Real estate, also known as ‘real property’ is technically land and also any other tangible improvement that may be built on or implemented by real estate property management software. A building or a roadway could be an example of an improvement. It could just something set up in the ground, such as a septic system. Land that has one or more of these structures is said to be ‘improved’. It's ‘unimproved’ when it doesn't have them.