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Bitten by the biz bug? You’re not alone. There are a lot many enthusiastic entrepreneurs who are eagerly awaiting that opportunity to be the boss of their own business. And nothing compares to the business of realty with this vibrant sector rising like the proverbial phoenix from the ashes of the pandemic.
Laying the foundation
Before you set up any stream of enterprise, it is important to have an in-depth understanding of this dynamic industry. Research and examine every segment of the real estate business to know each function and how it works – from getting into land deals and developing property, to joint ventures, sales or brokerage.
Build your options
Once you have a fair idea about the money mechanics and where you would fit in effortlessly, you can go ahead with your plan. Remember, every business has its ups and downs. The real estate sector is much more volatile and involves greater financial implications. So, choose your stream – whether as developer or real estate agent – wisely.
If you opt to get into real estate brokerage – which is a fairly safe bet without big investment – conduct thorough research on the segment. You have options to choose from commercial involving offices, business centers, co-working spaces, retail which includes malls and shopping complexes, or residential realty which encompasses the gamut of apartments, villas, plotted layouts, and farms.
Research the best locations
Partnering with front-ranking developers in the city – like HM Constructions https://www.hmconstructions.com/ – is one of the foremost acts of professionalism in the industry. This is primarily because the Group has premium luxury projects in the most preferred neighborhoods.
“Bengaluru’s best selling hot locations are those of Kanakapura Road, Sarjapur Road, and Whitefield where maximum home buying interests are present,” shares Manjusrii Manilal, Head – Sales & Marketing, HM Group.
Get your licenses in place
Now that you know how it works, you must also factor in the legal aspects of the industry. Keeping all your legal paperwork in order enhances your credibility and professionalism which can go a long way in building trust among clients.
Study the various registrations, licenses, and laws governing your sector. For example, as a real estate agent/firm, you are required to register yourself or your agency under the Real Estate Regulatory Authority (RERA) under the Real Estate Regulation and Development Act 2016 by paying an annual registration fee varying from State to State. So, when prospective customers see that you are a registered realtor listed on the RERA website, they will learn to trust you, and hence clinching the deal becomes easier.
Besides this, get all your other business licenses, GST registration, partnerships, etc in place before you put out word in the market.
Associate with established developers
Now that all your legal aspects are in order, it’s vital to have a distinct business plan. For this, you need to chalk out the responsibilities of each member in your partnership or team. Find out the strengths, and weaknesses, of each member and build on the strong features. For example, if you are good at networking, you can build on this strength and begin marketing your enterprise and looking for high-end customers.
One of the most important skills is networking with those in the same industry, such as established and branded developers with a clear record of successful projects, such as the HM Group’s HM Constructions https://www.hmconstructions.com/
With a wide repertoire of luxury and uber-luxury award-winning projects in their stable spread across premium locations in the city, HM Constructions https://www.hmconstructions.com/ offers realty agents associated with them handsome commissions and privileges like no other.
Build happy customers
It’s your satisfied customers who can also build your reputation as a trusted realtor. So, try your best to make your customers happy in every way possible within your domain of work. Sometimes, it can involve going the extra mile in helping with their paperwork or even getting them in touch with a service provider or vendor for their interior work, etc. These small acts of kindness can go a long way in building up relationships and hence, a wider client base. Because a happy customer can tell others about your scope of work and help get you newer customers. Customer testimonials do build a business.
Wish you all the best!