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Real estate business

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Real estate business is the profession of buying, selling, or renting real estate (land, buildings, or housing).[1][2]

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, real estate broker or realtor, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent.[3]

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.[4]

Transactions

Main article: 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 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 costs. To identify and possibly reduce these transaction costs, the Organisation for Economic Co-operation and Development (OECD) addressed the issue[5] through a study commissioned by the European Commission, [6] and through a research action.[7]

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,[8][9] and more advanced applications of the Unified Modelling Language.[10][11] Process models were compared through an ontology-based methodology,[12] and national property transaction costs were estimated for Finland and Denmark,[13][14][15] based on the directions of the United Nations System of National Accounts.[16]

Real estate transactions: subdivision, conveyance, and mortgaging, as they are performed in the five Nordic countries are described in some detail.[17] A translation into English is available for the Danish part.[18]

See also

References

  1. ^ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ^ James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Retrieved May 13, 2019.
  3. ^ "Glossary of Terms". Real Estate Institute of Australia (REIA). Retrieved 25 March 2018.
  4. ^ Annamoradnejad, Rahimberdi; Annamoradnejad, Issa; Safarrad, Taher; Habibi, Jafar (2019). "Using Web Mining in the Analysis of Housing Prices: A Case study of Tehran". 2019 5th International Conference on Web Research (ICWR). Tehran, Iran: IEEE: 55–60. doi:10.1109/ICWR.2019.8765250. ISBN 9781728114316. S2CID 198146435.
  5. ^ "Improving Competition in Real Estate Transactions, 2007". Oecd.org. Retrieved 3 January 2012.
  6. ^ "Conveyancing Services Market, 2007". Europa (web portal). Retrieved 3 January 2012.
  7. ^ "Modelling Real Property Transactions, 2001–2005". Cost.esf.org. Retrieved 3 January 2012.
  8. ^ "Alistair A.R. Cockburn: Basic use case template". Alistair.cockburn.us. Retrieved 3 January 2012.
  9. ^ Default. "WG Law and Modelling: UseCase descriptions of Subdivision Procedures, 2002". Costg9.plan.aau.dk. Retrieved 3 January 2012.
  10. ^ "Ferlan, Sumrada and Mattsson: Modelling property transactions, pp. 27 – 79 in: Real Property Transactions. Procedures, Transaction Costs and Models. Edited by: J. Zevenbergen, A. Frank and E. Stubkjær". Iospress.nl. Retrieved 3 January 2012.
  11. ^ "Rados Sumrada: Modeling methodology for real estate transactions, 2005". Retrieved 3 January 2012.
  12. ^ "Hess and Vaskovich: Ontology Engineering for Comparing Property Transactions, pp. 183 – 201, and Hess and Schlieder: Ontology-Based Development of Reference Processes, pp. 203- 219, both in: Real Property Transactions. Procedures, Transaction Costs and Models. Edited by: J. Zevenbergen, A. Frank and E. Stubkjær". Iospress.nl. Retrieved 3 January 2012.
  13. ^ "Vitikainen: Transaction Costs Concerning Real Property – The Case of Finland, pp. 101 – 118 in: Real Property Transactions. Procedures, Transaction Costs and Models. Edited by: J. Zevenbergen, A. Frank and E. Stubkjær". Iospress.nl. Retrieved 3 January 2012.
  14. ^ "Stubkjær: Accounting Costs of Transactions in Real Estate – The Case of Denmark. Nordic Journal of Surveying and Real Estate Research, 2:1 (2005) 11–36". mts.fgi.fi. Archived from the original on 5 February 2009.
  15. ^ "Stubkjær, Lavrac and Gysting: Towards national real estate accounts: The case of Denmark and other European jurisdictions, pp. 119- 139 in: Real Property Transactions. Procedures, Transaction Costs and Models. Edited by: J. Zevenbergen, A. Frank and E. Stubkjær". Iospress.nl. Retrieved 3 January 2012.
  16. ^ "UN System of National Accounts 1993". mts.fgi.fi. Archived from the original on 13 August 2010.
  17. ^ "Ejendomsregistrering i de nordiske lande" (PDF). Archived from the original (PDF) on 13 June 2007. Retrieved 17 February 2018.
  18. ^ "Property formation in the Nordic countries – Denmark. National Survey and Cadastre (2008)" (PDF).
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