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The most common definitions of Real Estate include the management, sale, and purchase of real estate. Some people also invest in property development, which is the process of improving a property. While the latter is considered a subspecialty of real estate investing, it can be extremely lucrative. Here are some of the most important aspects in real estate development. Once you have an understanding of the factors that make a real estate business profitable, it's time to get into the world of realty.