Want to know an interesting fact? The Indian real estate sector is expected to reach US$ 1 trillion by 2030. And it will contribute 13% to the country’s GDP by 2025! Given the statistics, it’s no surprise that many people are looking to enter the market.
While the industry is flooded with some established players, it is still a booming market with ample opportunities for the newcomers. Do you also want to kickstart your entrepreneurial journey in the real estate industry? Well then, read on to find how to start a real estate business in India.
1. Conduct a thorough research
Like in any other profession, you need to research the subject before putting together a company strategy that will be a success.
The best place to start is to seek input from the old players in the business. As long as you do not come across as a competitor, they will gladly share their journey and overview with you. and give you some golden points that you can take along with you on your journey in thereal estate business.
If you want to learn more, there are a few companies throughout India that conduct seminars and training for real estate aspirants. Participating in such events will increase your confidence and help you learn many new things.
2. Pick a speciality
Considering how diverse the real estate industry is, there are plenty of roles and opportunities to choose from. So start by researching the different professions available and decide on a domain that suits you. You can make a successful career in land investment, commercial brokerage, or residential brokerage, and so on. The trick is to focus on a single speciality and expand your business as you grow and learn.
Additional Read – Do You Need to Pay a Down Payment for a Business Loan?
3. Register your business
Now, the next step would be to register your business with the authorities. To begin with, you will have to register under RERA for the state you are operating in. You can hire a consulting firm to help you through the process. Once done, you’ll receive a RERA registration number as a reference for all future dealings.
4. Obtain a license
One of the most critical aspects of managing a real estate business in India is obtaining a license. Earlier licenses and registration used to be optional, but with legal developments and various real estate industry laws and regulations in existence, they are now essential.
After successfully registering your business, you need to obtain a real estate agent license, GST number, and service tax registration. But if you decide to work individually, you also need to file your Income Tax and provide the documents for RERA registration.
These days, it is uncommon to find a real estate agent without at least one of these. So, make sure you have these necessities before embarking on your business-related journey.
Additionally, getting licensed is crucial to start your journey right if you wish to get a loan at affordable business loan interest rates.
5. Develop a business plan
Whether you plan to start a real estate business, a departmental store or a paint factor- all of this requires planning. Writing your business plan will help you see your vision more clearly and help you to catch even the minute details you may skip, which can cost you money.
Therefore Brainstorm ideas and create a comprehensive business plan. Ask questions like:
- What is your business vision?
- How do you plan on funding the business?
- How do you wish to expand?
Put your industry knowledge to use and identify your challenges, business competition, targeted areas, and more. Once you write your business plan, find a mentor who can help review your business plan and point out the loopholes or intricacies you may have overlooked. Many seasoned brokers and realtors look for assistance with existing real estate companies or potential future partners.
This business plan will not only provide you with a direction but also help qualify for a business loan. Take this as the groundwork for your business—the stronger the foundation, the stronger the building.
6. Expand your network
Want to have a successful run in the real estate sector? Get started on your networking! Especially when you are just starting out, you need to place yourself in situations that allow you to make new connections, meet new people, and provide value.
Once you’ve established your business, it is important to connect with people from the industry to expand your portfolio. This will help you create a valuable presence in the market and earn substantial business through your contacts.
And while you’re at it, don’t forget to advertise your business and create your online presence for better growth opportunities.
7. Build an online presence
Never undervalue the impact of establishing and maintaining a presence on the most significant websites to your target audience. Because today’s consumers conduct extensive online research before visiting a real estate website, they can evaluate different things from various perspectives while also saving money and energy.
As a result, your goal should be to develop a welcoming, educational, and really easy website that effectively conveys your thoughts. On the website, you can also promote some discounts and limited-time offers.
There are different real estate advertising methods, and the best advice is to try them all. Advertise on social media, and advertise in magazines.
Additional Read – Common Hurdles to Tackle While Availing Business Loan
The bottom line
There is no business-building strategy that works for everyone in reality. But if you decide to launch your real estate company, you can utilize this manual as a guide.
Although, the most crucial traits for running a successful real estate company are dedication, perseverance, and service. The path to business growth is made considerably more accessible when you combine these qualities with a workable action plan.
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