Developers typically acquire natural or "unimproved" lands; these are raw lands that don’t have any real property with no improvements nor infrastructure. Developers improve it or alter it with utility connections, roads, earth grading, covenants, and entitlements. Infrastructure improvement provides a base for further development of built improvements. Covenants define the context in which future development of built improvements may take place. Once these improvements have been made to the raw land, it is typically subdivided and sold piecemeal at a profit to individuals or building developers.
A broker is a party that mediates between a buyer and a seller. They act as a medium between landlord and tenants. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. A brokerage or a brokerage firm is a business that acts as brokers.
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