Career opportunities in real estate
Real estate sector
Real estate in India is a fast growing sector, which holds immense importance in the economic landscape of the country. It is the second highest generator of employment opportunities in the country, surpassed only by the agricultural sector. It is a sector which is still to imbue transparency and sophistication in India. However, if you want to, the sector offers possibilities of an immensely successful future.
As foreign investment comes into the realty scene, professionals with right knowledge and qualification are in demand. If you have the professional training and know-how of real estate, then you can expect a handsome remuneration accordingly. Educational institutions in India are slowly waking up to the task of offering real estate courses to aspiring students from different backgrounds such as engineering, MBA, architecture, etc.
Educational institutes and Academic courses
The Indian Institute of Real Estate (IIRE), affiliated to the National Association of Realtors (NAR) in USA, offers certificate courses in real estate since 2003. Although the diploma course only had few takers in the initial stages, it has attracted enthusiasts of late. The institution is expecting to sign up 50 students for its eight-month diploma course in ‘Principles and Practices in Real Estate‘.
Similarly, London-based Royal Institution of Chartered Surveyors (RICS) has decided to explore partnerships with Indian universities and B-schools to offer RICS-accredited courses in valuation, construction and quantity surveying in India.
Some of the big institutes in India offering real estate courses are – S M School of Management Technology, Noida; Delhi Business School, Delhi; IILM Institute for Higher Education, Gurgaon; Akruti Institute of Real Estate Management and Research, Mumbai; Institution of Estate Managers and Appraisers, Kolkata; International Institute of Real Estate, Investment and Finance, Delhi, etc.
Real estate career options
Here are some of the common career choices in the real estate sector:
1. Residential real estate broker: You can either represent the seller or the buyer of a residential property, for e.g. an individual house or an apartment.
2. Commercial real estate broker: You can sell off office space, hotel, industrial space, retail space, etc. As commercial real estate is a preferred investment option for investors, you have to gain expertise in dynamic market trends and analysis and be able to gasp the speculations related to market behaviour.
3. Real estate appraiser: If you opt to be a real estate appraiser, you would need to ascertain the value of a home for sale. You would be required to assess the value of a property on behalf of major private investors, banks or a firm.
4. Property manager: As a property manager, you would be required to manage property on behalf of a property management firm. You would have to look after the investments of property owners. Negotiation skills are vital to the profile as you would be required to take care of rent and lease agreements.
5. Realty investment consultant: A real estate investment consultant has to acquire a depth knowledge of market conditions and advise the investor regarding the best possible option to invest. You are expected to advise on which properties have the highest possibility of appreciation within a comparatively short period of time.
6. Project development expert: As a project development expert, you would need to advise developers on all aspects of a project – from its initial blueprint to final delivery of the project.
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