written by | October 11, 2021

Guranteed Ways To Succeed In Real Estate Business

ULTIMATE GUIDE TO CREATE REAL ESTATE BUSINESS PLAN

Everyone has aspirations of owning their dream house. A comfortable space, with amenities and a beautiful view, they have worked so hard all their life and will continue to do so. A lot of us dream of setting up our business in prime locations of city have continued to build skills for it since we were 10 years old. When we start looking for locations to fulfil our dream, there is a sudden jerk or realisation that there might not as many options as we think. There comes a real estate agent or broker or realtor who pick out the best options for us. These people are the pillars of real estate business and according to our needs we can visit them and make our easy as breeze.
The real estate sector is one of the most recognized sectors around the globe. The corporate environment that is building up in the world fairly complements the growth of the real estate business. Not even the experts in the country but also the NRIs are interested to invest in this business which is booming. It is attracting a number of investors. When there are a number of projects be it residential building or housing colony or a corporate building, there is a requirement for people to market and sell them to public. It is a big business where real estate agents who takes a set percentage of commission from both seller and the buyer for bringing them together, a broker is one who appoints the agent to and handles their training and technical parts of transaction, a realtor is part of real estate association and is liable to take up any role related to real estate business. There is also an option to become a real estate developer, where the developer employs engineers, architects, technicians and labour and build up projects from scratch to make it available to public. It is a rather huge investment and the building block of real estate business.

The market size of real estate is forecasted to grow to Rs 65000 crore from 12000 crore by 2040. These are promising number as the income of people is increasing and housing being a necessity is yearned by all thus this market will not stop growing any time soon. 

Let’s have a look at how you can set your foot in this a real estate busines:

Create a Plan

Decide what role you are going to take in this business. Be it of an agent, broker, realtor or developer. Decide what will be your reach. How will you generate the fund for the given size of your business? If you want to run your busines only offline or want to accompany it with an online site? Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and the real estate business needs investment and time as you can’t expect that all your properties be sold within days. There will be weeks or even months when you sell no properties on other days you might sell a couple in a month. One should always be ready for good and bad days.

Understand the Market

To start any business, you must know how the market works around it. Find out how many people are looking for property in your area. What other real estate businesses are available? Meet with builders and contractors who have are building new projects and generate leads with them. This research will help you understand the market size, strata, variety, and help you build a vision for your real estate business plan.  You can also classify and have a decided niche if you will be building your own projects or just retailing the properties. This way you can be more focused and the knitted to your business. 

 Increase your expertise

To open a real estate business, you need to have a lot of information about this industry. You should be an expert. Take guidance from an expert who has been in this business for long time to know the trends, fluctuations and risks of this business. Understand how different types of properties sell and how you need to build a relationship with your customer. You’ll require years and years of practice to polish your marketing skills. 

 Decide the size and mode of your business

These are the basics as you’ll need to collect funds for your business according to this plan. Before you start a real estate busines, you must decide how you are going to organize your business and what will be the size of it. Will you be putting up your business in the e-commerce market? Decide how you’ll get funds for all these. The real estate business if you are an agent or broker runs on commission and you have to give the main amount to the owner and you keep the commission. Decide the percentage of your commission beforehand to avoid any hassles.

License and Permit

To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, get all the necessary approvals, and get all the documentation handy. States have their provisions and a set fees to apply for the real estate agents post, same is for companies who have to pay extra money. Once you procure license, it also has expiration date which is between 5-10 years and you have to get it renewed.

Understand your customers

Any business needs you to be focused on their target audience. In the real estate business, you’re your clients demands are everything. Take notes of their requirements, what kind of place they are looking for in great detail. If your customers are not satisfied with the property options you have brought to them, your hard work is bound to fail.  Take their reviews sincerely and ask them for what varieties they would like you to offer in the future. Focusing on the target audience is very important in this business so keep that in mind.

Understand the finance

This is amongst the first things to do. You are setting up a real estate business and it will require a principal investment be it for setting up an office or for procuring ownership of any property. This will require you to make big investment as the returns are also huge. Get yourself sponsors or arrange for money well in advance. Also, focus on saving a little money too because in this business, your profit returns are not guaranteed in limited time, you may have to wait for months.
Along with profit, you have to look for taxes too which are levied on your services. Make sure you have done your research and avoid the chances of any tax payment delay.

Go online

Setting up any business requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your real estate business and put the properties for renting and selling. Use various models and tools which are available online to make your website catchier and more attractive. 

Marketing on different platforms

Be ready to do a lot of marketing. Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your real estate business. Along with online, spending on offline methods to propagate business is necessary. Put up small hoardings for your Since you already have an offline business and most customers who have done business with you will keep your number saved, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers.

Starting any business takes a good amount of planning. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!

 

Related Posts

How To Set up a KFC Franchise In India

How To Set up a KFC Franchise In India


Guide To Starting A Coaching Centre

Guide To Starting A Coaching Centre


What Are The Top 10 Business Ideas in Delhi?

What Are The Top 10 Business Ideas in Delhi?


How To Start A Dairy Business In India

How To Start A Dairy Business In India


Know the Best Business Ideas in Punjab

Know the Best Business Ideas in Punjab


How to Start An Online Saree Business from Home

How to Start An Online Saree Business from Home


How To Look For Trending Topics For Your YouTube Videos?

How To Look For Trending Topics For Your YouTube Videos?


None

5 Mantras To Boost Profits Of Your Kirana Store


None

Free Business Plan to Start an Online Fruit and Vegetable Shop