Real estate business

6 Steps To Starting A Real Estate Business In India: A Beginner’s Guide

The real estate market in India is one of the most promising sectors for starting a business today. From a size of $ 120 billion in 2017, it is expected to grow to $ 1 trillion by 2030. Yes, this sector is thriving at jet speed, attracting people from all walks of life to create their own. business here.

It’s amazing to see that the real estate company in India wasn’t it rosy all this time; in fact, the industry experienced its share of instability before becoming one of the most advanced companies in the country. With increased transparency and the application of improvements such as RERA, FPI, and Title insurance, the industry is now better looked after and better protected.

So, if you are planning to enter this market and carve out a niche for yourself, it would be a good idea to do your homework before you jump in. Preferred address has compiled this list of 7 essential steps that can help you reach your goals.

Indian real estate industry: an overview

The Indian real estate industry comprises several professionals who either operate from their own configurations or are associated with renowned players in the industry. From builders to material suppliers and from architects and engineers to real estate brokers and agents, they are all a part of this growing industry and contributing in their own way to its success. Whether you are interested in exploring the Pune real estate market or wish to respond to customers looking to buy residential property in bangalore, or it is for your potential real estate clients in Noida, Gurgaon, Ahmedabad and Bombay, you have to go through the same exercise as your counterparts.

Where to start your journey?

Step 1: Research and Evaluate

As in any other profession, to be able to enjoy a satisfying stint in real estate, you have to do some research on the subject. You could start by researching contributions from industry veterans. Unless you present yourself as a competitor, they would be happy to share their insight and journey with you. Nothing better than hearing it from the horse’s mouth and people who have been in the industry can show you both – the bright side and the challenges of starting a business in the industry. real estate sector.

Step # 2: Pick and choose a specialty

As stated above, there are many options in the real estate industry. You can get into business brokerage, residential brokerage or real estate investments. Depending on your preferences and the options available (domain knowledge, budget, etc.), you can choose one or the other. For starters, it would be ideal to focus on one area and as you grow older you could try the rest.

Step 3: Obtain the required licenses and registration

Although this was easily adopted earlier, with legal improvements and several real estate laws now in place, licensing and registration are now very important. In addition to keeping your papers clean, they make you come across as a serious professional and also boost the confidence of your clients. From registering your business (as a limited liability company or limited liability company) to obtaining service tax registration, real estate agent license and GST registration, all are crucial and mandatory. You will rarely have Fiand a real estate agent nowadays, those who lack would not. So, be prepared to get them before you embark on the journey.

Step 4: Write a business plan

Now that you have the required registration and licenses, be sure to create a detailed business plan. Put all your know-how into developing this plan and make sure that the issues you have identified are duly addressed and that you have mentioned room for improvement. Your business structure, budget, funds, and team recruiting strategy should all be mentioned in this plan. You can certainly improvise on each area; but a business plan will provide a direction to get started and will hold your hand as you walk the path.

Step 5: Build a brilliant team

This step is very important because you could not do everything as a real estate business owner. In fact, there is no need either. You can manage everything from the top, but you should have members to do the work for you. Don’t go overboard when hiring people, but make sure you hire the best. Whether it’s salespeople, business leaders, or the people responsible for marketing your brand, build a team of professionals who do justice to the role you’ve chosen for them. You can keep a mix of seasoned and semi-experienced team members, but don’t forget to train the latter as they come onboard so you’re all on the same page.

Step 6: Log in

Besides your offline presence, your online image is also important. Gone are the days when customers relied on the owner of the neighborhood grocery store when looking for properties. Today, customers visit different websites long before they visit an actual site. This helps them save time and effort and also helps them to evaluate different properties from several angles. Hence, create a nice, comprehensive and easy to navigate website and communicate your messages effectively. You can also use the website to post discounts and special offers! (Nobody hates a discount.)

So your business is now pretty much settled. All you need to do now is convert the queries into real transactions and grow your real estate business. However, don’t forget to keep your customers happy because they are the ones who will recommend you to their friends and thus help to grow your business.

Step 7: Go back to step 1 and follow the steps to develop

Once you have become a “pro” at your job, now is the time to develop yourself. You can choose a different specialty this time around or develop your own industry. In both cases, return to the first step and resume this path.

Good adventure !

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