9 tips to make it big as a real estate consultant
With 75 per cent of transactions in the real estate being diverted through a broker, here’s a look into a career option as a real estate consultant.
According to a recent study, Maharashtra itself accounts for more than 25 per cent of real estate investments which tells us that this is a really good time to pursue a career in the real estate sector.
Real estate consultants, who help in guiding customers to buy their dream homes according to their budget and expectations, carry out as much as 75 per cent of the transaction in the real estate sector. This makes the career of a real estate consultant a very lucrative one! According to a recent study, Maharashtra itself accounts for more than 25 per cent of real estate investments which tells us that this is a really good time to pursue a career in the real estate sector.
Eliminating real estate consultants with newer technologies and real estate apps may interrupt the entire chain and could prove to be dissatisfactory for the customers. Buying a house has always been a dream for everybody and according to the Indian mentality and lifestyle, it has been a family affair where people go visiting the sites to choose the perfect home for the family, to fulfill everybody’s needs and desires.
One cannot replace the human touch in this industry where consumer sentiments are important for the market demand. Hence, this section of the real estate sector, although not considered important among the mass, is one of the most important while looking at the real estate sector in India.
Broking not a low level sales job anymore
Brokerage in India is considered a secondary mode of profession to earn money, whereas it is sought out as merely a sales job and people who opt for it are generally not highly educated.
With RERA coming into play, consultancy in the real estate sector too would be bound by laws and policies. The broking sector has been largely unorganised sector for decades, it was considered as a low lying job and was considered a last option in the career list for the youngsters. Although In the last 10 years the perception has changed, with a lot of institutes providing courses for real estate broking, property management and consultancies, also MBA and management professionals are now opting to work with broking companies. Avenues have opened up due to digitization.
With property management being a 350 crore industry, hassel to generate lead as gone down, a lot of professionals are opting up their own broking companies or joining other agencies, to practice real estate broking in an organized manner. The models followed by JLL and Knightfrank are now being extensively used by the other smaller consultants too.
Here are a few tips and tricks to make it big in the real estate sector as a consultant:
the only thing that has been important while being a consultant in this industry is servicing the customers. Customers today are looking at good service along with the genuine clarity on subjects that they are confused with. If as consultants we are able to ensure that all their queries are solved before they need to ask us, the work is done!
Consultancy is not necessarily a sales job but more of a servicing job where the consultant needs to understand in detail what the customer wants and sees to it that it is provided promptly
If one knows their subject well, speaks with clarity, knows the nomenclature, communicates clearly and knows the facts, they will be able to be a success in the real estate sector
Nowadays, almost every individual has a smartphone with access to a good internet connection due to which consumers have become more informed; they know exactly what to ask for and expect. Hence, it is important to maintain transparency in terms of every parameter like taxation details, product details, commitments; all this should be documented before allowing your client to enter into an agreement with the developer
Being a thorough professional, welcoming the client and even managing post sales is sought out by consumers while choosing their consultants. A broker is typically known to multitask and hence post sales and customer importance is one area which would be of significant importance
With RERA coming in, playing the role of the consultants does not end with the customer giving you a cheque, it is just the start of the deal and hereafter, you have to handhold the customer through the entire construction process and ensure that they have a seamless experience because most of the buyers today are well informed and they do not like getting into the legal struggle late
Understanding the psychology of the consumers along with understanding the post sales is very important. According to the Indian mentality, the consumers buy houses during important occasions in their lives like birthdays, anniversaries and on auspicious days like Guddi padwa and Akshaya Tritiya as they want to make it a happy memory, this is something that the brokers today should facilitate
Keep reading keep studying is something that a broker should follow
Apart from this, accessibility is an important trait for a consultant. Real estate consultancy or broking as a profession will never be taken over by a robot as it is something that requires an emotional human touch. People have to be accessible. A challenge to any consultancy is that when an exponential growth takes place, it is very important that we have to be accessible to all our new clients within a stipulated span of time. Hence all the young entrepreneurs and the companies have to constantly try to engage newer customers along with maintaining relations with the older
The real estate sector today is booming with opportunities and the new generation today has a vast scope. With the changing policies in the real estate sector, business in the real estate is getting revamped and refurbished. The younger generation can take this opportunity to learn from this and inculcate their experience and expertise to making the real estate sector an organised one.