Are you stuck between legal processes and being successful as a real estate agent or broker in India? Then don’t worry as today we will inform you on how to become a real estate agent in India. Furthermore, we will take you through the registration process, RERA guidelines, things to avoid as a real estate broker, and more.
Who is a Real Estate Agent in India?
A real estate agent is a licensed professional who facilitates transactions in real estate property. The agent brings buyers and sellers together and acts as their representative in their deals and negotiations.
What are the Responsibilities of Real Estate Agents?
A real estate agent assists his or her clients to buy, rent, or selling properties. They inform their clients about the market situation and conduct walkthroughs, and they offer help and guidance through the procedure of buying, selling, or leasing properties.
Some of the responsibilities of a real estate agent may change depending on if they’re working with a buyer or a seller. Here are the main responsibilities of a real estate broker.
Real estate agents supervise the sellers and show reports to sellers’ results and feedback.
They advise the home sellers in making the homes ready for listings and showings.
The real estate agents list potential homes for sale on the local and the Multiple Listing Service.
Draft and deliver appropriate documents
They deliver and explain the documents in the transaction process.
Help buyers locate the property.
The real estate agents coordinate and convenience their buyers to visit and view their properties in their preferred area in their price range and meeting their criteria.
Craft offer and purchase agreement
When a buyer makes a decision to attempt a purchase the real estate agents help the buyer to craft their initial offer and the buying agreement.
How to Become a Real Estate Agent in India
The real estate market is no doubt one of the most profitable businesses in India. It is continuously growing especially in India, where there is high demand. Real estate prices are increasing as we speak and there is no better time than now to venture into the business.
Most of the time property owners have a hard time finding buyers or even getting a reasonable price for their property to be leased. Real estate agents come in in such a case and they help sell your property since they list it and set up the viewings for appropriate buyers and in the end, they are paid their commission.
For you to become a real estate agent in India it is must you acquire a license by complying with the Real Estate (Regulation and Development) Act, 2016. This act ensures all real estate brokers register with the appropriate state-level real estate agencies. Agents are given a RERA Registration number or license, which is valid for five years. Additionally, the registration fee ranges from 5,000 – 200,000 Indian Rupees. This fee is for both individuals and companies.
During registration, you will receive a form from the state authority which you will fill. When done you will submit the form with your copies of the following documents.
1. The last three years’ income tax returns receipts.
2. Proof of address.
3. A copy of your PAN Card.
4. Applicants’ other details
The certificate of registration is normally issued within 30 days of application.
Real estate agents in India need to apply for Professional Tax Registration.
Tips on How to Be a Successful Real Estate Agent in India
To be a successful real estate agent there are some simple guidelines you must follow for you to become great in the business.
1.) Be honest and clear with your buyer
You should make it known to your customer if you are in doubt of the builder’s track record. If you know very well there are legal issues with the property, make certain your buyer is aware of them. If your buyer is set on purchasing a property from a seller who merely has a power of attorney or in a colony that has not yet been regularized, it is your responsibility to inform them of the hazards involved.
2.) Being active online
In the current digital age, the internet is relied on by many for information, being active online is critical for earning trust and growing your organization. Have a google business directory, a social media presence that is active or a website where potential clients can learn more about your company and communicate with you. It gives you an upper hand in the chances of acquiring business from potential clients when they can readily connect with you.
3.) RERA registration
You should make sure you should register with the state’s Real Estate regulatory authority. The real estate (Regulation and Development) Act of 2016 established the Real Estate Regulatory Authority. The goal of this law is to safeguard land or home buyers while also encouraging real estate investment. The parliament of India enacted this act on 10 March 2016 by Rajya Sabha.
4.) Offline Research
You should go to your local district office and inquire about people who can assist you in obtaining the necessary licenses and certificates to become a successful real estate agent.
5.) The key to success is networking
Working with some customers may be tough to work or sometimes you may lack what they really want. Turning down your clients may not be such a good idea, instead, you should ask your fellow agents if they have any properties that suit the client’s requirements. In this state, you are able to help both your potential customers and your peers. You can finally split the commission if the deal gets to the final stage.
Steps on How to Become a Real Estate Broker
1.) Pursue a real estate course that has been certified by the state
As a real estate broker, you must be educated. The course covers topics such as real estate law, finance, insurance, taxes, and ethics. You have to complete the course and make sure it is approved by your state licensing board. This is for you to qualify to get a license.
2.) Pass the real estate licensing exams in your state
To be a real estate broker, it is necessary for you to have a license. The licensing exams cover several areas such as negotiations, real estate law, closing a deal, and working with clients. To check the requirements you should confirm with your original state’s real estate licensing board since each state uses different licensing exams.
3.) Work with a real estate broker
Being new in this field requires you to work with a real broker for a period of two years after getting a license. In most cases, people are advised to work with a real broker before sitting for their licensing exams. You first consider the company’s reputation, the number of agents working there and the area it operates before looking for a real estate broker to work with.
4.) Become a member of a professional real estate organization
After you’ve passed the exam and acquired your real estate license, you will deserve to become a part of your local Multiple Listing Services(MLS). Such organizations offer precise networking tools and professional resources.
Things to Avoid as a Real Estate Agent
1.) Expecting Immediate Results
Being new in this field it is normal for you to become excited and get ready to storm the real estate world by securing and selling listing after listing.
Instead, it is advisable you be patient and find a mentor who can guide you through the real estate world. If you are hardworking, show off your skills, and be patient, good things take time.
2.) Change your perception of customers
As a real broker, you should make your clients happy and they’ll frequently turn to you. You have to try as hard as you can to be a true advocate for your clients. With such attributes trust me you’ll have more clients heading your way.
3.) Poor communication with your clients
Proper communication skills are essential for you as a broker because a smooth flow of information helps the client feel confident in you and being catered for.
This is common in most real estate agents. It is important that you give yourself a break and spend some time with your loved ones.
5.) Focusing too much on social media
Social media is good but when you spend too much time on it it’s not worth it. You can use social media to cater to your clients’ needs and also check out your friends and family. Limit yourself to at least one hour in a day on social media and use the time wisely.
6.) Being afraid of minor confrontations
Real estate agents may sometimes have a “phone phobia”. They really don’t want to answer their missed calls or pick up their phones. They sincerely don’t want to answer the calls because there are specific confrontations they are trying to avoid.
How Can I Get Real Estate License in India?
First, visit the official RERA in your state and register as an individual agent. Then pay the required License fee. Finally submit your documents-ITR for the last three years, PAN card, and a copy of address proof.
The real estate license is obtained after 30 days from the day of registration.
Are Real Estate Agents Legal in India?
Different from other countries, In India, it isn’t a must that you must have a license to be a property dealer or broker, so it is legal
How much do real estate agents earn in India?
Real Estate Agent salary ranges from Rupees 0.2 Lakhs to Rupee 10.0 Lakhs and an annual salary of Rupee 2.5 Lakhs.
Being a Real Estate Agent in India is simple and all you have to do is first understand the responsibilities involved and what it entails. This blog also clearly guides you through the procedures such as the RERA registration and finally the breakthrough for you to become a professional Real Estate Agent.