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How to Start Real Estate Business in India
As humans, we dwell upon lands to live, depending on the location and the land we pay our prices. Be it a posh house in any of the metropolitical cities or a piece of agricultural land, we need guidance over the dealing. A Real Estate agent would understand the need of the client, the preferred location, the future goals, and so on. However, there are various roles played by a Real Estate agent, sealing a deal is just a beginning, let us understand in depth.
Roles Played by Real Estate Agent
Before moving to the process of starting a Real Estate business, let us have a glance at what are the different roles played by an estate agent. Even if you act as a sole agent or open an agency, you would want to cover all the roles performed to increase your credibility in the market.
1. Administrative Roles
Considering a medium-scale Estate agency business, there are various administrative roles to be performed by an agent. This includes scheduling appointments with clients and comprehending their needs, doing cold contact and calls, developing a website and updating information periodically, showing the property, and so on. Administrative work is the basic part to be played by an agent for their clients and agency.
2. Research and Analysis
Keeping the obvious in sight, a real estate agent would have to carry out extensive research and analysis for various properties to understand the fair rate of the land. They have to keep themselves updated with the market trend that is going around and accordingly decide the price for a property. Another research to carry out is to have a nag of all the attractive or potential properties for showcasing to their clients.
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3. Marketing Roles
An agency would not rely on business or clients with just word of mouth or references, they need to perform a few marketing activities to spread the word about their services and increase credibility in the market. This majorly includes developing and publish content on their website, post articles and promote about their client’s property if available for sale, and so on.
How to Start a Real Estate Business
The various roles played by an agent would not only define their professionalism but also their undertakings and relativity with the clients. After understanding the importance of these roles, you can select which type of roles do you want to focus more on and start your Real Estate business accordingly. The steps are mentioned as follows.
1. Choose a Field
You can act as an estate agent for all types of different fields and areas. It can be a residence, commercial land, agricultural land, a plot, and so on. You have to first decide with a specific field on which you would spend your time and energy on. Remember, you cannot master in every field or gain credibility in a few of them, on an initial level the focus should be singular. With the passing years, you can aim for more areas and types.
2. Research and Analysis
Once you have chosen your field or the type of real estate agency you wish to incorporate, it would be crucial to carry out extensive research and analyze the potential for the same. There are certain things to keep in mind while carrying out your research that there are going to be many hurdles and difficulties in each field, and hence you should come up with strategies to avoid them. One of the best ways would be to gain knowledge from already existing Real estate agencies, that would give you an idea of the real game that you are about to step into.
3. Acquiring the legal documents
It is a very common case in India where newly opened real estate agencies or most of the agencies that are on a smaller scale, avoid such legalities. However, with all the laws now in place for Real Estate agencies, it is now mandatory and also recommended to acquire all the necessary licenses for your agency. These licenses would include, GST registration, Firm Registration, Service Tax, acquiring your Real estate agent license, and so on. It won’t just sound ethical to have this license but it would also reflect professionalism.
4. Start with your Plan
After finishing up with the necessities, it is now time to draw a rough draft for your business plan. By this time, you’d be already knowing the importance of having a business plan, especially if you are a beginner. You should draw all your expenses, funds, strengths, weakness, and so on. You should dive deeper into the area where you plan to have your expertise, figure out all the potential properties in those areas which you would be showcasing to your client in the coming days.
5. Building your brand Online
It may sound a little far-fetched to start building your brand on various online platforms, websites, etc. But every brand starts somewhere and they start small, in this age of digitalization it would be a wise decision to get your business online, gain credibility and see your business flourish. Online presence would also create an impact in the minds of your clients and it would also help you to reach a wider audience who could turn into your future clients.
6. Get your Team
You cannot handle all the things on your own even if your business is on a small-scale, you need additional assistance to see things work out. By building your team it does not mean to look for the experts, even the average ones would suffice. You just need them to handle research, administrative, or marketing work, whichever is necessary for your business to get a head-on start. However, this does not mean that you should hire amateurs for the beginning phase of your business. Once you finish this step, you are ready to incorporate your office and start your business.
A Real Estate agent handles all the administrative, marketing, and research work. The few steps to start a Real Estate Business are to choose a field, do research and analysis, acquire the legal documents, draw your plan, build your brand, and make your team.