The real estate industryís pared-down definition is land. However, itís much more complicated than that. The industry involves the buying, selling, renting, leasing, and management of commercial, residential, agricultural, and other kinds of property, including all the functions that support such activity, such as appraising and financing. The successful realtor is necessarily a shrewd salesperson with a deep knowledge of real estate markets and a broad understanding of the contracts, laws, and tax regulations that apply to real estate transactions.
Thinking big is part of the real estate industry, and grandiose speculation has created some of Americaís greatest fortunes. John Jacob Astor traded in his empire of beaver pelts for a gamble on uptown Manhattan real estate and in the process became the richest man in America. More recently, moguls like Sam "the grave dancer" Zell and the perennially overreaching Donald Trump have made fantastic fortunes on real estate gambles. Even for nonbillionaires in the industry, the thrill of deal making, the potential for financial reward, and the sociability make real estate a rewarding profession.
Job Prospects
Unlike much of the rest of the economy, the real estate industry has been doing quite well, with many leading firms chalking up double-digit top-line growth in the coming years. Though the robustness varies between sectors, with the residential side of real estate doing best, the industry is hardly in the hangdog state that nearly every other part of the economy seems to be in.
