A real estate agent is an individual who facilitates property transactions between sellers and buyers. They can work independently or be affiliated with an agency, but in either case, they must be registered with the State RERA. Read more career blogs at college49.
Who is a Real Estate Agent ?
A real estate agent is a licensed professional who works either independently or for a real estate brokerage firm. They represent either the buyer or the seller in real estate transactions and play a crucial role in facilitating property deals. In India’s thriving real estate market, becoming a real estate agent or property dealer offers promising career prospects. Along with possessing essential skills such as strong negotiation and communication abilities, real estate agents are required to obtain specialized licenses and gain relevant experience.
What does a Real Estate Agent do?
the key responsibilities and roles performed by real estate agents:
- Scheduling appointments and coordinating meetings with clients.
- Developing marketing plans, advertising campaigns, and budgets.
- Maintaining and updating databases of clients and property listings.
- Promptly responding to emails, messages, and phone calls.
- Conducting research on available listings and scouting properties.
- Analyzing and comparing property market trends and prices.
- Managing company websites and social media profiles.
- Creating and distributing promotional materials.
- Negotiating property deals and facilitating the transaction process.
What Do a Real Estate Agent Skills Have?
- Problem-Solving
- Negotiation
- Industry Knowledge
- Ethics and Integrity.
- Local Expertise
- Real Estate Law
- Networking
- Marketing
- Understanding of Architecture
What is the Eligibility Criteria for a Real Estate Agent?
To qualify for a real estate salesperson or agent license, certain general requirements must be met:
- Age requirement: You must be at least 18 or 19 years old, depending on the state, to be eligible for licensure.
- Legal residency: You should possess legal residency status in the United States.
- Completion of pre-license education: It is necessary to fulfill the required pre-license education as mandated by your state. These educational courses provide fundamental knowledge and understanding of real estate principles and practices.
- State license examination: Successfully passing the state real estate license examination is a vital step in obtaining your license. The examination assesses your comprehension of real estate laws, regulations, and best practices specific to your state.
What is the qualification of a Real Estate Agent ?
When applying for RERA registration, a real estate broker or agent is required to submit the following documents:
- Duly filled application form
- Copy of PAN card
- Name, contact information, photographs, and address of the real estate agent, as well as the directors or partners involved
- Copy of address proof, email ID, and phone number of the business premises from where the agent will operate
- Income Tax Returns for the past three years
- Name, type of enterprise (e.g., company, society, proprietorship, partnership, etc.), and registered address of the enterprise
- For real estate agencies, details of the agency, including the Memorandum of Association (MoA), bylaws, and Articles of Association (AoA)
- Details of registration in any other state, if applicable
- Information regarding any pending criminal or civil cases against the agent or the company
- Information about the past five years’ association with real estate projects, promoters, and advertisers for business purposes
- Copies of acknowledgment receipts, letterheads, and images of rubber stamps
What are the courses of a Real Estate Agent ?
Real Estate Education Programs
Real estate education programs encompass a wide range of courses aimed at providing comprehensive knowledge of the local property market and related matters. These programs cover various aspects such as identification, planning, organization, and strategic direction of real estate projects, allowing individuals to gain a competitive edge in the market. Real estate courses are available at different levels, including certification, undergraduate, and post-graduate programs.
BBA in Real Estate Management
The BBA in Real Estate Management is a three-year undergraduate course. Students interested in pursuing this program should have secured a minimum of 50% marks in their 12th-grade examinations. Upon completion of the BBA in Real Estate Management, graduates can explore job opportunities in architecture firms, consultancy firms, real estate developers, construction firms, and infrastructure development companies.
Course Name: BBA Real Estate Management Course Fees: INR 2,50,000 to INR 6,00,000
The BBA Real Estate Management syllabus covers a range of subjects including asset management, organizational behavior, business communication, principles of management, computer applications, project management, construction finance, real estate development, customer relationship management, real estate economics, finance management, real estate market analysis, HR management, introduction to real estate, regulatory processes and laws, land surveying and acquisition, risk management, marketing management, taxation, and more.
MBA in Real Estate Management
The MBA in Real Estate Management is a two-year postgraduate course. Students aspiring to pursue an MBA in Real Estate Management must appear for entrance exams such as CAT/MAT/XAT/CMAT.
Course Name: MBA Real Estate Management Course Fees: INR 1,50,000 – INR 2,50,000
The MBA Real Estate Management syllabus covers subjects like accounting and finance, entrepreneurship, managerial effectiveness and ethics, laws and regulations for real estate, organizational behavior and human resources management, introduction to real estate, quantitative techniques and analytics, principles of economics and markets, business environment and strategy, operations management, real estate investment and risk analysis, real estate development and property valuation, residential and commercial property marketing, real estate project management, real estate digital marketing and sales, urban planning and governance, international real estate markets and opportunities, and more.
Online Real Estate Courses
Students also have the option to pursue real estate courses online through various platforms. Online real estate courses offer flexibility and convenience. The course fees for online programs can start as low as INR 500.
Course Name: Fundamentals of Analyzing Real Estate Investment Platform: Udemy Course Fees: INR 649
Course Name: The Real Estate Financial Modelling Boot Camp Platform: Udemy Course Fees: INR 649
Course Name: Become a Mortgage Loan Processor Platform: Udemy Course Fees: INR 649
Course Name: Brief Intro on Commercial Real Estate Platform: Udemy Course Fees: INR 649
Real Estate Courses After 12th
After completing 12th grade in the fields of Science, Humanities, or Commerce, students can pursue admission in BBA real estate courses.
Course Name: BBA Real Estate Management Course Fees: INR 2,50,000 to INR 6,00,000
Free Real Estate Courses
Students can also explore free real estate courses that provide valuable knowledge and skills. These courses are offered by reputable institutions and platforms.
Course Name: Introduction to Personal Branding Platform: University of Virginia via Coursera Duration: 6 hours
Course Name: Introduction to Negotiation: A Strategic Playbook for Becoming a Principled and Persuasive Negotiator Platform: Yale University via Coursera Duration: 32 hours
Course Name: Construction Finance Platform: Columbia University via Coursera Duration: 17 hours
Course Name: Create Amazing Images Using Canva Platform: Canva Design School
Course Name: Sustainable Cities Platform: SDG Academy via edX
Course Name: A Quickstart Guide To Getting Clients With Cold Emails Platform: Udemy Duration: 1 hour 15 minutes
Course Name: Pay-Per-Click University Platform: Word Stream
Course Name: Free 30-Day Challenge for Realtors Platform: Skyslope Duration: 30 Days
Online Real Estate Courses with Certificates
For those seeking formal recognition of their real estate education, online courses with certificates are available.
Course Name: Pathways to Property: Starting Your Career in Real Estate Platform: Future Learn Duration: 2 hours a week, 3 weeks
Course Name: Application of AI, InsurTech, and Real Estate Technology Platform: Coursera Duration: 4 weeks
Course Name: Real Estate Training Platform: Study.com Duration: 41 hours
Course Name: Texas Real Estate Sales Agent Exam: Practice & Study Guide Platform: Study.com Duration: 22 hours
What are the different types of Real Estate Agent?
The realm of real estate offers diverse job roles for individuals pursuing a career as Real Estate Brokers. Among them, 32% of Real Estate Brokers work within companies, while 57% choose the path of self-employment. Let’s delve into the various job roles available for Real Estate Brokers along with their corresponding salary ranges.
- Real Estate Consultant Salary/Annum: INR 2,00,000 – INR 8,00,000
- Real Estate Sales Manager Salary/Annum: INR 6,00,000
- Real Estate Agent Salary/Annum: INR 3,00,000 – INR 7,00,000
- Commercial Broker Salary/Annum: INR 6,00,000 – INR 10,00,000
- Mortgage Specialist Salary/Annum: INR 4,00,000 – INR 8,00,000
How to Become a Real Estate Agent in India?
To become a real estate agent, follow the steps outlined below:
- Conduct thorough research: Before considering a career in real estate, it is essential to conduct comprehensive research about the industry. Utilize online resources, seek advice from experienced real estate agents and industry experts, and learn from their experiences. Gain insights into the challenges they have faced and think about strategies to overcome them. If possible, shadow established real estate agents during client visits to observe their business operations firsthand.
- Acquire relevant education: Although no mandatory educational qualifications are required to become a real estate agent, enrolling in professional courses specifically designed for real estate agents can be advantageous. Degree programs like BBA in Real Estate and Urban Infrastructure or MBA in Real Estate Management provide formal education in the field and offer in-depth knowledge through structured curricula.
- Choose a specialization: Real estate agents can specialize in handling residential properties, commercial properties, or industrial real estate. Select a specialization based on your interests and the demand in your preferred geographical area. Once you have gained experience in your chosen area of specialization, you can explore other types of real estate. Specializing allows you to attract relevant clients and build your brand in a specific niche.
- Obtain the necessary licenses: Real estate agents are required to register themselves under the Real Estate (Regulation and Development) Act, 2016 (RERA). The registration is facilitated by the Real Estate Regulation Authority (RERA), which issues a RERA registration number valid for five years. If you plan to practice in multiple states, you must apply for a registration number in each state. Additionally, acquiring Professional Tax Registration, imposed by the state government on professionals conducting business within the state, is also essential. This registration is valid for one year. Registering and obtaining the necessary licenses are crucial steps in establishing credibility as a real estate agent, showcasing your status as a verified and licensed professional whom clients can trust.
- Develop a business plan: Once you have obtained your real estate agent license, it is important to create a comprehensive business plan. Consider working with real estate firms initially to gain experience before venturing into starting your own agency. You can also explore options such as partnering with existing real estate agents, obtaining franchises from reputable companies, becoming an independent consultant, or specializing as a commercial broker. Regardless of your choice, create a plan outlining the path to follow, establish a budget, build a business model, define your strategies, and set your objectives.
1. How do I become a real estate agent?
To become a real estate agent, you typically need to complete pre-licensing education, pass a licensing exam, and meet any additional requirements set by your state or region. It’s important to research and follow the specific guidelines outlined by your local real estate regulatory body.
2. What is the difference between a real estate agent and a real estate broker?
While the terms are often used interchangeably, there is a difference between a real estate agent and a real estate broker. A real estate agent is licensed to represent buyers or sellers in real estate transactions, while a real estate broker has additional education and experience requirements and can operate their own brokerage or manage other agents.
3. How do real estate agents get paid?
Real estate agents typically earn a commission based on the sale price of a property. The commission is a percentage agreed upon with the client and is usually split between the buyer’s agent and the seller’s agent. The commission is paid by the seller at the closing of the transaction.
4. How long does it take to sell a property?
The time it takes to sell a property can vary depending on various factors such as location, market conditions, property type, pricing, and marketing efforts. Some properties may sell quickly, while others may take longer. It’s important to set realistic expectations and work closely with clients to devise effective selling strategies.
5. What is the role of a real estate agent in the home buying process?
Real estate agents play a crucial role in the home buying process. They help buyers navigate the market, identify suitable properties, schedule viewings, negotiate offers, coordinate inspections, handle paperwork, and guide them through the closing process. Agents provide expert advice and support to ensure a smooth transaction.
6. What should I look for when choosing a real estate agent?
When selecting a real estate agent, consider factors such as experience, local market knowledge, communication skills, availability, reputation, and client reviews. It’s essential to find an agent who understands your needs, is responsive, and has a track record of successful transactions in the desired area.
7. How do real estate agents stay updated with market trends and changes?
Real estate agents stay informed about market trends and changes through various means. This includes attending industry conferences, participating in continuing education programs, subscribing to industry publications, networking with other professionals, and leveraging technology platforms that provide market data and insights.
