If anyone wants to start a business in India these days, the real estate market can be a go to sector for him. This sector is a very promising one for someone who is new to business. It has already started to show its nature of being much profitable, as in 2017 the worth of this industry in India was 120 billion USD.
Since the sector is thriving at a great speed, it is expected to have a worth of 1 trillion USD by 2030. Well, the sector has not always been like this, it has also witnessed its fair share of ups and downs. There have been enforcement of many improvements and also enhancement of clarity in this business segment. After all these, this sector has found the ground under its feet in India.
The Real Estate Industry is a huge and booming industry, which has so many segments contributing to it and making it larger day by day. There are material suppliers, builders, engineers, architects, brokers and real estate agents, all are parts of this enormous industry, and they either operate from their own setups or get associated with other reputed players of the industry.
If someone really wants to pursue his career in this business he should follow some steps which can really help him in this sector. These 6 steps are-
Researching and Evaluating:
One must research thoroughly before jumping into anything or any kind of business in order to get himself to a satisfactory position. Evaluation is also needed from veterans who have been in this industry for a good amount of time. They will gladly share their experience and overview with newbies and it can help the new people to start their venture.
One can review his options and choose his area of specialty in the real estate business. There are chances to pursue options like commercial brokerage, residential brokerage or land investments. After choosing an area, one must focus on that side and grow himself to become a veteran in that.
Chalking Out a Business Plan:
A detailed business plan is a must in order to successfully get into this industry. The challenges of the sector have to be identified and steps must be taken to overcome them. If there are scopes for improvement, they must be looked into. A blueprint has to be created of the business plan where the structure of business, budget, funds and team hiring strategy will be mentioned. A clear and good plan can provide a direction to start the business in a stable way.
Obtaining Required licenses and Registration:
These were not much important once, but with the introduction of several real estate industry laws and legal refinements licenses and registrations have become very important. So, one has to register his or her firm to obtain service tax registration, GST registration, real estate agent license, which are all mandatory to run a business in this sector. Besides, if a firm has clean paperwork, it helps the firm to come up as more reliable to the partners and customers. So, these paperwork must be done before starting the journey.
Putting Together a Brilliant Team:
One can not obviously do everything by himself as a real estate business owner. He can just manage everything sitting on the top of everyone, but he will need other good and reliable people working for him under his instructions.
A team consists of many kinds of members such as sales representatives, business manager, marketing people etc. Best people have to be hired who can do justice to their roles. Professionally sound people must be on board and the team can be consisted of a mix of experienced and semi-experienced people, who can also undergo further training to be better. This step is a very important one in this sector.
Since people are relying on the internet more than anything these days, an online presence of the business is very important. Customers look into many sites to choose one finally, which helps them to find the difference between the companies and find the best deal for themselves. It also saves their time and effort. So a nice, attractive, effective in communication and comprehensive website has to be built, which can help to grow the business exponentially.
After taking all these steps a business in real estate sector is finally set. Then working hard to grow the business and making the customers happy will really help to flourish the business in this huge profitable sector.