Real estate business is the profession of buying, selling, or renting

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

(land, buildings, or housing)."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011

Sales and marketing

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a

real estate agent A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and age ...

, real estate broker or realtor, whilst in the United Kingdom, the intermediary would be referred to as an

estate agent An estate agent is a person or business that arranges the selling, renting, or management of properties and other buildings. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged ...

. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent. There have been various studies to detect the determinants of housing prices to this day, mostly trying to examine the impacts of structural, locational and environmental attributes of houses.

Transactions

real estate transaction A real estate transaction is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in case of conveyance one party being the seller(s) and the other being the buyer(s). It can ...

is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different countries of the world and among smaller legal entities ( jurisdictions). In more abstract terms, a real estate transaction, like other financial transactions, causes

transaction cost In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike pro ...

s. To identify and possibly reduce these transaction costs, the Organisation for Economic Co-operation and Development (OECD) addressed the issue through a study commissioned by the European Commission, and through a research action. The mentioned research action ‘Modelling Real Property Transactions’ investigated methods to describe selected transactions in a formal way, to allow for comparisons across countries / jurisdictions. Descriptions were performed both using a more simple format, a Basic Use Case template, and more advanced applications of the

Unified Modelling Language The Unified Modeling Language (UML) is a general-purpose, developmental modeling language in the field of software engineering that is intended to provide a standard way to visualize the design of a system. The creation of UML was originally m ...

. Process models were compared through an ontology-based methodology, and national property transaction costs were estimated for Finland and Denmark, based on the directions of the United Nations System of National Accounts. Real estate transactions: subdivision, conveyance, and mortgaging, as they are performed in the five Nordic countries are described in some detail. A translation into English is available for the Danish part.

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Sales and marketing

Transactions

See also

References

External links