One of the most sought after professions nowadays in Malaysia is the real estate agents. According to Investopedia, real estate agents are the people who arrange real estate transactions, like putting buyers and sellers together by acting as their representatives during negotiations. Real estate agents needed a license to be able to operate. Usually, they are compensated through commission-based which means that their income will depend on how many sales they will make. Getting a deal closed is not an everyday event and often takes a lot of time before it happens. But when it does, real estate agents often get a fair amount of commission fee.
To be a successful real estate agent, you must know the definitions and understand a lot of terms related to real estate. As a new real estate agent, this article will help you familiarize and know more about the different types of real estate property.
1. Commercial Real Estate Property
Commercial property is another term for real property, is a property that involves business activities. It can be an empty land that is planned to be used for commercial activities or it can also refer to an existing building that is intended for business. It includes office spaces, malls, and stores, shopping centers, as well as, entertainment facilities. Hotels like Hotel Shah Alam in Glenmarie and motels that are common in Johor Bahru are also examples of commercial real estate properties.
Compared to the other types, commercial property is more complicated since it requires a more complicated accounting method of valuation.
2. Residential Real Estate Properties
Residential is another type of real estate property that involves homes.According to the Department of Statistics Malaysia Official Portal, currently the table below shows the number of existing stock of Residential Unit as of 2020.
Residential property is intended for those who strive to own a home. Although home ownership will involve a big financial budget, many believe that it is better to purchase their own home as it is also a good investment for the future. In Malaysia, residential properties can be found anywhere in the country. Titiwangsa condo for sale and Batu Caves Condo are examples of residential type of real estate property.
The most common and most successful type of real estate property is the selling of vacant land. The land is the solid part of the surface of the Earth. Vacant land in some areas of Malaysia earns a higher commission percentage and is easier to transact since there are only a few validations needed since it is only vacant land. Places like Taman Tun Dr Ismail (TTDI), Malaysia are abundant in vacant lots since it is still in its developing stage, just like the areas in Malaysia.
When you become a real estate agent or as you start your career, you will probably focus on one or two types of real estate property. If able, you can even work with all the types. Just remember, whatever type of real estate property it is, if you work hard and love your work, then you will surely reap your reward in the future. Try to visit ears.my to know about personal safety services.