According to a report by Bhaskar, the real estate business still has a 7% share in GDP. Looking at the transparency in the investments in this sector after the implementation of GST, the Building Materials and Technology Promotion Council (BMTPC) has estimated that its share in GDP can be 14% by 2040. Currently, the real estate market is worth Rs 8.50 lakh crore, in which about 5.5 crore people are employed. It directly impacts more than 200 sectors. At the same time, after the call of Prime Minister Shri Narendra Modi for a new India by 2022, this sector is witnessing a lot of growth.
Although many people believe that only those who have a lot of money invest in real estate business. But this belief is completely wrong. Real estate is a good business option, if you are also planning to start this business, then you can definitely start it. Just like there is competition in every field, here too it is common to get challenges from already established giants.
But, you do not need to be afraid and scared of competition. If you plan carefully at the beginning, then you can start this work successfully even in this competitive environment. The better the foundation (initial plan) is, the more successful you will be. So be ready to face every challenge. Be organized at a personal level and also as a businessman. Because you will not get immediate success in the real estate sector, you will need to have a lot of patience.
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So let's see how we can get into the real estate business and what things are important to keep in mind during this time.
1. Planning
Being a highly competitive field, first of all you have to consider your strengths, weaknesses and those areas. This is a huge field, so before moving forward, make your plan smoothly. Which includes everything from website, logo, name to how the infrastructure of the office should be and how much will it cost for the whole work. In this way, you will be confident if you move ahead with planning. While planning, you can take advice from the experts of Small Business Development Center. This is a good way to involve you in real estate projects and you can also involve investors and lenders through documents.
Consider yourself, is this the right business for you?
Do you want to sell property in a particular area of the city or to a particular population (Targeted Audience)?
Do you want to focus only on rental property (Rental Office, Rental Apartment) or want to become an expert in the field of properties?
If your customers are targeted, then the chances of success will be that much better. Also make sure that you are fulfilling all the needs of the customers. Along with the property, you are also helping with documentation and loan.
To start a real estate business, consider:
Residential
Resort and vacation homes
Income properties (homes purchased by investors and rented out)
Condos
Commercially zoned properties
Property management
Rental properties
2. Market Research
Market assessment is necessary for every business. This research tells how useful your idea is for the business, which property location will be good. It will also help you in considering your current situation.
Consider these points -
Ensure research so that both money and time are saved.
Research the market according to the right skills and standards.
If you take advice from experts and experienced people in research, it will be beneficial for you.
Identify competitors.
You can assess using data available online. Key characteristics such as age limit, lifestyle and behavior patterns are some of the data points used to divide your target customers into segments. While doing research, you can collect data by keeping these points in mind.
3. Brand Building
Branding of every business is for its credibility which is very important for your consumers. This trust helps in creating an impression about your business in the minds of people. For this, you can create a website, business logo and also do your marketing through press releases, advertisements, pamphlets, hoardings and other strategies.
To build your trust, pay attention to these points-
Build a good relationship with customers
Interact with customers as much as possible
Present your real estate business differently from others
Provide property to customers according to their money
Solve all property issues like an expert
4. Finance
Although a small amount is sufficient for a real estate company, avoid the mistake of calculating only the startup cost. Instead, calculate the cost carry, which includes the value of the cost incurred in the next 5 to 6 months after receiving the first payment from the customer. If you do not have a big source, then find an investor.
5. Office Setup
Choose a place for the office where customers can easily reach you. Startups usually start from home, but initially you can look at a small office. If an office is out of budget, then find a way to work without a storefront. But having an office will be more reliable for customers.
Hire a bookkeeper. He is not a full-fledged accountant but is there to keep documents organized, pay bills, which makes it easier for you to organize the records of real estate transactions. He helps in preparing bank account statements, reports and maintaining financial records.
Also consider whether you want to work only with buyers or with those looking to sell homes.
6. Online Promotion
In this era of increasing technology, customers take help online to find anyone, so you have to ensure that your online presence is good. Is your website visible to the user after searching on Google? The more visibility your website has, the more customers will contact you. Put your complete details correctly on the website and on social media accounts.
Conclusion
By keeping these steps in mind, you can start your business, but the point to be noted here is that when customers start contacting you, it is important to connect with them. Many studies show that the probability of conversion of leads that are not contacted for a long time or the customer remains unanswered reaches 20% from 80%. So contact as soon as possible, keep in touch if there is no answer and keep answers ready for property transactions so that you can solve the customer's questions. Stay positive, do not worry at all. The more humble you are, the stronger will be the foundation of your trust. So, focus on quality rather than quantity.
How to get companies data with contact details
Here are the some of the list of companies data by 77 data are given below:
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