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Real Estate

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  • Post last modified:May 18, 2021

Real estate is the physical properties comprising of land and the structures that are fixed on it both natural and artificial.

Real estate is a property that includes undeveloped land, structures and surrounding grounds. It also includes the land and what is above and below it. Real estate can be acquired or leased.

Types of real estate

There are different types of real estate each serving a purpose, these include:

Commercial real estate: Includes special-use properties, shopping centres, malls, hotels, offices, etc.

Industrial real estate: Includes manufacturing buildings, warehouses. Power plants, factories, etc.

Residential real estate: Includes homes, duplexes, townhouses, etc.

Land: Includes vacant land, undeveloped land, working farms, ranches, etc.

Roles of a facility manager in real estate

A facility manager must be develop competency in real estate to be able to perform the following roles:

  • Develop, review and implement a real estate master plan.
  • Interpret real estate documents.
  • Link real estate plan with strategic business plan.
  • Perform selection, acquisition, leasing and disposal of properties.
  • Use of real estate management software with reporting capabilities.

Read also: IFMA – Real Estate and Property Management

Read also: ProFM – Real Estate

Real Estate Terms

The commonly used terms in real estate include:

  • Real estate agent
  • Real estate developer
  • Real estate investor
  • Townhouse
  • Duplex
  • Equity
  • Mortgage
  • Principal Interest Taxes Insurance (PITI)
  • Down payment
  • Flip
  • Rental
  • Cash flow
  • Amortization
  • Landlord
  • Tenant
  • Lessor
  • Lessee
  • lease
  • Rent
  • Freehold
  • Head lease
  • Ground lease
  • Leasehold
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