My thoughts on real estate have always been singular. Like it’s been singular most narrative that real estate unlike any other business is here to stay. People are always going to build new houses, new projects will always come up, unless humans decide to live in forests and opt an animal like life. In this post, I will majorly be focusing on cities of Delhi and Bombay.
Real estate to most of you is not a clean business, I know real estate has earned that reputation in these cities over a period of time, whether that’s a lobby of established developers or goon like agents, there have been tonnes of incidents and happenings that can easily make you stop reading the post. I was speaking to a very established real estate firm owner in Delhi and he told me that he would never ever want his son to be a real estate agent ever, and his reasons were not only surprising but stupid as well. These people have been operating the business like goons, it has been a business of cheating people and tricking them with a product they never asked for. There are tonnes of examples again. Look at Amrapali brothers sitting in jail, or Jaypee builders or Shivam estate, all these guys amassed huge wealth by tricking and luring people into projects that they never intended to deliver. These people played on their reputation.
I’ve always maintained that the way you earn money is equally important as earning it. So many people out there trying to make that one singular sale, trying to get their hands on real estate and failing after five months. These people bring up the news and rumours that real estate is down. Why I ask?! Just because you were not able to make a single sale? Just because you tried to trick that couple looking to buy something? Just because you are overselling? Just because you are not even credible?
All these things mean something folks. Looking at everything in Indian real estate space,new act regulating the developers, builders and the agents has been forced down the throats, I’m saying forced down because there were massive protests to kill this bill. The bill eventually passed killing the middle and making the business more authentic and clean. Yes they are still in the process of making it clean but there has been significant improvement. If you are a developer or a builder, you need to be registered with RERA( Real Estate regulation and development act 2016)
People buying properties in India are in the age group of 25-35yrs and this group is educated, they need credibility and gone are those times when property buying age was 40 plus. These people would not just buy property from someone with his gmail id listed on his card. Professionalism is expected from real estate agents as well as developers. RERA certified agents not only have established credibility but also the chances of being duped by agents are nullified if you are buying property from established RERA agent. It all works in favour of customer. As a customer you won’t have to pay super high 2-3% commissions because RERA allows agents to charge only upto 1.5%.
What’s in it for you? If you are a certified agent, you don’t have to run after the developer or builder for your commissions, you don’t have to chase any person. The whole process is streamlined.
Ways to get RERA certified..
You can become a RERA certified agent if you are
1) Associated with an organisation that is Real Estate developer, Builder, Consultancy.
2) Private licence.
If you are a part of agency or builder side,your application is processed by the builder side at a fee chargeable and payable to state govt.
Private licence is obtained by submitting all your documents to your respective state’s RERA portal or office with a fee of around 20-30 thousand for one year. Your application can be rejected if you are not compliant with it and have made no sale. If you’ve no sale under your belt, you will be required to appear in an exam. And good news here is that the exam is not as tough as those competitive exams. Thank God for setting minimum qualification criteria, you won’t find any 10th or 12th pass agents after RERA comes into full play. The minimum qualification is graduate degree.
Real estate is the easiest way to make money along with tonnes of learning and networking. If you have zeal to sell. I recommend you to be part of my event Agent2019.