How to Become a Freelance Real Estate Agent
Real estate business is presently among the most profitable business in India and is only second biggest in magnitude after agriculture. Typically, the real estate sector can be classified into three categories, namely commercial, land and residential and all these areas have witnessed a surge in investment ever since the relaxation of FDI norms in the country. Reports suggest that the Indian scenario is bright and brimming with profits, with an expected valuation of the business at approximately US$ 200 billion by the year 2020. So, if you are planning to step into this business, you sure have many thriving opportunities to make a living.
The Freelance community of real estate agents is thriving, and with time, it is becoming global in nature. The Indian scenario is especially developing at a fast pace due to recent changes in investment norms, making the estate business a wonderful option to many. So, becoming a freelance real estate agent is a good option provided you keep in mind a few basic points. Since the real estate business is as tricky as lucrative, you require more than just connections.
Here are four important points to keep in mind in order to become a freelance real estate agent:
1. Educational qualifications required to become a freelance real estate agent
Clients prefer those individuals who have some sort of formal education done such as MBA, postgraduate diploma, certificate courses in the field of real estate management. To know more on this, read below:
- An MBA in Real Estate Management is a preferable educational qualification among clients. The course teaches students fundamentals of property management and real estate organizations. These courses include legal aspects involved in real estate, general accounting, real estate appraisal, capital markets, organizational behavior, management decisions, real estate economics, etc.
- If not a professional degree, you can opt for diploma courses or certification courses that cover fundamental aspects of real estate management. These courses have been designed to provide a comprehensive outlook towards the Indian as well as global real estate industry. The courses include Land acquisition and management, real estate deal structuring, society management, private and public partnership, contract safety management.
- Management courses in the field of real estate are offered by a number of institutes in the country such as Real Estate Management Institute, NIREM Institute of Real Estate Management, Indian Institute of Real Estate, Institute of Real Estate and Finance.
- If you wish to pursue a real estate course from abroad, you can go for Southern Methodist University, Texas; UCLA University of California, California; University of Alberta, Canada; University of Wisconsin, Wisconsin; Cornell University, New York; HKUST Hong Kong University of Science and Technology Business School, Hong Kong; NUS Business School, National University of Singapore, Singapore; Schulich School of Business, Canada.
- In order to gain inside knowledge and on-field experience, you can join real estate agent associations such as All India Real Estate Agents Association (AIREAA), Real Estate Realtors Member Associations NAR, etc.
2. Skills required in a real estate agent
- Organization: Real estate agents often deal with a plethora of clients in different stages of selling, leasing or buying property. When you are working with present clients, you need to keep engaging them at regular intervals by attending meetings, sponsoring projects etc. All of this requires high quality of organizational skills to prevent overbooking. Each and every client must be handled punctually and with no prejudice of any sort.
While managerial skills are taught during diploma or degree courses, much of them are honed over time through regular engagement and practical involvement.
- Communication abilities: Excellent communication skills are imperative for a real estate agent. While working as a freelance real estate agent, you must maintain good listening and verbal skills. You will often come across clients who are hesitant in disclosing about their personal finances, but you must be able to develop a rapport with them through conversational skills. Able real estate agents have the ability to interpret the messages of the clients and help them accordingly in the undertaking of real estate transaction.
- Self-motivation skills: Freelance real estate agents work independently and therefore, require a lot of self-motivation. This motivation concerns scouting clients and keeping oneself up-to-date through regular training. The real estate sector is booming but is equally unpredictable and you may come across situations when you need to keep calm and stay composed.
- Balanced approach: While working as a freelance real agent, your life will not be as easy as before. It will swing to and fro between professional life and personal life, and this will require the skill of balancing on your part. The time schedule you follow must be coherent, resourceful and lacking in undue pressure.
- Connections: Real estate agents are known for their connections with property dealers, brokers and other stakeholders in the real estate sector. The stronger your connections are, the better your reputation is.
3. Where to work as a freelance real estate agent?
- There are a number of job opportunities available to real estate agents in India. These opportunities include investment analyzer, real estate appraiser, corporate asset manager, property asset manager, and financier.
- You can work as a freelancer to private real estate agencies.
- You can start your own business and render real estate services to clients.
- If you wish to keep a closer eye on job opportunities, join popular freelance websites. These websites offer an organized platform for real estate agents and clients to come together and work for mutual benefit. All you need is to create an account, update a portfolio of skills, and submit applications. Some examples of these websites include freelance.com, worknhire.com, upwork.com, and linkedin.com.
4. Pay scale of the real estate agent
The pay scale of a freelance real estate agent depends on a number of factors such as skills, qualifications, and experience. In fact, connections also play a key role in the determination of pay scale. You, as a rookie real estate agent, may earn as much as one lac or more per deal if you possess the right amount of skills and qualifications. With time the more experienced you become, the more money you will bring into the bank accounts.