Industry Code: 73500
This industry includes real estate companies, brokers, agents, etc. that facilitate the sale of third-party property on a contract or commission basis. This industry also includes property developers that acquire property, coordinate the servicing and zoning of such property with municipalities and governments, and sell the same property EXCLUSIVE of any building or facility construction activities or enhancements.
Operation Details:
Land and property developers generally purchase large tracts of land, subdivide, coordinate site services of power and water, then often sell the lots individually or sell the land to new home or building construction companies. Land developers are involved in the design and preparation of plans for subdivisions, zoning requirements, acquisition of consultants for design and environmental concerns, and negotiate and discuss with regulatory authorities. Land and property developers may coordinate the installation of underground services such as sewer and water mains, power, and surface construction of roads and sidewalks up to subdivided property lines, after consultation with municipality or government about future space planning. Developers do not become involved in any further development of individual lots or building or facility construction.
Real estate companies and agents act as brokers (acting on behalf of independent third parties) and facilitate the sale of property/buildings between buyer and seller. Realtors will list and advertise property for sale, show the property to potential buyers, negotiate a price between the parties, and consult on legal requirements, financing, etc., in completing the transaction. Realtors may also provide market evaluations prior to listing the property.
Underwriting Considerations:
Property development is restricted to the coordination of basic site installation services. Property developers which are directly involved in the installation of site services would have the entire business classified in industry 40604. Any business involved in contracting or subcontracting for construction of buildings or facilities or above ground structures, is classified in the appropriate construction classification (the entire business).
Property management activities undertaken by real estate firms, require an additional classification under industry 89702.
Industry Custom Pricing: Waiving Cost Relief Option
This industry has chosen to participate in Industry Custom Pricing effective January 1, 2012. Costs related to the aggravation of a pre-existing condition will not be removed from the experience record of employers classified in this industry. In return, the portion of premiums collected to fund retroactive cost relief has been removed from the industry rate, resulting in a reduction in WCB premium rates for the industry.
Premium Rate History:
Activities:
Land Development (Excl. Bldg Const.)
Property Development (excl. bldg const.)
Real Estate Dealers
Rate Group History:
This rate group was established in 1995 consolidating a number of business, financial and professional services.
This industry includes real estate companies, brokers, agents, etc. that facilitate the sale of third-party property on a contract or commission basis. This industry also includes property developers that acquire property, coordinate the servicing and zoning of such property with municipalities and governments, and sell the same property EXCLUSIVE of any building or facility construction activities or enhancements.
Premium Rate History:
Activities:
Land Development (Excl. Bldg Const.)
Property Development (excl. bldg const.)
Real Estate Dealers
Operation Details:
Land and property developers generally purchase large tracts of land, subdivide, coordinate site services of power and water, then often sell the lots individually or sell the land to new home or building construction companies. Land developers are involved in the design and preparation of plans for subdivisions, zoning requirements, acquisition of consultants for design and environmental concerns, and negotiate and discuss with regulatory authorities. Land and property developers may coordinate the installation of underground services such as sewer and water mains, power, and surface construction of roads and sidewalks up to subdivided property lines, after consultation with municipality or government about future space planning. Developers do not become involved in any further development of individual lots or building or facility construction.
Real estate companies and agents act as brokers (acting on behalf of independent third parties) and facilitate the sale of property/buildings between buyer and seller. Realtors will list and advertise property for sale, show the property to potential buyers, negotiate a price between the parties, and consult on legal requirements, financing, etc., in completing the transaction. Realtors may also provide market evaluations prior to listing the property.
Underwriting Considerations:
Property development is restricted to the coordination of basic site installation services. Property developers which are directly involved in the installation of site services would have the entire business classified in industry 40604. Any business involved in contracting or subcontracting for construction of buildings or facilities or above ground structures, is classified in the appropriate construction classification (the entire business).
Property management activities undertaken by real estate firms, require an additional classification under industry 89702.
Industry Custom Pricing: Waiving Cost Relief Option
This industry has chosen to participate in Industry Custom Pricing effective January 1, 2012. Costs related to the aggravation of a pre-existing condition will not be removed from the experience record of employers classified in this industry. In return, the portion of premiums collected to fund retroactive cost relief has been removed from the industry rate, resulting in a reduction in WCB premium rates for the industry.
Rate Group History:
This rate group was established in 1995 consolidating a number of business, financial and professional services.