Introduction to the Real Estate Business

The real estate business is more than just houses. As said, Real estate is big business, and includes commercial properties, condominiums, and open land in addition to single-family homes.

Introduction to the Real Estate Business

Learning Objectives
Identify the various careers available in real estate, and the professional organizations that support them Describe the five categories of real property Explain the operation of supply and demand in the real estate market Distinguish the economic, political and social factors that influence supply and demand

Introduction to the Real Estate Business

A Business of Many Specializations
Brokerage Appraisal Property management Financing Subdivision and development Home inspection Counseling Education

Introduction to the Real Estate Business

Types of Real Property
Residential Commercial Industrial Agricultural Special Purpose

Introduction to the Real Estate Business

The Real Estate Market
Supply and Demand Factors Affecting Supply Factors Affecting Demand

Real Property and the Law

Many types of property define real estates product. Land is one of the fundamental concepts of real estate, as well as improvements in the form of houses and outbuildings. The fence suggests the limits of ownership.

Real Property and the Law

Laws Affecting Real Estate

Contract law General property law Agency law Real estate license law Federal regulations Federal, state and local tax laws Zoning and land use laws Federal, state and local environmental regulations

Concepts of Home Ownership

A variety of housing types are available under the general heading of home ownership: single family, small multifamily residences, and high-rise condos.

Concepts of Home Ownership

Types of Housing
Apartment Complex Condominium Cooperative Planned Unit Development (PUD) Retirement Community

Agency

Real estate is an industry about property, but its also an industry about people. The concept of agency is entirely about people, and relationships between and among them.

Agency

Agency

Agency
Limitations on Authority
Universal Agent Empowered to do anything the principal could do personally General Agent Represents the principal in a broad range of matters related to a particular business or activity Special Agent Authorized to represent the principal in one specific act or business transaction under detailed instructions

Real Estate Brokerage

A real estate brokerage is more than a room full of desks. Its a hive of activity, dependent on people, information, and technology to keep the business running.

Real Estate Brokerage

Brokerage
The business of bringing parties together.

Real Estate Broker

A person licensed to buy, sell, exchange or lease real property for others and to charge a fee for these services.

Introduction to resort business

It may seem fascinating how novices start resort business but various factors are involved and the task to manage hotels with best of attractions needed for transforming the premises into resorts is a hard nut to crack. But this monstrous task doesnt limit you if you have zeal to work at a profit making and entertaining plan.

What is resort all about?

The resort business in which you offer enjoyable moments to visitors make you feel that something worth noticing happens. Vacationers enjoy momentous moments. The charm they feel also rewards you with genuine monetary gain in lieu of your persistent efforts to make such places heavenly. Business planners often advise people willing to start resort business that they should have a place with best facilities that doesnt miss out any minute detail. Resorts with best attractions augur prospective holidaymakers. You cant, therefore, forget stiff competition in the presence of countless resorts. Best and specialized arrangement must be done to surpass the competitors. Your resort must have necessary tourist services for entertaining them. Healing options like massages and aromatherapy are to be arranged at the resort.

Where and How to Begin?

As an aspiring entrepreneur you would have to make excellent planning about proposed resort business. Usually many aspiring resort business owners feel hallucinated about the service and choice of technique used. They also get confused and cant decide from where business should be launched. Systematic business planning and focused approach about target group are key factors to make resort business a grand success.

Select Business Site

You may prefer formulating plan that had been decided upon in your business strategy earlier. Selecting resort site is major focus of entire business strategy. Try to procure larger site which accompanies beaches, lakes and is located near ocean. If you are success in having a site of such kind you are lucky. Next step is to decorate the place and transform it into excellent resort where you can think of doing profit making business. Set Target: When there is proper target for benefit your resort business plan achieves reasonable success too. Ensure that people involved in making your resort success are made aware of future plans for business and they are at home to maintain it as coworkers. Business plans are deriving forces that attract costumers. Ideas and researches should be brought into structured format for achieving success in resort business. Buy or lease property in selected destination. Work closely with estate developers and ensure that no legal violation has happened in resort development. Promotion: Your resort business must seek attention of people from all places. It should have extensive advertisement through different means. Establish themes because specifications popularize resort business. Knowledgeable staffs should be hired for promotion. You also require dedicative accountants, reservation agents, cooks, servers and mechanics. Your resort looks charming with pools, golf courses, tennis courts and berths for yachts. Possibilities of attracting holidaymakers become twofold when you establish the resort with enchanting amusement parks. These arrangements make resort businesses high performing.

Relation to Class
Criteria to successfully reach a target market:
Seek a measurable market segment Accessibility, or the degree to which the retailer can target its promotional or distribution efforts to a particular market segment Segment should be substantial or large enough to be profitable for the retailer

Selecting the Location:

Location of resort-Tillorekhurd near Ralamandal, Indore

. Approval

at Project level 1. The Ministry of Tourism approves TSR at project stage based on documentation, which enables the TSR to get certain benefits from the Govt. as may be announced from time to time. The documents required for project approvals are listed below. 2. Project approvals are valid for 5 years. Project approvals of the Govt. of India, Department of Tourism cease 3 months from the date that the TSR becomes operational even if all its rooms are not ready. The TSR must apply for classification within these 3 months. 3. The Department of Tourism, Govt. India reserves the right to modify the guidelines/terms and conditions from time to time.

 Certificates/No Objection Certificates (attested copies) a) Certificate/ licence from Municipality/ Corporation to show that your establishment is registered as a TSR. b) Certificate/ licence from concerned Police Department authorizing the running of a TSR c) Clearance Certificate from Municipal Health Officer/ Sanitary Inspector giving clearance to your establishment from sanitary/hygienic point of view d) No Objection Certificate with respect to fire fighting arrangements from the Fire Service Department (Local Fire Brigade Authorities) e) Public liability insurance f) Bar Licence (necessary for 3*, 4* & 5*) g) Money Changers Licence (necessary for 3*,4*& 5* ) h) Sanctioned building plans/occupancy certificate i) If classified earlier, a copy of the earlier "Certificate of Classification issued by MOT j) For Heritage property, certificate from the local authority stating age of the property and showing new and old built up areas separately. k) Any other local authority as maybe required. l) Approval /NOC from AAI for projects located near Airports