An emerging career option for MBAs

Real estate: an emerging career option for MBAs:

With increasing number of developers, projects, introduction of new formats, role of private equities and expansion of multinationals, real estate industry has outgrown the expected size in recent times. Besides, development of infrastructure, government regulations and infusion of FDI has supported the expansion of real estate sector many folds. With the increasing size of industry, there is an increasing demand of professionals across all segments.

One of the most promising job profiles in this sector is of a real estate consultant, which is much in demand both for the commercial and residential segments. The number of jobs for real estate agents is expected to grow as the players operating in residential agents are many but it is difficult to find trusted advisors for commercial properties. With the augment of multinationals, outsourcing business and expansion of Indian companies, a property consultant’s role is more evident and valued. One of the thrills for a real estate consultant is the constant learning he derives from fast changing market trends, launch of new projects, change in government reforms, introduction of new formats and changing client’s requirements.

Working as a consultant in commercial properties means that you will be interacting with the heads, admin/facility managers and senior management across industries. Thus, it is important for the consultant to keep an update on the client’s industry movement. One needs to get into the psyche of the client to understand his requirements.

As the country lacks specialised academic courses and institutes for real estate, it is both profitable and beneficial for MBA graduates as it generates new scope for them. There are two main routes into real estate consulting. One is directly from the campus (undergraduates and MBAs) into entry-level positions (research/market analyst, business development). The other leads from industry into middle-level positions from specific industries (banking, insurance, retail and financial services) and functions (marketing or client relation associate). It’s a high-paying, high-profile field that offers students the opportunity to take on a lot of responsibility right after their master’s degree and quickly learn a great deal about the real estate world. After making a stint of 2-3 years with reputed developers, many people shift from project marketing to real time consultancy.

Getting a job opportunity with a reputed consultant may be a challenge for freshers. However, stint of 1-2 years in any marketing field with good qualification set may get you an entry level position with a trusted banner in consultancy. In consultancy, one can earn big money; a large part of the remuneration is sales driven, so more one can sell, more one earns. After spending 2-3 years with a professional consultant, many practitioners find it lucrative to start their own set-up.

Employment with a reputed realtor or working with us as well gives a secure income along with annual incentives based on sales achieved. Besides, while choosing a consultant in commercial real estate, clients seek trusted company with long-term presence and staff strength. Working with a reputed realtor can help learn the tricks of the trade following ethics and complete professionalism. There are some skills required of a good real estate marketer. These are excellent communication skills, smart decision-making, creating trust factor, analytical reasoning, being aware of the latest market trends and future market predictions, efficiency in financial calculations and high patience levels.