The real estate sector in India is expected to reach a market size of $ 1 trillion by 2030 and will contribute 13% of the country’s GDP by 2025. The higher demand for office space in recent times was mainly due to the IT and ITeS, retail, consulting and commerce sectors. electronic.
Coworking spaces in major cities increased sharply in 2018, reaching 3.44 million square feet, compared to 1.11 million square feet for the same period in 2017. The growth of the real estate sector depends heavily on the demand for corporate environment, office space, and urban and semi-urban housing.
In view of the statistics, embarking on the entrepreneurial adventure in real estate seems to be a very lucrative option. But we cannot ignore the fact that the sector is inundated with new and established players. To emerge as a leader in the crowded space, it takes strategic planning to strengthen the foundations.
Reaching milestones in business is no coincidence or accident. It is the result of pure planning, strategy and hard work. The foundation is very crucial and if you nail it here you can overcome any difficult situation that comes your way. And it will help you if you are ready to embark on a journey to the real estate industry.
As an entrepreneur, your ambitions and goals must be constantly nurtured to help you become a disciplined and competitive person. Staying in the real estate game takes a lot of patience and persistence because instant success is not in its nature.
Here are some tips for starting a real estate business when you have meager savings:
Planning is the key to a successful business
You start by writing a business plan before you start operations. Planning should include logo design, marketing and brand building strategy, office space, number of employees, and budget allocation. This will help you take each step carefully, avoid being chased by difficulties, and set realistic goals for yourself. If you find it difficult to prepare a business plan, contact an expert for the right advice on how to structure the information and format. A well-written business plan not only helps you run the business, but also attracts investors and lenders for financial assistance.
Find the niche in the real estate sector
Real estate is a huge industry with four sub-sectors: housing, retail, hospitality, and commerce. Thorough market research is inevitable to come to a decision on which real estate market niche is right for you and whether the business idea is viable. The priority should be to research all aspects of the market to save time and money which is sometimes wasted taking the wrong path. Post-research information will help you identify the right skills and abilities to start the business. Most of the time, we live in our own fantasy world before doing our own research, which brings us to the real world.
Generate brand building ideas
As rightly saidFounder Jeff Bezos, “Your brand is what others say about you when you’re not in the room. ”
Branding is the process of making your business known to customers through various marketing campaigns. The goal is to create a perception of your brand that provides value for clients to appreciate and differentiate your brand from other real estate players. A successful real estate brand is defined by the customer’s holistic perception of your business. You cannot create a brand overnight; it is an ongoing process and an ongoing effort required to build long term relationships with customers.
Branding and logo design
Why does your brand exist? What is the vision and mission of your brand? The future success of your real estate business is determined by how you market your brand to your target customers. You need to start creating a clear message about what your brand stands for and the value it brings to customers. What is your unique value proposition? In the crowded real estate market, it is essential to develop a very clear and consistent message and make your presence felt among your target clients. Your organization’s message should be reflected in the slogan, logo, and other marketing materials.
Obtain seed capital
If you are budgeting the right amount for your real estate startup, sometimes a small amount is enough to start your real estate business. The only factor is to avoid making the mistake of calculating the full operational cost. It is always advisable to estimate the right amount needed to survive over the next few months before you start generating income.
We are always looking for commercial locations when it comes to setting up a store to catch the attention of passers-by. While it’s a good idea to start, it can cost you a big investment, which is not advisable when you are at an early stage. However, online real estate business doesn’t need a physical office in a lucrative location when you’re just a beginner. Today, coworking spaces across the country offer several packages to entrepreneurs. They have started offering something called a ‘virtual office’, which allows you to use their address as your official address and also use their office two or three times a month with a cost ranging from Rs 1,500 to Rs 2,500 for six. month. Imagine the cost you can reduce by working from home while using their address.
Make a strong online presence
Ensuring a good online presence for your real estate business is imperative. Most potential clients search online with keywords like “real estate agent near me” or any other real estate product and service nearby. With SEO optimization, you need to make sure that your website appears on the first page of Google or ranks higher in search results.
Content Marketing Strategy
Content marketing and social media marketing are the ideal and affordable solutions to market your real estate startup. Generating content in the form of thought leadership blogs and articles will help you amplify your online presence. You need to choose topics carefully before you stumble upon the writing. What are the latest trends in the real estate market? What factors are driving the growth of real estate sectors? Basically the kind of content digital savvy customers want to read on real estate. Email marketing is also one of the important tools to reach your stakeholders such as builders or end customers. Finally, being on social media allows you to grab the attention of real estate influencers and target consumers at no cost.
Demand for real estate will create more opportunities
The demand for residential and commercial real estate in India is attributed to rising incomes, urbanization, economic growth and increasing space requirements of sectors such as education, healthcare, e-commerce and retail. logistics. The government has authorized FDI of up to 100 percent for township and settlement development projects. India’s real estate sector attracted institutional investment worth $ 30 billion between 2009 and 18. There has never been a better time to take the plunge.
(Edited by Evelyn Ratnakumar)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)