Amit Modi, Director ABA Corp & President (Elect), CREDAI – Western UP, and Mohit Goel, CEO, Omaxe Ltd. Offer some career guidance in this write up
Real estate has never been the go-to career option for many young graduates. Contrary to be the most visible role of ‘broker’ this sector provides a spectrum of career opportunities ranging from project engineers, facility managers, architects, designers, corporate communication specialists, regional managers, etc.
However, it is not getting the desired attention as a lucrative career option, even though it promises humongous growth like any other sector or industry even after the RERA was introduced. As a result it is now a sector run by professionals in an organized manner. The perception is mainly because of some common myths around it, so it is necessary to debunk those myths step by step and open up the arena of opportunities, this unconventional sector can actually provide.
Myth 1- Legacy business, no hierarchy in jobs
We know starting as a developer is not a possibility at the beginning of your career, but then that is not the only option. Like every other sector, there is an established hierarchy with careers under different specialisations. Not every person working for real estate has come through a lineage in the sector. Marketing, finance, interiors, engineering, customer relationship managers, and analysts are few roles in real estate that require an individual with a degree and expertise in the same field. Reputed companies even hire CEOs to run the business who are not from the real estate families. There are real estate companies that are being run by technocrats with no family background of real estate business.
Myth 2- Only extroverts can survive
Being an extrovert might be a requirement for some specific job profiles, but this is not a judgment criteria for all positions. Fluent and persuasive in communication is a must-have for professionals working on the sales and investors front, rest the industry is embracing enough for an extrovert, introvert, and even ambiverts.
Myth 3- Only profitable job available is Broker
This is the most baseless myth in present times, being a broker does promise some amount of commission. This cannot be regarded as the only good paying job in the real estate sector. Corporate jobs like project engineers, facility managers, architects, designers, corporate communication specialists, regional managers also exist and offer a good pay scale better than what local brokers earn with every project.
After having understood about myths, now it is also important to know the fundamental skills that human resources mangers look for in real estate jobs.
Here is a list of a few tips and skills that aspirants must prepare themselves to have a better understanding of the sector.
1) Know-how about the licensing and regulations
Real estate is a vast sector, and the dealings involved in it are high-end investments. For the residential category, more than the investment, sentiments of homebuyers take the lead. People are usually investing their lifelong savings. A single glitch in terms of permissions or registrations can cost the stakeholders involved a fortune. It is of utmost importance for young entrants to closely study this area, and develop a habit of double-checking and approval from senior authorities.
2) Pick your segment
Residential, co-living, co-working, and commercial are the three prominent categories in real estate that offer a variety of jobs in different areas of expertise. The housing and commercial needs of the people are being rapidly changing now, someone who is updated with lifestyle trends has an added advantage because of their insights. Also, there are public and private institutions and universities providing specialised degrees for infrastructure development and real estate.
3) Understand basics from an experienced person
An unbiased opinion from someone who has been in the industry for long is usually valuable before stepping your foot in. He/she will be able to give you not only a better understanding of the job profiles but also the competitive trends apparent in the market. This will give you an edge in polishing your skillset as per the market standards.
Here is a way to prepare before starting a career in real estate!
The real sector is so dynamic that every day is a new opportunity to learn and grow. The real estate sector has been adapting a lot of changes on account of policy changes, entry of foreign funds, varying demands from homebuyers, emergence of Next-gen developers and several other factors. Therefore, the career opportunities are immense.
- Begin with the local
- 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.
- You must be aware of government’s infrastructure initiatives both ongoing and proposed in the future. In majority of the cases, location becomes the sales clincher.
- 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.
- 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.
- RERA understanding is must.
- The Real Estate Regulatory Authority (RERA) was made operational in 2017 to bring about a transparency in the real estate sector and empower homebuyers by bridging the knowledge asymmetry that existed between homebuyers and developers.
- 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.
- Understand the licenses and registrations
- 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!
- There are several statesor 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.
- Research and pick a speciality.
- 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.
- 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.
- Listen to realty stalwarts so that you have better insights in the world of real estate.
- Optimum market scenario.
- 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.
- 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.
- 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 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.
- 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.