Should I play harder and get into land development?  

Where are getting that consumers pay three times as much in commissions as other developed countries?

Michael,   A good book to purchase is "Professional Real Estate Development: The ULI guide to Business.   

Whether you’re managing properties, operating STRs or long-term rentals (LTRs), or just have an opinion on the state of the market, I’m eager to hear your thoughts and any new developments you’ve noticed.Here are a few things I’ve observed:Increased Supply of RentalsI’ve lived in Gainesville for a while now, and I remember a time when it was tough to find a rental.

Sales is a time-intensive venture, and it takes years to develop a pipeline of clients.

If you don't have the funds yourself, you need to develop a solid relationship with those that do.

Managing 17 shopping centers and selecting sites for new developments is no small feat—kudos to you!

To develop the property, you would need to demolish the existing structure.  

It's worth taking the time to understand what you're doing so you can develop your own conviction and confidence.

That gets worse as you get farther out of the cityTLDR: values depreciate, inflation has gone basically nowhere in Japan for a long time, the supply of housing is pretty good compared to demand (unlike the US) and that's because of flexibility with rezoning and development, taxes on rental income are high.