How would you judge the profitability of real estate industry?

Is it time dependent, Tactical, or situational?

Time dependent as in - more time you've tied up money in real estate more profits you could gain. As real estate value appreciates day by day.

Tactical as in - Buying or selling the right property at the right time

Situational as in - not sticking to a preplan but being flexible enough to make real estate investment decisions as and when they are needed.

Is it maximizing sales or minimizing costs?

Maximizing sales as in - finding the best buyer, selling to the highest bidder.

Minimizing cost as in - using low cost alternatives for construction, low cost advertisement, save costs on legal matters.

Do all matter for survival or is it some matters a lot and some not much?