Business organisation and office management

SRI KRISHNA COLLEGE OF ARTS & SCIENCE

BUSINESS ORGANISATION AND OFFICE MANAGEMENT ASSIGNMENT 1 TOPIC: Forms of real estate business in and around Coimbatore

SUBMITTED BY P.M.LOHITH I B.Com A 10BCO025

Real estate

Definition “A piece of land, including the air above it and the ground below it, and any buildings or structures on it. Real estate can include business and/or residential properties, and are generally sold either by a relator or directly by the individual who owns the property (for sale by owner). In most situations in the United States, real estate is a legal designation, and is subject to legislation also called realty.”

Forms of real estate business There are several forms of Real Estate business. Some of them are as shown below:-

1. Residential This is the type that is best associated with real estate. Brokers, agents and realtors work together with home buyers and sellers in the sale and purchase of new and resold private homes. This is where the bulk of real estate transactions occur. There are sub-specialists who work with only buyers, sellers, seniors, first-time home buyers, relocations and the like.

2. Commercial This type of real estate company works with businesses to identify, purchase or sell property and land that is used for commercial purposes. This can include offices, retail, restaurant and light industrial properties. Commercial real estate deals are a lot more involved and take much longer than residential deals. Many brokers and agents are not only involved in identifying a property, but also in assisting with zoning, development, permitting, and financing and feasibility studies.

3. Industrial This is a distinct subset of commercial property that requires a set of knowledge, skills and relationships that is more specialized than with regular commercial properties. The typical client has to not only find the right geographical

location, but also needs to find a locale that offers the right labour pool, tax structure, regulatory environment and governmental relationship. The brokers and agents who work with this kind of client have to be able to smooth the way for the client and gain the approval of the buyer, seller, local government, state government and community leaders.

4. Investor This type of real estate brokerage specializes in working with single investors and investment groups. They help their clients find income-producing properties like rental homes, apartment buildings and retail centres like strip malls. They must know the area around the property, the past and future return on investment, and how the property compares to others in the area. They also sell these properties and utilize networking and personal and business relationships to generate quick sales for clients.

5. Property Management Some brokers focus on managing rental properties for their client/owners. These clients range from individual owners of a single rental home who do not want to be involved in the day-to-day issues of being a landlord to groups that own several homes or an apartment building and who cannot manage on their own without help. These brokers must be experts in landlord/tenant law and are responsible for vetting renters, maintaining the property or properties, securing tenants, and handling all payments and paperwork for the rental or rentals.

6. Land These brokers specialize in locating raw land for development by either home builders or commercial clients. They must be experts in the zoning process, and should have a strong network of relationships with other brokers whose clients are in need of raw land. They are also knowledgeable about local governmental regulations and

should

have

good

relationships

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municipal

authorities.

Real estate properties The Realtors possess so much of land properties. Real estate property comes in various types with each having its own distinctive structure. There are three major property types in the real estate business.

i. Vacant Land Property Vacant land is popular with ranchers and cultivators. The extent of property is considerable and the price high. Farm and ranch specialists have long been quite successful in this business. Generally the property size and price is quite large, with corresponding

commissions.

Be

sure

you

understand

the

specific

buying

requirements and motivations of your prospect. In rapidly growing areas, specializing in building lots for properties can be lucrative for an agent. Just know that, as long as the spread continues, the area you have to cover will get farther out from the city and possibly your office.

ii. Residential Properties The residential type of property is by far the most popular with both new and experienced agents. That's no surprise, since the year 2000 US Census shows more than 105 million occupied housing units. Real estate agents then further specialize in types of homes, including condominiums, separate homes, duplexes, high value homes, vacations homes, etc. There's plenty to go around. The residential properties are further classified as:a)

Single Family Residence Property Single-family residences are single units, typically with a front and back

yard, a driveway and an attached garage.

b) Duplex Property

A duplex is a structure designed for residential use and contains two living blocks sharing a common wall. Duplex properties may be listed residential or commercial, depending on the purposes they serve.

c) Condominiums Property Condominiums, or condos, are apartments that are independently owned minus a yard and with common parking facilities and offer many amenities.

d) Town House Property Classic townhouses are doubled storied row of homes, with common sidewalls. The living room is situated below with the bedrooms above and there is a little fenced in yard.

e) Manufactured Home Property Manufactured homes are erected in a factory and set up on the dwelling site. They must conform to the federal construction regulations.

f) Patio Home A patio home is a single story home with one joint sidewall and a patio towards the back facing the common area. Patio homes normally contain 2-4 homes in each structure and may have a backyard.

g)

Loft Property Lofts are usually found downtown and have high roofs, huge wide windows,

metal staircase and cement floors, but no yard.

iii. Commercial Properties Commercial property can be empty land zoned for commercial use, or an existing business building or buildings. Commercial property valuation requires a more complex method, taking into account the income potential of the property, historical revenue, cash flow with owner perks removed and much more. Unless someone has extensive business valuation experience, it's better to enter this

specialization carefully after time in the business in land or residential property markets. Specifics about certain commercial property types:

a. Multi-Family Property Multi-family property comprises of buildings meant for numerous family groups, leased on a permanent basis. They typically contain five or more living units with shared amenities, such as doorways, foyers, lifts, staircases and walkabouts.

b. Rooming House Rooming house properties usually have no more than 20 furnished units with common bathroom and kitchen facilities given out on a temporary basis. c.

Mobile Home Parks Property Mobile park homes are a blend of single and double spacious homes,

sited in decent neighbourhoods and with at least three-fourth occupancy. Depending on the surroundings and facilities provided mobile home parks are given star ratings.

d. Retail Space Retail space comprises of single construction taken by single or multiple tenants and exclusively meant for retail use such as sales and display of garments and electronics.

e. Office Buildings & Complexes

This type refers to a single structure intended for office use, or a set of offices in one structure or a group of buildings and are ideally located on the main road. f.

Mixed-Use Properties Mixed-use properties are a blend of residential and commercial units

such as a retail store and a multi-family home in the same structure. g.

Healthcare Properties This property type includes hospitals and nursing homes, health care

centres and assisted living facilities. A license is mandatory to run the facility.

h. Bed & Breakfast Properties Bed and Breakfast inns are normally single buildings family units meant for temporary boarding.

i. Restaurant Property Restaurants are built for the making and selling of food and drinks, and include canteens, pubs, and inns. j.

Hotel Properties Hotel properties are constructions that provide a suite of facilities and

services, typical of the hospitality industry. Hotels are classified as either Complete Service or Restricted Service. Hotels can also be affiliated to a national franchise chain.

k.

Day Care Centres

Day Care centres provide childcare, disabled, and elderly care services; or are learning centres, such as kindergartens and nurseries. They have playrooms, rest rooms, and simple kitchen amenities. iv.

Industrial Property Industrial property types are designed for industrial commercial functions. They include:

a.

Self-Storage Properties These are mini-warehouses and comprise of tiny compartments that are

rented for private storage.

b. Warehouse Properties Warehouses are commercial buildings built for holding goods and consist of massive open inner sections.

c. Flex Space Properties Flex space is a blend of industrial and office property. It is an arrangement that has a workplace and display area together with the industrial area. d.

Manufacturing Property Manufacturing property is designed for producing goods for sale or

lease like factories.

e.

Cold Storage Property

Cold storage property is a specialized structure that makes available storage in a chilled or icy setting. f.

Automotive Property Automotive structures are built specifically for the automobile industry

and usually have a small office cubicle, car lifts, and overhead doors. They include repair units, used car hubs, and tyre fixing facilities. Detailed study of property types and their comparative values is crucial in deciding the best option to work with and the possible monetary benefits accruing from each.

The Realtors who deal with Real Estate business in Coimbatore The following are the Realtors who deal with Real Estate business in Coimbatore. 1.

KTVR Vijaydeepa Group

2.Ravi Murugaa Constructions Pvt Ltd 3.Ramani Realtors Private Limited 4.SK Builders 5.

Pinnacle Properties

6.Srivari Property Developers