Indian real estate industry has seen exponential growth over the last few years. It has covered a considerable distance and come a long way in becoming the second-largest employment-generating segment in India after agriculture. Traditionally an unorganized sector, it has slowly evolved into an organized one and is fast becoming a recipient of foreign investments; for, real estate business is witnessing a level of saturation in many developed nations and as a result, many global giants are looking for opportunities in developing countries such as India.
Because of its growing popularity, real estate practitioners are using their entrepreneurial zeal towards establishing their own brokerage firms. So, in order to work towards establishing a successful career, it’s essential to start with extensive research, expert planning and constant follow-up. Here are some useful tips to take note of.
- Choosing the right business – One can start by owning an independent business but many choose to join a real estate franchise first in order to get the desired training and experience required to run a stand-alone business venture. Besides, working with an established brand name would only help establish more credibility with potential clients.
- Creating a sound business plan – A business plan must list out the objectives and financial calculations in clear terms to avoid error of judgment later. An exceptional business proposal will also positively affect in getting decent funding from financial institutions.
- Finding a suitable location – Locating strategic neighbourhoods to open real estate business is a smart decision. It’s essential to know the markets that one wishes to cater to and accordingly select a suitable place which has an ease of accessibility for clients.
- Funding the business – It is imperative to work out the capital at the very onset of developing a business plan. Any aspiring real estate entrepreneur will have to figure out whether he/she has enough financial resources at hand or will more funds be required. Banks definitely can be approached for loans, but the source of trusted family and friends should also be explored.
- Designing a real estate website – Setting up of a professional real estate website is a key step in attracting clients. Not only will it help market your service/brand, but will also help attract more and more realty shoppers as their search often begins online.
- Advertising – There are many advertising channels to choose from – newspapers, real estate publications, television, radio, and social mediums. This aids in providing good publicity to a business. In addition, services of a search-engine optimization company can also be used to boost the visibility of a real estate website on search engines.
In India, there are a few challenges that the real estate industry faces such as unclear land titles, low presence of industry status, insufficiency of sources of finance, dearth of labour, and difficult procedural processes, to name a few. In spite of this, the industry is warming up to professional standards and functional transparency of systems. As stated earlier, India’s real estate industry is growing at a practically high pace. Therefore, investors wanting to invest in India will benefit from higher returns as compared to any other global market. With this, the real estate industry will soon mature into a well-managed segment and entrepreneurial opportunities will only get bigger and better.