Now Is The Right Time To Become A Property Broker
Do you want to launch your own real estate broking business? If yes, this is the right time to do so.
According to a report published by National Housing Board in 2016, India's real estate sector is expected to be a $180-billion industry by 2020. At present, it contributes 7.8 per cent to the country's GDP and offers numerous career opportunities.
A sector which was termed as highly unorganised only recently has been given a shape with the implementation of Real Estate (Regulatory & Development) Act, 2016. These moves are expected to bring about a positive change in the industry.
The Act has introduced a number of provisions that aim to bring professionalism into this sector and protect buyers' interest. According to experts, only those developers who are genuine and organised will be able to operate in the market. The Act will automatically wipe out unethical and unprofessional developers.
Due to such ongoing regulatory reforms in the real estate sector in India, the sector will gain confidence from both domestic and foreign investors.
What's there for real estate brokers?
Currently, the sector is going through a consolidation phase and you may come across news related to low demand, piling inventories, delayed projects, large builders going bankrupt, etc. These are all systemic issues.
Earlier, the sector was not governed by a law. Anyone could become a real estate developer or a broker. But this picture is changing fast.
With RERA on the horizon, real estate sector will undergo a phase of transformation. The sector will offer unprecedented opportunities to professionals who are skilled and knowledgeable, and property buyers will also prefer such brokers.
Are there any training opportunities available?
Gone are the days when anyone could become a real estate broker. The Real Estate Law requires all the brokers to be registered with Real Estate Regulatory Authority or RERA. The regulatory authority under the law will oversee brokers, who will be responsible for all their acts in real estate transactions. The authority will act quickly and won't shy away in imposing penal provisions in case of any defaults.
That means that the number of brokers in the sector will go down as people who are not capable to operate under a regulated environment will be out of business soon.
This trend will present an opportunity to professionals who have experience in corporate culture. Training and certification will arm them with necessary tools, knowledge and information to run a successful real estate broking business.
Organisations such as National Real Estate Development Council (NAREDCO) and Real Estate Management Institute (REMI) have already been running training programmes for brokers. These programmes provide you with an overview of broking as a business; financing; planning, zoning & development; legal frameworks; Vastu Shastra; safety norms; and several other concepts and models.
Moreover, you can launch this business at a very nominal cost, and all you need is willpower and commitment to succeed.