Looking for how to start a real estate business in Pune? Then in this article, we will find a complete guide on starting a real estate business in Pune.
Real estate business has a great potential in Pune because it is one of the developed cities of India.
Complete Guide on How to Start Real Estate Business in Pune
Here are 10 steps for how you can start a real estate business in Pune.
Starting a commercial business as an agent, the first step we must follow is to decide whether to work as a single agent or to form a company, partnership, etc. In conducting a company or operating anything other than an individual company, you will need to register a business with the appropriate authorities.
Financing a business can be one of the most discouraging steps. The right kind of funding is very important in the future. If you’re an individual, you can start making money on your own, but if you decide to work as one, you’ll need some money. You may consider taking out a loan but remember that bad loans can harm your business in the future.
Registration of RERA
The implementation of the new Real Estate Act has been a big change as, before you can start your practice as a real estate agent now, you will need to be registered under the relevant RERA of the province where you want to work. This can be easily done by hiring a consulting company with a good track record. A good firm can only take a day or two to register. This can be a very daunting task or if you hire the right company, this can be an easy task as well. The RERA number received will be used by you for all future deals.
For business operations, there are different taxes applied that you should know about. As an individual agent, you must submit your income tax, with registration under RERA, this is required as a binding document. If you have a company etc, you will also need to apply with the GST number, which means the latest introduction of Goods and Services Tax. This is mandatory because all financial services must be owned by the Central Government.
Training and Conferences on real estate
If you want to be successful in any profession, you must have the right knowledge of your career. There is not much awareness of housing education in India, however, there are few companies across India that are conducting conferences and training for real estate professionals across India. Attending such events will boost your confidence and will help you learn many new things. Browse the web for such training and book your seats next.
Choose your creativity
Now, once you have acquired a certain amount of information, the next step is to proceed to Real Estate to determine your forte, whether you will work for the private or living with real estate brokers, or both.
Now that you are ready to start your successful venture in the real estate market, know that the most important part of it is getting in touch with them. Your value in this business is determined by your portfolio or your contacts. Work with the best people in the industry and you’ll be one of the sellers soon. A large percentage of the sales force is obtained by your contacts. This is because it’s a great industry and to compete with others, you need to work with others.
Read also: Small business ideas for housewives in Pune
To master the art of betting, you need to watch a lot. See the developers, watch out for other providers, watch out for homebuyers… Business is powerful. It’s always changing. To keep pace, you need to accept the changes and submit accordingly. It is possible only if you know exactly what is happening around you.
The business of any kind in a particular category needs to be expanded. Once you have invested enough time in Real Estate in one place, you can start looking for some good markets for your business. You can start by researching real estate in various cities or provinces and your contacts will be very helpful here.
Attending training and seminars in different areas will give you an idea of the local community in different places. Take consultation with experienced property professionals in different provinces. Finally, determine your work environment. Once you’ve started to expand, you’ll also need to decide where you want to work. Working in different provinces at the same time is impossible. Choose the largest market you can manage.
To grow a business successfully, you need to advertise it. There are various ways to market real estate and the best advice is to try it all. Advertise on social media, advertise in magazines. Target your audience and find the best domains to reach them directly and indirectly. Be patient. Advertising does not guarantee immediate results, especially for retail locations, advertising can take a long time but is always worth the wait. Advertising is important as you increase and if people like your work, you are sure to succeed.