An inspector can be hired to look at any number of things, from electrical and plumbing efficiency to air flow and insulation to soil contamination and pest control. Home inspection may cost a lot upfront, but it can also save you far more money down the road by presenting potential problems.
Most people are fairly familiar with realtors – even if we all aren’t sure how to pronounce ‘realtor.’ They are your point of contact for buying or selling a piece of property, helping to arm you with all the knowledge about not only the specific building of interest, but the market as a whole. Like an appraiser, they give you an assessment of the property. However, unlike an appraiser, they are on your side to help you find the place you want for the best deal.
Indeed, lawyers are involved in real estate, tackling a variety of different tasks depending on where they are involved in the process. They tackle research, prepare legal documents and negotiate on both sides of the deal. As laws change from province to province, and in some cases city to city, it’s vital to have a savvy lawyer involved.
Real estate industry
Many more professions and companies are involved in the real estate industry at least in some part: there are accountants, architects, underwriters, leasing agents, surveyors, escrow officers and even more lawyers! Construction companies and banks are involved, as well as property management groups too. Then there are all those who work in educating, analysing and investing in real estate.
The point is that the real estate industry is huge, and a lot of people make a living, one way or another, through this diverse and important world.
Real estate for all with addy
addy aims to open the gates to real estate investing through crowdfunding, which allows investors to pool their money towards a property they couldn’t otherwise afford on their own. addy offers investment opportunities in commercial real estate, with members invited to invest anywhere from $1 to $1,500 towards a single property.
What’s more, addy does all the heavy lifting, so while it’s useful to know all the moving parts, members only need to put forth their money and await potential returns. It’s that easy.