CAREERS IN REAL ESTATE
The Real Estate sector is the back-bone of Indian economy. In a coun-
try where millions are still without a
home, and millions more are looking for
one that suits their requirements and
their purse, the real estate industry is a
field that has attracted people at all lev-
els. The term ‘real estate’ refers to the
ownership of land or building and those
who deal in such transactions are real
estate agents or brokers. They help
people buy, sell or lease homes, build-
ings and land. Real estate property is of
two types - Commercial Property and
Residential Property. Residential Real
Estate means houses, bungalows, con-
dominiums, duplex homes etc. where
people live, while Commercial Real
Estate includes office buildings, office
complexes, industrial premises etc.
Residential real estate agents specialize
in working with individual and families,
while commercial agents deal with office
space and buildings.
Real estate in India had gained
tremendous growth in past few
decades. The second largest employ-
ment generating sector in the country
after agriculture, real estate has opened
doors for direct foreign investment in
India and enhanced career prospectus
for professionals and agents.
Property or Real Estate Management,
often known as Area Management, in
some cases also involves rent collec-
tion, outgoings of payments, insurance
payments, managing payment of main-
tenance staff, and negotiating while
using current and prospective tenants.
Property or Real Estate Managers,
responsible for the operation of various
real estate properties, help to coordi-
nate all financial and administrative
operations of real estate investments.
They focus on maximizing real estate
profit for businesses and investors. Real
estate agents make sure their clients
have all the information they need to set
selling prices, make offers, and negoti-
ate a good deal. Their services range
from showing properties, analyzing area
sales statistics, examining contracts
before making offers or closing deals
etc. to collecting rent and security
deposits and handling of maintenance
of all infrastructures. Most work within a
locality which they know and under-
stand well. They help house- seeking
clients find neighbourhoods and homes
offering the best balance between their
lifestyles, concerns and budgets.
Most real estate agents are independ-
ent sales people who work for a real
estate brokerage firm, or provide their
services on behalf of a licensed real
estate broker. They can also act as
intermediaries in price negotiations
between buyers and sellers. For many
there are no fixed working hours, nor a
fixed monthly income. They are paid a
commission which is a percentage of
the sales price of each transaction so
the earning potential is unlimited.
ELIGIBILITY
While a qualification in this field is not
essential, most real estate companies
and multi-national organizations prefer
candidates who have done a course in
real estate management. There are
MBA, diploma, post graduate diploma
and certificate courses offered in Real
Estate Management. The eligibility for
an MBA in Real Estate Management is
graduation. Other courses like diploma
and certificate can be done after com-
pleting 10+2. Some of the courses are
also offered in distance mode (by corre-
spondence). A course in this field covers
subject areas such as risk manage-
ment, economics, real estate law, prop-
erty valuation and analysis, property
management Estate
Marketing.
Skills Required:
Real estate managers also need spe-
cialist knowledge in areas such as risk
management, estate and property law
and property valuation and analysis.
Negotiation skills are absolutely
mandatory to succeed in this field, and
these are best picked up by observing
seasoned veterans.
A career in infrastructure and real
estate industry requires all the skills that
are needed to float an independent
business. In this context, you need to
have several connections and contacts
and must build strong relationships to
get business. Purchasing of lands,
plots, flats, houses and villas and then
reselling the same requires strong sell-
ing skills as well. The primary set of
skills that are required in this field are
the passion and drive to work with
India’s demanding rich. Other skills may
be akin to what one may need to have if
one were working for a wealth manage-
ment firm. One would also consistently
need to update oneself on the sector
and be aware of the latest market
trends as well as future market predic-
tions. It is also essential to have strong
communication and advertising skills.
To work on the technical side and then
to get a job in the real estate and infra-
structure industry, you may have to
complete a degree in civil engineering
or construction engineering from any
engineering college across the country.
Besides technical jobs, you could be an
MBA in sales and marketing or
International relations or hold a degree
in business communication to get start-
ed with a construction company.
Useful skills in this career:
1. Technical aspects of building and con-
struction
2. Latest news on market prices per
square feet of home/land/plots in dif-
ferent areas
3. Stocks and shares status of various
companies
4. Various marketing, selling, and pricing
strategies to attract customers
5. Large network of shareholders or buyers
JOB ROLES:
The real estate industry offers a num-
ber of career opportunities for graduates
from across streams in construction and
infrastructure management. Unlike popu-
lar notion, this industry is not only about
land and buildings. From investment
banking and management to research,
valuations, project management, quanti-
ty surveying, corporate real estate, facili-
ties management, sales and marketing,
the industry offers plenty of job roles. The
sector now offers one of the widest
career choices one can think of. Real
estate; construction; infrastructure;
investments and asset management are
some of the major components of the
industry.Those with some capital can get
into the field through acquisition of prop-
erty or land, and develop it for further
sale. You can also work with developers
and financiers who buy land, overseer
the construction for the commercial or
residential project, get the necessary
permissions and then convince people to
spend their hard earned money on a life-
time expenditure. It also entails purchas-
ing old properties and mortgaged or dis-
puted lands and plots or houses and
then legally converting them into sellable
properties. Real estate development as a
career, therefore, covers a variety of dis-
ciplines like marketing, finance, and
material organization and supply chain
management.No wonder then, the indus-
try is looking for talented professionals.
The following are some of job roles
available in the real estate sector:
Residential real estate broker - A bro-
ker dealing in residential properties may
represent either the buyer or the seller.
Commercial real estate broker -
Such a broker sells hotels, office space
and similar commercial real estate prop-
erties. He/she may concentrate solely on
retail office space, mall space, industrial
space or hospitality space.
Real estate appraiser - Such people
determine the fair market value of a
home for sale. They assess the value of
properties on behalf of an appraisal firm,
a bank or even major private investors.
Property Manager - Such a person
usually is part of a professional property
management firm and looks after the
investment of the property owners. He
handles customers and manages lease
and rent deals.
Facilities Manager - Facilities man-
agement as a concept has just begun
emerging as the best possible route of
maximize profitability and reduce over-
hears in large real estate projects such
as residential townships, office buildings
and malls.
Real Estate investment consultant -
Such a person has extensive inside knowl-
edge of the real estate market and advises
property investors on the best investment
options. His main focus is to locate proper-
ties that will appreciate in value.
Project development experts - Such
people are at the very nexus of the prop-
erty market, and help create saleable
properties. They advise developers on all
aspects of the project, from the blueprint
stage of final deployment.
Scope and Opportunities
Infrastructure and Real Estate is the
right career for you if you have penchant
and passion for making big money, incli-
nation to 24/7 hard work, and the ability
to guide and supervise a team of
builders, consultants, labourers and site
managers.
Today in India, several popular web-
sites such as www.Indiaproperty.com,
www.99acres.com and www.Indiahousing.com
allow people to buy and sell properties
across the country. These websites act as
mediators between buyers and sellers
and can help new entrants into the busi-
ness. Advertisements in newspapers are
also a source of developing business.
Real estate managers work for govern-
ment agencies that manage public build-
ings, real estate development companies
and corporations that have extensive
real estate holdings. Real estate
Managers also find work with real estate
departments in banks, NBFCs and trust
companies. They are also employed by
property management firms and real
estate brokers. Owners of residential
homes, apartments, office buildings, or
retail or industrial properties as well as
home owner associations hire a property
or real estate manager for the day-to-day
management of their real estate invest-
ments. After a few years of experience,
the real estate manager can set up con-
sultancy firms or a real estate dealership.
Those who are new in this sector and
have not yet established their feet there
might have to face risks and liabilities.
On the other hand, real estate can be
proved a rewarding career if you pos-
sess certain qualities and take care of
certain precautions while working as an
agent or professional in this sector.
Top Recruiters include Cushman &
Wakefield, DLF Limited, Unitech, Tata
Housing, Ansal API, Raheja Universal,
Larsen & Toubro Ltd, Punj Lloyd Group,
Parsvanath Ltd, Omaxe Ltd, 99 acres
and Magic Bricks
List of Institutions –Top institutes are:
z National Institute of Construction
Management and Research, Pune
NIREM -(www.nirem.org),
z Indian Institute of Real Estate
(IIRE)- (www.iire.co.in)
z
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