How to Start a Real Estate Business in India – A Complete Guide!

Real Estate

How to Start a Real Estate Business in India – A Complete Guide!

Do you want to start a real estate business in India and become part of this quick-paced, exciting and remunerative sector, slated to reach a trillion-dollar by 2030? Then, without wasting any time, let’s get straight to the point and go through this short guide that teaches you how to start a real estate business in India.

How to Start a Real Estate Business in India | 10-Step Guide to Start a Real Estate Business in India

From seeking expert advice, initial research to taking care of administrative formalities and technical aspects, this short overview guide covers everything required to start a real estate firm in India. Depending on the type of firm you register or the scale at which you intend to begin, you can interchange the sequence of the steps.

  1. Get Initial Expert Advice

One of the foremost things to start a career as a real estate agent in India is to seek expert advice. You would find many people prepared to share insights and experiences unless they doubt you would stand as their competitor in the same market. As a newbie, learning from their knowledge and experiences can help you understand the promising side of the real estate sector and the challenges you may confront as a realtor.

  1. Choose Your Specialty

Once you’ve researched enough about the business and sought expert advice, it is time to choose your specialty – whether residential real estate, commercial real estate or land dealings. You can choose the one that interests you and the one that is potentially promising within the market around you. For instance, if your local market has a higher demand for residential real estate, you may specialize in it. Although, at the same time, you can keep an eye on opportunities brewing within the commercial realm and try to leverage them.

  1. Register Your Business

Now, it is time to register your business. You must decide whether to work as an individual agent, register your firm as an OPC (One Person Company), or a proprietary firm, or want to partner with someone to begin a partnership firm. Connect with a practicing CS (Company Secretary) firm to help you with the company registration formalities. This step is part of compliance. Hence, ensure you do not miss this.

  1. Register for RERA

As a realtor, you will have to register under the RERA (Real Estate Regulatory Act) of the respective state. The same CS firm through which you registered your firm can help you here. You can do this in around two to three days. Once the registration is successful, you get a RERA number, which you will have to use in every deal.

  1. Prepare a Business Plan

Now that you have the necessary registration and licenses by your side, you should now create a solid, sustainable and promising business plan. Talk about your business structure, business funds, resource building strategy, initial business expansion strategy, etc. through the business plan. Make it as comprehensive as possible to give your business a definite direction.

  1. Gather Resources

The next step is to gather resources, including human, technological and infrastructural. Leverage technology in the right and productive manner. You may want to invest in a CRM system or a mobile application to expedite business deals and create a website to list properties and help prospects connect with you. Additionally, you can take a step ahead and invest in developing virtual tours for advanced customer service.

  1. Keep Developing Contacts

This applies to every business, and the real estate business isn’t an exception to it. Step out of the office, visit developers, property owners, and participate in various business forums and local business chapters to stay visible and let people know about your firm and your expertise to get them to your inventory. Remember, the more extensive your contacts and your inventory, the better and the higher number of choices you can provide to your prospects. After all, it is your technical expertise and inventory for which people will come to you.

  1. Promote Your Business Extensively

This is a process that continues forever. However, it must be done more aggressively in the initial stages. Talk about your business, at times deliberately and sometimes subtly across various platforms and business forums.

Create social media handles to explore the virtual realm of business generation. Keep your website updated with blogs, industry updates, and SEO-friendly content to make it gradually rank high across local searches. Set definite processes and workflows to convert leads into prospects and prospects into customers.

Of course, everyone does it these days. However, the visibility you earn everywhere would stem from your innovative thought process and how you pitch your inventory, your deals, etc. to your prospects.

  1. Scale Up Your Business

You may start small. However, you shouldn’t remain a small business forever. With contacts, opportunities and business, you must look forward to scaling up your business. Handpick reliable human resources, sense opportunities across other locations and plan for expansion to other cities and states. Try to step out of the initial technical role and move up to take care of strategic planning, business expansion and collaborations.

  1. Continue Learning and Staying Updated

While in the real estate business, you cannot afford to stay aloof from what’s happening in the market or rely on old and obsolete information. The real estate business is excessively dynamic. Rules and regulations, norms, and trends may change almost overnight. Amid such a rapidly evolving environment, you should know what’s happening across the global, national, regional and local real estate space to render appropriate advice.

The more organized your beginning, the better your business fares in the market. The key to a planned beginning is to train yourself formally through a comprehensive real estate course that helps you explore and hone the entrepreneur in you. IREF’s MBA in Real Estate can help you here. To know more and train yourself in real estate entrepreneurship, call +91 76205 52951.

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