A career in Real estate in India has always been treated as one of last option by any bright student till few years back. Though Real estate is spear across wide specialization areas, brokers has always been treated as the face of the Industry. Till few years back it was well said in the society that “If you can’t get a job be a Real Estate Broker”.
But with the boom in Real Estate sector in India in last few year professionalism had got into all the verticals of Real Estate. We can broadly divide the complete value chain of Real Estate In the following sections.
If we look into the Developer, Finance and the Construction verticals professionalism had made a mark long back. Developers and Construction companies do employ people with skills in the area of Engineering, Project Management, Construction, Safety and IT. Finance companies engage people with skills in the area of Project evaluation, Fund Management, Risk Evaluation and Lawyers.
These verticals have always attracted best of the talents from reputed Engineering, Management and Law schools from across India. Remuneration for the jobs in these sectors has always been at par with other industry and it had provided a very good growth opportunity at the same time.
Real Estate Consultancy in India was the only vertical which was till few years back didn’t attracted the best of the talent. But lately with the change in the end client profile the consultants had change themselves too. Talent from other service industry are switching their career and becoming real Estate consultants. Professional has become mantra of the day for the consultants. People with good communication skills, knowledge about the industry and the product are replacing the older generation consultants who focussed more on commission only.
The new generation consultants are now guiding their investor on how to get better ROI. Apart from the superior sales skills the consultants need to have good knowledge in their area of specialization, be it commercial or residential, resale or new projects. If a person in specialized in corporate or commercial leasing he/she must have a good negotiation powers also at the same time must ensure that the tenants are satisfied. The consultants must also have the skill to gather great deal of local market data, do research on them and then cater to the high profile clients who generally invest in these segments. Same situation is applicable to the Residential area.
Real Estate Consultancy as a career offers a lucrative commission structure and as the new age consultants are bringing in best practices and tools from other industry they are able to generate more volumes thus increasing their monthly take home.
Careers in property management are generally salaried positions that include several other allowances and benefits. Initially they can expect Rs 20,000-25,000 per month. An assistant property manager should expect to make 40,000-50,000 per month. On the top level a real estate manager can earn a salary of 70,000-1 lakh per month and also can expect an annual bonus along with other fringe benefits.
In India Universities like Amity and Ansal along with Organization like NAR India had already started various courses to help student make Real Estate Consultancy as career options. These Schools had already laid the foundation stone and few more organizations are already in advance stages of starting Skill development schools for Real Estate.
As the Real Estate sector is looking forward for government policy changes it will generate huge employment opportunities for skilled manpower. So more schools will come up with courses which will develop skills for Investment Management, Asset Management, Valuation, Credit Management, Advisory and Consulting, Corporate / Commercial Property Management, Building Control Management and many more.