Wednesday, 1 August 2012

Career as a Real Estate Consultant

Who is a Real Estate Consultant?
A real estate consultant deals with high-value property assets. He needs to have a clear understanding of what each client, is looking for, align these requirements with the broader market scenario and be able to deliver value in a complex and unstructured marketplace. His services range from showing properties, analysing area sales statistics, examining contracts before making offers or closing deals etc. Negotiation skills are absolutely mandatory to succeed in this field, and these are best picked up by observing seasoned veterans.
Skills required for the job
The primary set of skills that are required in this field are the passion and drive to work with India’s demanding rich. Other skills may be akin to what one may need to have if one were working for a wealth management firm. The job is the same — advise and service HNIs and build a personal rapport with them. One would also consistently need to update oneself on the sector and be aware of the latest market trends as well as future market predictions.
Growth prospects
The residential real estate broking sector at present is estimated to be worth about Rs. 2,500 crores and is growing at a rate of approximately 20 to 25 per cent per annum. The opportunities in this sector are highly lucrative. So, to be working in this field s a wise decision, he says.
The Payoff
A trainee can earn a salary of Rs. 3.5 lakh a month and a senior manager can expect a salary of Rs. 12 lakh a month. The salary structure of the senior management and directors varies depending on the property advisory firm
Skills
.    A great passion for the job
.    Assertiveness
.    A strong marketing/sales mindset; customer orientation
.    Organisation skills
.    A fair understanding of the dynamics of the real estate sector
How to enter in it?
There is no fixed criterion for anyone wanting to enter the business of realty consulting. However, it helps to have a background in business management and marketing communication. However, if you want to get into the technical side of the business, a background in architecture or civil engineering would be ideal
Institutes
No particular institutes.
In general, specialisation in real estate management (non- technical courses) is not available in India unlike in the West. However, autonomous institutions like NIREM (www.nirem.org), NICMAR (www.nicmar.ac.in) and IIRE (www.iire.co.in) are doing some pioneering work in the real estate space in India
Merits & Demerits
.    The level of sales incentives in a real estate advisory firm tends to be disproportionately higher than in a financial services advisory firm
.    The level of exposure and opportunities to get up, close and personal with HNI clients are much higher
.    There are ample opportunities for sharpening your skill sets in term of customer service
.    Most clients are available on weekends, so a working week would be up seven days straight
.    The industry is highly unstructured and fragmented in India


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