Here are a few tips that will guide you well to the goal of a successful career in the real estate sector.

The ebb and flow of the real estate sector may often discourage young professionals from choosing this as a career option. But the sector is so dynamic that every day is a new opportunity to learn and grow. The real estate sector has been adapting at real-time to a lot of changes on account of policy changes, entry of foreign funds, varying demands from homebuyers, the emergence of Next-gen developers and several other factors. As a result, the real estate developers have, over the years, become professionally managed enterprises.  

Therefore, the career opportunities are immense. Here are a few tips that will guide you well to the goal of a successful career in the real estate sector:

1. Begin with the local

i)     Real estate is a humungous industry but highly localised. The trends in one micro-market do not reflect in another and vice versa. As a result, young professionals must interact with a lot of stakeholders like common people, real estate consultants, bankers etc. and then read & learn to analyse what works in which market.  

ii)    You must be aware of the government’s infrastructure initiatives both ongoing and proposed in the future. In majority of the cases, location becomes the sales clincher. 

iii)    The purchases in real estate, unlike other sectors, are slower than usual. One must exercise patience and during this period, continue to learn newer and smarter ways to sell.  

iv)    You must be absolutely prepared about the product you are selling. As stated earlier, purchases are slow because stakes are high and so questions are many. Mis-selling may give you short term gains but honesty will take you farther.  

2.  RERA understanding is must

i)    The Real Estate Regulatory Authority (RERA) was made operational in 2017 to bring about transparency in the real estate sector and empower homebuyers by bridging the knowledge asymmetry that existed between homebuyers and developers. 

ii)   Every young professional must know the laws they are working with. Earlier when the regulator did not exist, the industry was unorganised and mis-selling was rampant. But today, every homebuyer is aware of the provisions and safeguards provided to him under the RERA. 

3. Understand the licenses and registrations 

i)    Real estate and construction business require innumerable licences and registrations. Basic knowledge about each one of them is a must. You would not want to embarrass yourself and the company by not knowing any of these if a question from a buyer arises! 

ii)   There are several states or local bodies working in granting these permissions and licences in construction and real estate. One must build liaison with them for a deeper insight including on-ground situations and challenges. 

4. Research and pick a speciality

i)    The sector is highly specialised as a result young professionals must research thoroughly on what excites and interests them. The opportunities are unlimited in areas like sales, marketing, construction, architecture, interior designing, law, corporate affairs to name a few. 

ii)    Each one of the above-mentioned areas of work are fast evolving and you must be prepared to upgrade yourself so that your skills don’t become obsolete. 

iii)    Listen to realty stalwarts so that you have better insights in the world of real estate.  

5. Optimum market scenario

i)   The demand scenarios keep changing rapidly and that will give young professionals a lot of headroom to innovate in their area of work. In today’s time, that evolution in demand is happening and the sector is fast adapting. 

ii)   Digital is a reality in real estate today unlike a few years ago, and it will be the future of real estate sale and purchase. A lot of opportunities will be ushered in and use of technology will be extremely critical.  

iii)  The government’s push for Vocal for Local, Atmanirbhar Bharat etc. makes it an opportune time to enter the sector. Opportunities are being created in every which way not just for the real estate sector but also for the ancillary industries which not only employ in large numbers but also fulfil the supply requirements of the real estate sector.  

iv) There is a level playing field today in the way real estate organisations have evolved into a well-run professional company with best HR practices. 

Technology has brought companies and consumers closer today than ever before especially in the real estate sector and therefore doing business has become extremely exciting. Even if the road ahead seems bumpier than usual despite huge opportunities, it is important that you map the long-term benefits and exposure of the learning you will receive in your maiden career venture.  

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house