The real estate industry has traditionally been unorganised in India. However, of late the sector has turned towards corporatization. The implementation of Real Estate (Regulation and Development) Act (RERA) 2016 has acted as a catalyst to that effect. The sector is opening up to trained, informed and educated professionals as in any other industry.
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Some of the salient career options in the real estate industry are enlisted hereinafter:
- Residential real estate broker: A broker who essentially deals in residential properties and may act on behalf of a buyer or a seller of such property.
- Commercial real estate broker: A broker who deals mainly in commercial properties such as hotels, office space etc. Such a broker may concentrate solely in retail, office, mall, industrial, or hospitality space. His job entails extensive market analysis as commercial real estate is a preferred investment sector.
- Real estate appraiser: A real estate appraiser determines the fair market value of a property for sale on behalf of an appraisal firm, bank or a private investor. They are often involved in refinancing.
- Property manager: A property manager looks after the investment of owners in properties. He is normally a part of a property management firm. He handles customers and manages their rent and lease deals. Good negotiation and people management skills are required for the job.
- Facilities manager: Facility managers are entrusted with the job of managing large real estate projects such as residential townships, office buildings and malls. Their job entails reducing overheads and thereby maximising the profitability of the project.
- Real estate investment consultant: A real estate consultant is expected to have extensive inside knowledge of the industry. He advises property investors with respect to the best available options. The primary task of a real estate investment consultant in to locate properties the value of which is most likely to give a higher return on investment in the future.
- Project development experts: A project development expert advises developers on all aspects of a project from the blueprint stage to the final stage of deployment. His main task is to help create saleable properties.
There are still only a few institutions for training and development of individuals to take up jobs in real estate. In 1998, the government of India established the National Real Estate Development Council (NAREDCO) under the aegis of the Ministry of Housing and Urban Affairs. It offers a 3 week certificate course for real estate agents, sales personnel, customer care executives, direct sales agents and home loan agents etc.
Apart from the aforesaid, there are some private institutions that offer diploma courses in the field. The Nirem Institute of Real Estate Management (NIREM) in Delhi, Real Estate Management Institute (REMI) in Mumbai and Institute of Real Estate and Finance (IREF) in Lucknow are only to name few.
While a career in real estate industry appears to be a lucrative proposition for the future, and obtaining a diploma or certificate is advisable, currently most professionals in the field are recruited on the basis of potential and trained on the job.
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