Today, house, land, is such a property, which gives an option to the people to make a better career for them, along with financially supporting them, starting any business is always a task full of efforts, we Success is achieved only after coming out of many efforts and difficulties. But if in any business we work continuously and with full readiness, then success may come a little sooner. Therefore, before choosing any business, it is most important to have complete information about it.
Today we are going to share information about real estate business with you through this article, so let’s know the whole process of starting this business:
What is real estate
“Don’t wait to buy a real estate, buy a real estate and wait”.
Such a property which is immovable, and by which a person can sell that property and earn good profit and get good profit from it to grow financially for himself.
What is real estate business
Real estate business is a very different type of business, the percentage of profit in this business is very high. Most of the people live unaware about this business, but in simple words, this business is the business of buying and selling of house, land, office, flat etc. You can also do it yourself and you can also start work through partnership and tie up. Today, through this business, many millionaires are earning in million by doing their business on a large scale.
“90 % of all millionaires go through owning real estate”.
Future of Real Estate Business
Real estate business in India is growing all-round, and even today it has established itself as a big and profitable business like other big business. It is being estimated that by the year 2020, this business may increase to 2000 crores, which is quite good.
Changes in Real Estate Business
Many people did not give the real estate business as much importance as it deserves. But recently Indian real estate has seen many reforms. With the implementation of the Real Estate Act, concepts such as Real Estate Investment Trusts (REITs) and title insurance have been introduced.
Due to these Indian real estate is now shaping up to become a more transparent and customer-friendly business. It is a matter of happiness for both, whether it is a home or property buyer or a person who wants to step into this field to start real estate business.
How to start real estate business
Real estate business is such a business, in which without taking full knowledge, putting money in this work is like not putting money in the right place, so this business should be started with the right knowledge and understanding, by buying land in this business By taking construction and legal proceedings, keeping all the facilities in mind, making your team, making a profit by selling the property by satisfying the people or customers.
REGISTRATION OF REAL ESTATE BUSINESS
Before starting the business of real estate, you have to decide whether you want to start your business in this field individually or as a company or partnership etc. Apart from doing business individually, if you want to start business in a company or partnership, then you have to register your business with the right authority.
Creating a financial budget is very important to make your business financially stable, it is a difficult task but the right kind of financing is very important for the future. If you want to start a personal business, then you can start a business by investing your own capital.
But if you want to start your own company then you will need more capital. For this you can take a loan from any bank, but remember that bad loan can make your business worse in future. Therefore, before taking a loan, know all its terms and conditions very well.
The implementation of the new Real Estate Act (Act) has brought about a huge change in the world of real estate business. Now before setting up a real estate business you will need to register under RERA for the respective state where you want to operate. This can easily be done by contacting a consulting firm.
Registration can either be a laborious task or can be easily done with the help of a good consulting firm. A good consultation firm is able to get your registration done within a day or two. After registration, you will get RERA number which you will have to give in all future deals.
Real estate business taxes
For business activities, different taxes apply. So first you have to be aware of them. If you have to work as a personal agent, you will have to file income tax, because for registration under RERA, it is required as a mandatory document.
If you have incorporated a company etc. in your business, then you will now also have to apply for a GST number, which is important due to the recent implementation of Goods and Services Tax. This is now a mandatory step as all the financial activities have to be in accordance with the central government.
If you want to be successful in any profession, you must have the right knowledge of your work. There is not much awareness for real estate education in India though there are some companies across India that organize seminars and trainings for real estate aspirants across India.
Attending such seminars and training will boost your confidence and help you learn a lot of new things. You can look on the internet for such training and book your seat for them.
If you can, you can also work as an internship in a big real estate company for a few months, so that you can really understand the work and adopt them in your business.
Select your area in Real Estate
When you are absolutely sure that you want to start a real estate business, then you need to decide the next step to move forward in real estate. You have to decide whether you want to work for a residential brokerage or a commercial brokerage or both.
Portfolio – Create your contacts
Contacts also play an important role in the real estate business. Your value in this business is determined by your portfolio or the people you are associated with. Work with the best people in the industry and keep in touch with the best.
You get a large percentage of the work in the real estate business through your contacts. This is because it is a vast field and to compete with others, you need to work with others.
To master the art of brokerage in real estate, you need to look at a lot. Inspect developers, inspect other agents, inspect homebuyers. Watch it all and only then can you have a chance to be on top. This business is dynamic, it can change anytime.
To keep up the pace, and drive yourself along with it, you have to embrace the changes and make your decisions accordingly. This is possible only if you are very aware of all the activities around you.
Detail – Decide your place of work
Any type of business needs expansion at a certain level. When you have dedicated enough time to real estate in one location, you can start looking for other good markets for your business. You can start a business there by researching about real estate in different cities or states.
Here your contacts with people will prove to be important to use. By attending trainings and seminars at different locations, you will get to know about the real estate community at different places. Consult real estate experts who have knowledge of real estate in different states and finally, decide on your workplace.
When you’ve started expanding, you also need to decide where you want to work. It is not possible to operate in different states at the same time so choose the largest market for yourself to handle all the work.
Marketing of Real Estate Business
For the business to grow successfully, you will need to advertise it. There are different ways to advertise in the real estate business and the best advice is to try them all. Advertise on social media, advertise in magazines.
Target your specific clientele like commercial clients, house buyers etc and find out the ideal mediums to connect with them directly or indirectly. Nowadays many online portals like Magic Bricks, 99 Acres etc. list properties for free for the first time,
You can put your and your clients’ properties directly on those portals. Later you can also enter a new listing by paying the fees. The advertising results may not come immediately, especially in the real estate business, but you will be patient and gradually you will start seeing results. Advertising is important when expanding and if people like your work, you are sure to prosper.
Keep the following things in mind
1) Get into this business only after making a complete plan of your business.
2) Make as many and good contacts as possible.
3) Make sure to register your business, this will increase the confidence of your clients in you.
4) Be a part of the camps and seminars organized by the government and other private companies from time to time, so that you will be aware of the new changes and will be able to keep yourself upgraded.
5) Never give wrong information about any property to your clients, it can reduce your reputation and your business can also be affected by it.
6) Set your commission percentage correctly and effectively, so that you can make profit and the client is also happy.
This was some important information about starting a real estate business, hope you liked this article. Stay connected with us for more such articles.
How much does real estate business cost
To do any real estate business, lakhs of rupees are spent on buying land, cost of doing work related to it, and its maintenance, construction etc.
- land – 5 lakh
- The cost of construction – 20 lakhs to 50 lakhs or even in crores can be applied according to the business.
- Salary or Payment- You can keep from 10000 to 20000.
The entire cost almost depends on the business.
Some businesses that are small may even cost 50 lakhs.
In some big businesses, this cost goes up to crores.
For example, suppose you buy a property for 5 lakhs, and then after constructing it, sell it to the right customer only after 5 years, so that the right profit can be received.
How much is profit in real estate business
- Profits in real estate business always depend on the size of the business.
- This profit can go from lakhs to crores.
What is the name of top 10 company in real estate business
The main names of the top companies related to real estate business are-
- Brigade Enterprises
- PNC Infratech Limited
- Sobha Limited
- Indiabulls Real Estate Limited
- Prestige Estate
- godrej property
- oberoi reality
This is the top 10 company of main India, which is earning lakhs of crores by making its name and identity in the real estate business.
In this way, by working in this business, people are making a career by getting the house, land and property of the people’s father-in-law and earning good profits in this field. The most important money in this business has to be invested in the right way, with understanding, and right knowledge, success can be achieved in this business.
How to become a real estate agent
There are some important things to become a real estate agent, which are as follows-
- Making sense of the market, keeping in mind the preferences of the people.
- Contact with people doing property business or real estate business.
- Fixing some of your commission.
- After finding the customers, the property which is to be sold, giving information about its full features and special things to the property buyer.
- Bringing customers and showing things related to the property.
- Earning profit by getting your commission on selling the property.
In this way work is done by becoming a real estate agent, and good profits can also be earned.
Q: Can I start real estate business anywhere?
You can start the business of real estate anywhere, just the information and place of the market should be such where there is the means and facilities.
Q: Buying any land and selling it in minimum time can give profit?
After buying any land, it should be sold only after a minimum of 5 years.
Q: What are the advantages of real estate business?
Benefits of real estate business-
- It is helpful in getting the right property to the people and according to their requirement.
- It is a very good profitable business with the right information.
- To help the customers in giving a good guidance to the people outside in big big cities.
- To do construction keeping in view the technology and development happening at present, so that to give all facilities to the people at one place.