Careers in real estate

REAL estate agents are matchmakers, bringing buyers, sellers and homes together. A real estate agent is an individual who works for a real estate brokerage firm and represents one of the involved parties interests during the sales process. The term real estate, or "real property," refers to the ownership of land and interests in land. Most real estate agents are independent salespeople who provide their services on behalf of a licensed real estate broker. The broker pays the agent a portion of the commission earned from the agent's sale of property. Earnings are almost always based strictly on commission. Good real estate agents understand the local market inside out. They help house- seeking clients find neighborhoods and homes offering the best balance between their lifestyles, concerns and budgets.

Qualifications & skills

Realtors agents also act as intermediaries in price negotiations between buyers and sellers. It requires the ability to search for clients and close deals. A common misperception is that someone interested in homes and architecture can have a prosperous career and success in this line of work. Aspirants' must be able to interact effectively with various types of people, as this is a relationship business. Flexibility is also an essential quality. There are no fixed working hours nor a fixed monthly income.

Licensing is a must for this business. An MBA degree is useful to have, though not essential, as is a degree or a diploma in architecture, development and design. While courses in real estate per se are not offered in India as they are abroad, there are some online courses like Californialicencse.com, an online real estate training portal which gives a fair idea of what real estate is all about. If you have studied any related concepts like real estate principles and practices and law and property management, it is indeed helpful.

Work

Developers can work as a prime negotiator and a financial whiz. Developers buy land, persuade zoning officials to grant permits and manage the labour that builds a commercial or residential project, all the while overseeing the budget and sales team.

There are a number of choices in area depending on where your interests lie. The residential part tends to attract people focused on building homes and creating individual living environments. . Retail attracts people who are sales-oriented and interested in commerce, the movement of goods and the space in which to do that effectively.

If you're a relationship builder, you can consider becoming an acquisitions expert who generates property leads, negotiates purchase contracts and works with government officials before handing the property over to a project manager. If you're more analytical and have a head for numbers, an asset manager who handles budgets, forecasting, cash flow, accounting, operations, and long and short-term financing, could be just your cup of tea. In general, larger the firm the more specialised the job.

If you're have some capital, you can start your own firm buying distressed property and renovating for sale. If you don't have a college degree, you can sign on with a small developer and work your way up. No formal education is necessary though it is desirable. Gaining practical experience by trying to do a few deals of your own is important. Courses in technology will also help, because you'll need to know how to use spreadsheets, databases, graphical analysis and geographic information systems.

You can also go into real estate business part-time. The most important attribute of a productive real estate career is not so much the amount of time you put into it, but the quality of the time you invest.

Whatever size company you choose, it is important to choose a reputable company and to find a situation that provides a suitable work atmosphere. With experience you can make a shift from selling real estate to managing others selling real estate by becoming a branch manager. While individual agents are the players who get the glory of hitting the home runs -selling the property, signing the difficult buyer or convincing people to relocate, branch managers are the realty industry's coaches.

Regardless of how you enter the field, real estate development as a career is like a smorgasbord of marketing, finance, and material organization and supply chain management.

PAROMITA PAIN

paromita.hyd@cxknetwork.com