– Amit Modi, director ABA Corp & president (Elect), CREDAI – Western UP
Commonly perceived as a traditional and unstructured industry, real estate has usually lagged behind when it comes to enticing young graduates. However, this perception has been gradually changing especially since the introduction of RERA (Real Estate Regulation and Development Act, 2016) that is bringing the much-needed transformation in the industry. Realty is now a sector run by professionals in an organised manner. As a lucrative career option, it is not yet getting the desired attention even though it promises excellent career growth like several other sectors. This perception continues to prevail mainly because of the common myths pertaining to the sector. So let’s debunk these myths step by step and open up the wide arena of opportunities this unconventional sector can provide.
Myth 1: Legacy business, no hierarchy in jobs
We all know starting as a developer is highly unlikely at the beginning of your career, but then that is not the only option. Like every other sector, there is an established hierarchy with careers under different specialisations. Marketing, finance, interiors, engineering, customer relationship managers, and analysts are some of the roles in real estate that require individuals with a professional degree and expertise in the domain. Reputed companies even hire CEOs to run the business who are not from the real estate families. There are several real estate companies that are being run by technocrats from non-real estate family backgrounds.
Myth 2: Only extroverts can survive
Being an extrovert might be a requirement for some specific job profiles, but this is not a key criteria for all positions. Fluent and persuasive in communication is a must-have for professionals in the sales and investors front. However, for all other roles, the industry welcomes extroverts, introverts as well as ambiverts.
Myth 3: Brokering is the only profitable role
This is the most baseless myth in present times, being a broker does promise some amount of commission. This cannot be regarded as the only good paying job in the real estate sector. Corporate jobs such as project engineers, facility managers, architects, designers, corporate communication specialists, and regional managers also offer a good pay package — better than what local brokers earn with every project.
While these are some of the myths surrounding the realty sector, moving past these can enable the youth to explore the sector and look for opportunities that interest them. However, let us first look at some of the skills and know-how that can equip aspirants better for a career in the industry.
1) Knowledge about licensing and regulations
Real estate is a vast sector involving high-end investments. For the residential category, more than the investment, sentiments of homebuyers take the lead. People usually invest their lifelong savings in their dream homes. A single glitch in terms of permissions or registrations can cost the stakeholders involved a fortune. It is of utmost importance for young entrants to closely study this area, and develop a habit of double-checking and approval from senior authorities.
2) Pick your segment
Residential, co-living, co-working, and commercial are the three prominent categories in real estate that offer a variety of jobs in different areas of expertise. The housing and commercial needs of the people are being rapidly changing now, someone who is updated with lifestyle trends has an added advantage because of their insights. Also, there are public and private institutions and universities providing specialised degrees for infrastructure development and real estate.
3) Understand basics from an experienced professional
An unbiased opinion from someone with extensive experience in the industry can prove to be valuable before stepping into the arena. He/she can not only give you a better understanding of the job profiles but also the competitive trends in the market. This can give you a headstart in your career.
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