A luxurious house with its best Interior designers In Kochi represents your status in society. Every single person craves the best possible house to show off his money to the world, which has led to the growth of the real estate business in India.
However, there are 300 million houses in the country, which is more than the population of many countries worldwide. Out of this, 11 million well-constructed homes are still vacant. Still today, many people are homeless and need a proper house to live in. Central Government has introduced the Pradhan Mantri Awas Yojna, which aims at building 30 million homes in urban areas in India by the end of 2022.
After the Agricultural sector in India, Real Estate is the second largest employment sector where most transactions are online. India has also witnessed a Foreign Direct Investment of $24.188 billion, which is 8.4% of inflow in the country. Investing in the world of Real Estate will be fruitful in the long run, making you earn a passive income too. However, it is not easy as it looks. I am here to make all the complicated things easy in their implication that will surely guide you towards your ultimate goal of profits. However, let us first understand the concept of Real Estate Business.
What is Real Estate Business?
The real Estate Business is a profession that includes the buying, selling or renting of real estate such as land, buildings, houses, offices etc. However, you need to have knowledge of the market, laws and regulations, the Economy of different countries, Negotiation skills, persuasion skills and good communication with the dealers to start this business.
There are 4 main types of real estate properties in India where you can invest in;
- Residential Real Estate
- Commercial Real Estate
- Industrial Real Estate
- Investing in Land
Let us See How You Can Begin your Journey in Real Estate;
It is essential for you to start your journey slow but in an elegant manner. You need to have knowledge of this field to invest your time and money. Follow these 7 easy steps to achieve your goal of being your boss.
Research all the Basic About the Real Estate Business
Google and YouTube have become the best source of knowledge where you can start your research from scratch and make money. Check out Google Scholars, as you will find relevant research papers for study. Analyze different types of real estate properties and hear from the billionaires who started with little amount and reached the top. It will surely motivate you and show a positive future in this business.
Choose the Specialty
A child in Nursery is focused on writing Alphabet “A” 20 times to make him independent and then move to Alphabet “B”. In the same way, you have to choose one field of Real Estate, keep your nose in the grindstone, and then develop your business in other fields. Specialization comes from your own experiences and the mistakes of competitors.
Take Advice from your Real Estate Businessman
Rolf Hochhuth, wisely says, “Only a foolish learn from experiences, the wise learn from experiences of others”. It is important to know someone’s failure and progress in their career and the roots of their business. This will help you understand all the procedures, investment plans, team persuasion and what they have faced for so long. Moreover, it will reduce your chances of making many mistakes.
Note Down your Business Plans
Now that you have the basic knowledge, you must take time and prepare your plans to implement systematically. A business plan will include your category of Real Estate, contacts to use them, investment plans to set a target, sources of funds, targets for every month, employment of the specialist and online business. Know about your competitors as it’s crucial to know their next move. This business plan will help you get up daily and reach your goals with all your positive energy.
Fulfil all the Business Registration and Licenses Needed
The legal issue takes time to resolve and easily loses customers’ trust. So, it has become mandatory to have your business license and registration. Register your firm as ltd. and LLP for service tax registration, GST, and real estate registration license. These all documents are essential for your future.
Set up an Excellent Team
If you move forward with an intelligent team, you will achieve your monthly target beforehand. Do not select employees just on a salary basis but judge their smartness first. Do prepare some basic tests to know about their knowledge. Take personal interviews to check their vision. Keep different business problems; see how quickly and smartly they respond. Go on various social networks, as you will face other people with different perspectives.
Start your Services Online
India is the 2nd largest country with most of the business online. Hire a web designer and launch a website that gives all the results of their search on the first page. Remember to optimize your page. If you are low on your budget, WordPress has different templates to launch your business online. This may take your time but will surely give you desired website for your work. Your client will visit again if you offer them a different discount on your services and reply on time and politely.