Before deciding to venture into this business you must first make sure you are a licensed broker and a licensed sales agent. To gain prosperity in this field you must form a partnership with an experienced real estate broker to guide through the real estate world.
Steps on starting a real estate business
Here are some of the unique steps that can help you achieve your objective
1.) Do some research and evaluate
It is of benefit that you talk to experts ad acquire skills from them. They can share with you about their success and the strategy that can help you to succeed in the Industry.
2.) Getting Real Estate Agent license
In the current market situation the government makes it necessary to have real estate agents license to operate such kinds of businesses. The licensing fee varies from state to state. In India an individual will have to pay Rs. 25,000 as the license fee but for companies or societies they pay Rs. 50,000.
3.) Come up with an estimated budget
If starting the business as an individual it may be a tiring step and you may require additional finance and this may force you to take a loan. Doing this is very important for the future of the business.
3.) Come up with a business plan
You should create great business ideas and also try to predict your challenges, level of competition and many more. This will guide you to making a good business plan.
4.) Assemble your team
In this field you can’t handle all the work on your own and you need help for things to work out. By creating a team doesn’t necessarily mean that you only hire experts but you can also get average real brokers who can help a lot with administrative and research work.
5.) Expand your market
Once you’ve set up your business you should make contact with people from the industry to expand your network.
6.) Advertise your business
You can use social media and magazines to target your audience. Advertising doesn’t guarantee better results and it is advisable that you be patient, it may take long but it’s always worth it in the end. Advertising helps you to expand your business and reach out to many people.
How to start a real estate business with no money
1.) Build a partnership with an investor
You may lack the funds to invest in a profitable property, in such a situation you can be closer to the deal by teaming up with a property investor who may have capital to invest in real estate but doesn’t have support to go on with the deal. With this tactic you can both earn profit.
Microloans target to help newer businesses which need capital to grow. This funds may help a lot in investing in real estate with little money.
3.) Be a middle man
If you are an expert and you have knowledge of real estate market then you can assist sellers and property buyers to locate each other. It just entail profit and skill.
4.) Lease a developer’s property
With little money you may instead sell property on behalf of developers. You need to make contact with developers first before signing a contract to sell their properties. You can search online for the best developers.
How to start a real estate business plan
Business planning makes you more successful and helps you to figure out important things and also getting the behavior of setting goals and breaking records.
2.) Do a market research
By doing enough research you help yourself realize whether to pursue your target market and see if it is valuable enough. Research will help you save a lot of time and money and will also help you identify your strength and weaknesses in the real estate business.
3.) Social Media
This is the right option for beginners because it gives you a boost in spreading information about your business. You can use twitter, Instagram, facebook and any other social media platforms to advertise your business and in time you’ll gain popularity.
4.) Build a suitable website
Having a reliable website in the current world is crucial. Your website will help you make contact with your clients. You should also include your website URL in all your social media platforms so that clients can get back to you easily to inquire about your business.
5.) Putting up a shop
Real estate business ideas
1.) Become a Landlord
Becoming a landlord may be a very big move into the real estate business. This may reap you fortunes on a monthly basis, but first you’ll need to consider the size and location of the home and the state in which the home is.Being a landlord you’ll have to dedicate yourself to the landlord duties for you to be successful.
2.) Become a real estate photographer
Drone pictures and aerial photography of real estates are a great influence in the marketing strategy. This business idea may favor photographers with experience and passion towards real estate photography. Property owners may hire professionals to take interior pictures of their properties for marketing and selling them so if you acquire skills needed in photography you may collaborate with brokerages and in this way you’ll get access to landing monthly retainer clients.
3.) Manage property
Being a property manager means you are in full possession of your own company. It could be rental houses or even businesses. As the manager you will have the responsibility of taking care of your property and maintaining it, solving misunderstandings that may arise about your property and also marketing your business to help you reach many people who can pay you to also manage your property.
4.) Start property flipping
For such a business idea you’ll need huge amount of money and do enough research to see whether the property is worth being invested in. It involves decisions on how much profit or risk is involved.
5. Become a real estate broker
If you can access the right people you can start leasing out property which can make you good cash. But first you’ll need a license depending on the rules and regulations in your state.
6. Develop real estate Apps
Apps make life easy .Developing apps may make you fortunes in the future .If you are innovative and you share your idea with an app developer then it can be beneficial for the real estate business.
Profit in real estate business in India
Profit margins of the real estate project range between 15% to 20%.
Is real estate a good business in India?
The real estate business is very profitable in India and its rapidly growing. Its market I set to increase from 12,000Rupees courtesy of 2019 to 65,000 2040 and contribute to 13% of the country’s GDP by 2025.
Is it mandatory that you must acquire a license first for you to lease real estate in India?
As a real estate agent it is a must that you register and acquire license and a registration certificate from the Real Estate Regulation and Development Act (RERA) 2016 for you to carry out your business.
How much does it cost to get a real estate license in India?
Real estate agents in India pay a license fee of Rs 25,000 but for Real estate Companies they have to pay Rs 50,000 to obtain a RERA license.
Real estate is a rapidly growing sector and has greatly contributed to the growth of the Indian economy, it is advisable for all those who wish to venture into the real estate world to adhere to the necessary real estate guidelines to prosper in this field.