Real estate in India has grown tremendously in the last few decades. It is the second largest employment generating sector in the country after agriculture; it has opened doors for foreign direct investment in India and increased career prospects for professionals and agents. Property or real estate management, often referred to as area management, in some cases this includes rent collection, payment issuance, insurance payments, managing maintenance staff payments, and negotiating with current and potential tenants while using them. Property or real estate managers are responsible for managing various real estate properties, helping coordinate all financial and administrative functions of real estate investment. They focus on maximizing real estate returns for businesses and investors. A real estate consultant deals with high value property assets. He must have a clear understanding of what each customer is looking for, align these needs with the broader market landscape and be able to deliver value in a complex and unstructured marketplace. Their tasks include showing properties, analyzing sales data of the area, examining contracts before making offers or closing deals, etc. To be successful in this field, communication skills are very important.
Eligibility
Although there is no qualification required in this field, most real estate companies and multi-national organizations prefer to hire candidates who have done a course in real estate management. MBA, Diploma, Post Graduate Diploma and Certificate courses are available in Real Estate Management. The eligibility for doing MBA in Real Estate Management is graduation. Other courses like Diploma and Certificate can be done after completing 10+2. Some courses are also offered in distance mode. Any courses in this field Risk Management, Economics, Real Estate Law, Property Valuation and Analysis, Property Management and Market Research, Construction Economics, Infrastructure Finance, Development and Management, Real Estate Law, Entrepreneurship in Real Estate Management, Real Estate Marketing Covers subject areas such as.
Required skills
Must be employable with the skill set needed to succeed and grow in the property industry. The primary set of skills required in this field is the passion and drive to work with the in-demand elite of India. Aspiring real estate professionals should educate themselves as much as possible on all aspects of the property sector and business world – and, moreover, should not rely solely on knowledge but should avail themselves of expert advice before actually entering the field. To be successful in this field, negotiation skills are essential, and these can be acquired from seasoned veterans. They should also have a good understanding of good business ethics, and believe in them. Proficiency with skills such as basic calculation of construction input costs, a rough estimate of boom or slump, knowledge of rules relating to stamp duty, property tax and registration charges, and rudimentary knowledge of specific building codes etc., for an aspiring real estate executive comes in handy.
Skills useful in this career:
Technical aspects of building and construction
Latest news on per sq ft market price of houses/lands/plots in various sectors
Stock and shares status of various companies
Various marketing, sales and pricing strategies to attract customers
Large network of shareholders or buyers
In addition to the above mentioned skills, overall knowledge is required regarding the job.
The most successful agents never stop improving. Their passion for improvement is intense, and they are self-disciplined. Being an active listener and an excellent communicator with an energetic attitude can help you build a promising career in the real estate industry. The Indian real estate market is now adapting to international best practices, and the future belongs to sophisticated professionals.
Job roles
The real estate industry is vast; this field now offers the widest career options that one can think of. This industry offers a wide range of job roles ranging from investment banking and management to research, valuation, project management, quantity surveying, corporate real estate, facility management, sales and marketing etc.
The real estate industry can be divided into several different sectors:
Development
Sales and marketing
Brokerage
Property Management
Landing
Professional Services (Law, Accounting, etc
Following are some of the job roles available in the real estate sector:
Residential real estate broker – A broker dealing in residential properties may represent either a buyer or a seller.
Commercial real estate broker – Such a broker sells commercial real estate like hotels, office space and the like. He can focus solely on retail office space, mall space, industrial space or hospitality space.
Real estate appraisers – People who determine the fair market value of a home for sale. They appraise the value of properties on behalf of an appraisal firm, bank or even leading private investors.
Asset Manager – Such a person is usually part of a professional asset management firm and looks after the investments of the property owners. He deals with the clients and manages the lease and rental deals.
Facilities Manager – Facilities management as a concept has just started to emerge as the best possible route to maximum profitability and reduce estimations in large real estate projects like residential townships, office buildings and malls.
Real Estate Investment Advisor – Such a person has extensive knowledge about the real estate market and advises property investors on the best investment options. Their main focus is to locate properties that will increase in value.
Project Development Specialist – Such people make a lot of inroads in the property market, and help in creating salvable properties. They advise developers on all aspects of a project, from the blueprint stage to final deployment.
Sales and marketing
Sales and marketing firms work with developers to sell the buildings and units constructed by them. These firms earn a commission for using their sales agents to create all marketing materials and sell an inventory of completed units. These companies usually focus on new units.
Professional services
There are different types of real estate professionals who work in the industry and help it function. The most common examples (besides those listed above) are accountants, lawyers, interior designers, stagers, general contractors, construction workers, and trades-persons.
Here are the most common roles in the industry:
Analyst – Performing financial analysis and valuing assets
Appraiser – Valuation of properties
Agent – A sales agent or ‘realtor’
Building inspector – a person who inspects buildings and works with appraisers
Commercial Broker – An agent who sells commercial properties
Real Estate Director – A Corporate Function
Loan underwriter – the person who analyzes the creditworthiness of a borrower
Mortgage Specialist/Loan Underwriter – The person who approves mortgage applications
Real Estate Attorney – A lawyer who specializes in real estate transactions
Prospect
Infrastructure and real estate is the right career for you provided you have the drive and passion to earn big money, a penchant for hard work 24/7, and the ability to guide and supervise a team of builders, consultants, labourers and site managers there is potential. Who have extensive real estate holdings. Real estate managers also work with real estate departments in banks, NBFCs and trust companies. They are also hired by property management firms and real estate brokers. Owners of residential homes, apartments, office buildings, or retail or industrial properties, as well as homeowners associations, employ the services of a property or real estate manager for the day-to-day management of their real estate investments.
List of Institutions – Following are the top institutions:
National Institute of Construction Management & Research, Pune NICMAR
Indian Institute of Real Estate (IIRE), Pune
RICS School of Built Environment, Amity University, Noida
Sushant University, Gurgaon
TERI University, Delhi
So, I hope you will satisfied with this post and if you have any query regarding to career opportunities in real estate industry then send your comment.
