The era of the Wild Wild West of real estate is over. Today it is an organized core industry and the second-largest employer in the country, valuing at around 126 billion USD. Like any other specialized industry, real estate too has its own body of knowledge.
It is this specialized knowledge that holds the key to the sustainable growth of the industry in the years to come. This is the reason why real estate education has become an imperative necessity of the hour.
To create a more industry-specific workforce, we have to first understand why it is now urgent to have the right real estate education infrastructure in place. Let’s take a look at some of the most compelling reasons.
Indian real estate industry is expected to contribute 13% of the country’s GDP in the next 5 years and reach the dollar $1 trillion marks by 2030. The potential of this industry will only be realized when it is driven forward by well-trained personnel who understand its distinct nature.
Residential real estate is a very unique product. Not only is it the most expensive purchase in most people’s life, but also, homes hold tremendous emotional and social value for people. Homes are the anchor around which their lives are built.
From a purely economic point of view, real estate is a low volume product with high ticket size. With the long sales cycle of 3-6 months and a product delivery time that could take up to 5 years, repeat purchases in real estate are equally unlikely in most cases.
To help customers to make this huge decision correctly, developers need personnel who are familiar with the various technical aspects of the industry along with the technological leaps that have become part of it.
The sale and marketing of homes is based on the trustworthiness of the developer and its various channels. Only when employees understand the feelings of the customer and what they expect from their homes can the industry truly flourish.
With the sudden rise in demand of homes in the top 7 cities of the country, specialized personnel have become more and more necessary.
For a market with so much potential for growth, it is important that developers create a steel framework of executives who are analytical, competent, and industry-savvy. Also, with the increase of structural real estate regulations like RERA, it has now become more important than ever to give the industry a corporate and organized outlook.
So, where can a corporate aspirant who wants to work in the real estate industry head to? Here’s our look at the top real estate classes in India where interested students can get quality education to kickstart their real estate career.
Amity University in collaboration with RICS School of Built Environment
How developers can play a more active role?
Developers will have to take a much more active role in creating a generation of real estate specialized employees. Let’s take a look at some of the immediate initiatives they can pursue to make real estate education more effective.
There are tonnes of new technology that are becoming a part of the real estate industry and developers must start taking notice. From customer-centric mobile applications to 3D and VR site tour from home, the proptech industry is becoming more pronounced every day.
If developers upgrade themselves to the latest in the business then it will require professionals and institutes to stay on point with their curriculum.
Even with its enormous size, real estate is a closed industry by nature and only those in it are aware of its dynamic nature. If developers provide help to real estate institutes through seminars or guest faculty programs, then they will benefit from the skilled workforce.
Ensuring the students who pursue real estate education have an in-depth understanding of the industry, from proptech to real estate financing and REITs, will give developers an advantage for future growth.
What does it take to be a successful professional in a corporate real estate company?
Very few know the answer to the question. The real estate industry is filled with some of the biggest names and yet, what one needs to click in this arena remains hush hush. Which is why the sector and its top developers need to define what merit and qualities they are looking for from this generation of professionally trained real estate employees. Industry trained professionals should get hiring preference to encourage rapid growth.
As channel partners and executives become more informed about the product and the various regulations around it, it will be easier for them to gain the trust of buyers and close more sales.
Proper real estate education can bridge this gap between developers and channel partners by investing time and resources on them. Also, well-trained channel partners and executives can offer better service to customers thus completing the chain.
These are the reasons why real estate education in India is the need of the hour. In a constantly evolving industry, it is important that each unit strives towards excellence and the obligation to facilitate that lies with the producers of the market.
Published by: Loyalie