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How Profitable is a career in a real estate business in the 21st century?

Considering the requirement of professionals to build new projects, opportunities in the real estate domain are immense. Despite being known as one of the largest employers in India, the real estate business is never preferred as an ideal career option among youths. The sector is often perceived as an unstructured market, the regulatory body like RERA (Real Estate Regulatory Authority) is slowly working towards making real estate an organised business, which will soon offer more employment opportunities in the future.

India is home to the world’s 18% of the total population, to cater to housing requirements for such a large mass is extremely tedious work hence, the demand for talented people in the real estate sector is increasing rapidly.

The professionals from civil engineering, Legal, HR, sales executive, finance, and marketing now have a plethora of opportunities in the real estate sector. As the market will evolve and expand the role of the architect, digital marketing, graphic designers, interior designers and 3D animation will become prominent.

Skillsets required to become a prominent player in real estate

One of the most essential skills is to have the passion and drive to work with India’s demanding rich. The ability to negotiate and impeccable communication skill is mandatory to crack million-dollar deals. Other skills include having eyes for detailing and for all sorts of information that will be relevant to your growth.

“This is very important as clients in the HNI space are very knowledgeable themselves. It is, therefore crucial to keep them enriched with precise and accurate information,” says Anand Narayanan, National Director, Residential Agency – Knight Frank.

Having exposure to a wealth management firm will be an added advantage, as the role offered in the real estate sector is more or less similar. You’ll be offering advice and service to retail businesses or High Net worth Individuals (HNI). Apart from this individuals should also keep updating themselves with the latest sector updates.

Career Growth Prospect

The residential broking sector at present is estimated to be worth about ₹ 2,500 crores and is growing at a rate of approximately 20 to 25 per cent per annum. The opportunities in this sector are highly lucrative. Surprisingly, a trainee can earn a salary of ₹ 3.5 lacs a month and a senior manager can expect a salary of ₹ 12 lacs a month (the remuneration varies on the basis of demographics). The salary structure of the senior management and directors varies depending on the property advisory firm. A similar salary is expected for legal, finance and, administrative department as well. One can estimate that the real estate sector will soon emerge out as a prominent employment unit in India.

Job Responsibilities

Life as a real estate agent you’ll be assisting clients in buying, selling, and renting properties. A real estate agent or salesperson does similar work to a broker, but brokers are licensed to manage their own real businesses. Real estate agents must work with real estate brokers. Apart from being a broker, an individual can work in the legal team of the firm, marketing is also a crucial part of this domain hence, marketing professionals also have a bright chance to build their business through liaising with prominent broking firms.

The role of the legal and marketing domain will be oriented to fulfilling needs in the industry. Professionals’ work profiles are heavily oriented to offering services to clients or firms. All in all the estate sector job profile is divided into administrative, research and marketing domain.

Millennials should consider the real estate sector as a go-to career option. It’s the right time to enter the industry and once equipped with the understanding and its functioning, one may branch out into further specializations.

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