Gone are the days when it was a part-time business opportunity for any person who ran a local business or was employed in an unskilled job in the neighbourhood. From being all about brokers without any credentials, it has now evolved into a lucrative career avenue for the real estate agent, who has his own set of skills and expertise to handle clients in the technology-driven world.
Earlier, as there were no restrictions, any person in need of money turned to real estate dealings to augment his income. Since People suffered because of shady brokers, this was never considered a worthy career option. But statistics reveal a promising scenario in the real estate market in India today. At 2022, the employment potential of real estate professionals is likely to increase by 11 percent. In 2020, the size of the real estate market is pegged at 180 billion USD. This is the right time to explore it as a lucrative career choice, as core transitions in operations and modus operandi coupled with a favorable market scenario are ushering in a new dawn.
Proper training and certification have now become a reality in the realty market. In order to secure a job as a property agent in India, one needs to enroll in certification programmes. This is a small effort that reaps rich dividends as the market is organized and expanding. In the wake of the recent introduction of key regulatory changes like RERA, there is more professionalism, transparency, and accountability. Climb the ladder of success faster with more confidence as a real estate agent.
In order to stay relevant and competitive, brokers need to upgrade their skills from time to time in this dynamic field. As the role evolves from being mere introducers to key service providers or facilitators of a real estate transaction, the real estate agent must enhance his credibility and earn additional fees based on their value-added offerings to clients.
Rapid access to information makes clients more informed, but, it is the agent who has the most accurate and updated information that enables decision-making to close a deal. He assists the client to understand the legal aspect of a transaction, the key terminologies, the home loan process, and the tax implications of buying and selling. All these roles cannot be performed without a proper knowledge base. Hence, the real estate agent has to be research-driven and analyse the market dynamics and forecast the emerging trends. A professional who is engaged in delivering cutting-edge solutions, has a fulfilling and profitable career in the real estate market today.
This is a full-fledged and stable career choice on account of the growing professionalism in the sector where real estate companies thrive with knowledge-driven, tech-savvy agents. There is a growing demand for such people. It is a regular, full-time job that involves planning, research and client visits. Agents have to be eloquent in presentation, sound logical and convincing to clients who want reliable, verified, genuine professionals to work with for their real estate solutions.
You need to develop contacts on your own if you wish to expand the client base. Referrals are important but you have to reach out to potential customers and appear to be the right professional to hire. Buying or selling or renting is a routine process and every person you come across appears to be a potential client. Your business card and credentials should be shared in the circle of friends, family, social, and business contacts. Persevere and be patient, follow up with calls or messages to stay fresh for quick recall. If you are operating on your own, listing on a property portal with a focus on the agent community is the best thing to grow your business.
Even if you are new in the real estate sector, plan the next steps of your real estate career. As an agent, there are many options for your bright future. Explore the commercial property sector. Earn professional designations. Enter into branch management. Obtain a broker’s license. Most agents work with a broker to learn the ropes and get familiar with the realities of operating a firm. Some prefer to work for them even after obtaining their certification as it is a stable career choice. This means there are multiple options open for a real estate agent to build his career with a focus.
Focusing on residential properties offers a great deal of variety as you work with a wide range of clients. Besides, even in tough market conditions, people need to buy and sell homes. You get steady compensation compared to other real estate categories. It is easier to manage your finances. The sole drawback of focusing exclusively on residential real estate is that you have to do more transactions and work with more clients to yield the same profit derived from a single commercial sale. Given the fact that people are looking for flats and apartments, not only for end-use, but also for investment purpose, there is a substantial scope here.
Specialization in niche market
If you serve a niche real estate market, the majority of your business comes from clients who buy properties within that segment. As you explore your local market and discover that your area is known for a particular kind of property, you may find that you want to concentrate your efforts on properties such as a beach or lake home, farms and cottages, luxury villas or affordable housing units. This delivers faster career growth because of your specialized role.
Commercial real estate
Focus on real estate used for business purposes, including office buildings, malls, hotels, parking, and theaters. Commercial properties are attractive because of higher profits. One sale could yield as much commission for you as five or more residential sales. As the risk is higher, you should take some specialized training and internship in this domain before you venture into this segment to advance your career.
Own brokerage firm
Hiving off into business territory has its own rewards – offers independence and control over your own business. You stand to make a great deal of money if things go right. The risks are high, and statistics show that many new ventures get stuck because of inadequate knowledge. Dedicate time to develop the leadership, management, public relations, and general business skills you need in order to be a competent real estate agent.
If you decide to enter a business, it opens up several real estate career path options. Choices include purchasing an established brokerage, establishing your own company from scratch, opening a brokerage with partners and investors, or running a small one-person shop out of your home.
Whatever you wish to do, you can make a proper living out of real estate. There is recognition and respect, apart from decent, steady income generation, unlike what it used to be even a decade ago. When the scenario is changing for the better, there is no reason why you should not think of choosing a career as a real estate agent.
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