Career as Estate Agent
Estate agents form the link between the seller and the buyer in the buying, selling and renting of immovable property (residential and commercial real estate). Estate agents carry out research on properties for sale and the real estate market.Real Estate Brokerage has two different faces on two different sides of the globe. While it is a dignified, white collar profession in the west, it is yet to progress beyond a blue-collar image in the Indian mindset. Indeed why so? Real estate brokers have made themselves infamous as middlemen, charging hefty commissions for merely connecting the buyer and the seller, and disappearing once the money is received. Many have a rustic background, working as shopkeepers, delivery boys, watchmen looking to make a fast buck in India’s growing cities. Client experience has largely been negative, with people often sulking over the need to run from pillar to post for completing formalities without an iota of assistance from the Estate Agents.
This rot has occurred largely because real estate brokerage is unregulated. In India, any Tom, Dick and Harry can become and Estate Agent. This is unlike the USA, where a license is mandatory for anyone wanting to open an Estate Agency. The absence of regulation of has resulted in the proliferation of fly-by-night operators with a get-rich-quick mentality. Consequently, consumer perception of brokers as middlemen and over chargers has solidified.
However, times are now changing. Just as Organised Retail took the consumer retail sector by storm, organised real estate brokerage is quietly setting shop here. Global real estate networks like RE/MAX, Caldwell Bankers and Century 21 are eyeing an Indian Presence. RE/MAX has associated itself with over 140 Estate Agents in India. Companies like RE/MAX have extensive self-regulation mechanisms prescribed for their agents, who operate as franchisees of the parent company, RE/MAX USA. Thus, while Government regulation is yet to establish a foothold, such private initiatives are already in operation, taking the first few steps towards restoring the tarnished image of the industry.
Indeed, white collar professionals can consider Real Estate as a career option in the near future, within three or five years. Self regulation, as in the case of companies like RE/MAX and industry associations like NAR (National Association of Realtors) is gradually intensifying, with the setting of strict service quality standards and laying down of severe penalties like fine and expulsion from the association in the event of any malpractice.
Moreover, the introduction of technology has made the business smoother. Today a customer need not run from broker to broker to
Also, the advent of property listing sites exclusively for brokers can provide a fillip to white collared real estate professionals. Sites like www.propertyfeast.com are revolutionary in the sense that they only accept listings from agents, not from individual property owners. If this model clicks, then routing of new property listings through brokerages will increase, making the sector more lucrative.
Although there are no formal academic requirements for Estate Agents, a degree in marketing, business, property studies or real estate are useful. IIRE(Indian Institute of Real Estate) Click me is a registered non-profit organisation, championing the cause of the Indian real estate industry. IIRE has evolved into a nationally renowned certifying and accreditation institute, dedicated to enhance the standard of real estate practice in India.
IIRE offers real estate education learning and related training skills, with updates and courses leading to a deeper knowledge on real estate practice. IIRE course programs are all distance learning programs which can be completed online. We are also in the process of tying up with vocational institutes, which have an all- India reach to deliver our courses.
An estate agent should:
have good business acumen
be persistent and self-motivated
have a pleasant, friendly personality
be patient, calm and considerate
have good people skills and be able to influence others
be responsible with high ethical standards
Estate Agents are employed by estate agencies and property development companies. Most estate agents are self-employed and work on commission only, although some employers offer a small basic salary and a (usually smaller) share of the commission money on each sale the agent makes. Some experienced estate agents with good contacts start their own estate agency.
BEST OF LUCK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!