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Became a real estate agent in India - A Complete Guide

Admin 08 Aug 2022 731 Views
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What are a real estate Agent and Its meaning 

Real estate agents can be licensed professionals who work as real estate brokers (a brokerage company or an individual). They have a specialized license with more experience. The agent's fee is generally a percentage of the property sold price. Here's

What are the role and responsibilities of a real estate agent

 ●   Generating leads for clients to purchase, rent, or sell a property.

●   Consulting clients about market conditions, prices, and mortgages.

●   Comparing properties can help you develop a market price.

●   Real estate sales properties list information about location, features, square footage, etc.

●   Potential buyers and renters can view properties.

●   Presenting purchase offers to sellers.

●   Facilitating the negotiation between sellers and buyers

●   To ensure that terms are adhered to, review purchase contracts.

●   Promote properties through ads, listings, or open houses 

How do you become a real estate agent? 

It is necessary to register under (Real Estate Regulatory Authority). The real Estate (Regulation and Development) Act 2016 regulates and organizes real estate businesses to help home buyers and agents in their transactions. The agent must apply for Professional Tax Registration (PTR) in addition to RERA registration. PTR is the tax that every state imposes on professional services performed in the region. 

Why is it necessary to register? 

Registering is the first step to becoming a real estate agent. Every real estate agent must obtain a license and a registration certificate according to the Real Estate Regulation and Development Act 2016. This legislation is intended to improve transparency and regulate the real estate industry. RERA guidelines state that agents without registration are prohibited from running their businesses. 

RERA Guidelines for Registration of Real Estate Brokers and Agents

The Real Estate (Regulation and Development) Act 2016 established the Real Estate Regulatory Authority (RERA) to improve transparency and accountability in real estate transactions and organize the entire process. To obtain a RERA license/number, every real estate agent must register with the state's real estate regulatory authority. The license is valid for five years after it has been issued.

What are the benefits of a real estate License

 ●       Become a Real Estate Agent

Many people obtain their license to sell and buy real estate. A real estate agent can have unlimited earning potential, manage their own work schedules, and work from anywhere they choose. Agents are entrepreneurs by nature.

Be Part-Time Real Estate Agent

Part-time work is possible if you find it too difficult to become a full-time agent. There are no set hours. You can do as much or as little work as you want as long as you hold a license. Part-time agents are those who need financial support.

Get the Side Hustle Job You Have Always Desired

You don't have to be a full-time agent. It's possible to have a side business and still earn a portion of the agent's commission. This is also known as a referrer fee, or the finder's fees. Referral agents refer clients to other real estate license holders.

Register as a Real Estate Agent in India with the required documents

The broker or agent must prepare a completed application form to register for RERA.

 

●   An authenticated copy of the address proof, email addresses, and telephone numbers of the business's location is required.

●  Original authenticated copy of agent's PAN Card.

●  Name, contact details and photographs of the realty agent, as well as the address of any directors or partners.

●  Name and type of enterprise (company or society, proprietorship, partnership, etc. ), and the registered address of your enterprise.

● If the agency is a real estate agent, details of the agency must be submitted, including the MoA, bye laws and AoA (Articles of Association).

There are many online portals available where you can register yourself as a real estate broker at free of cost and start your real estate business journey today. HonestBroker is one of them which has an aim to provide verified real estate agents to the users at their nearest location. 

What are the Key Qualities of a Real Estate Agent? 

It is important to understand consumer behaviour and how marketing strategies can help you grow to become a successful real estate agent. These are the key characteristics that a real estate agent must possess: 

Networking - networking is a key component of the real estate industry. Keep in touch with your fellow agents and peers at all times. They'll be able to offer input when dealing with difficult clients or projects that present unexpected challenges.

Transparency To be a successful real estate agent in India, it is important to know how to do so. You should be clear with your client if you have questions about the property or the builder's history.

Referrals- A happy customer is a good real estate agent. You don't need to know everything you need to be a successful Indian real estate agent. Learn from other agents, work hard, give your best, and earn the trust of your clients.

 Online presence – In today's digital age, where people rely on online information, having an online presence is crucial to gaining customers and growing your business. 

Consultant role – It is important to understand how to become a successful property dealer in a competitive market. You will be able to understand your client's needs and provide them with options. This will allow you to help them choose the best option for them. 

How to become a real estate agent in India - Eligibility Criteria

 Anyone with sufficient knowledge, excellent networking skills and negotiating abilities can apply to be a real estate agent. Although there are no required qualifications to pursue this career, you must meet the following requirements:

●  The minimum age must be 18-19 years, depending on where the applicant comes from.

●  The concerned state should pass the examination for real estate licenses.

●  To become a licensed realty agent, you must complete all pre-license education according to the state's requirements. 

What are the disadvantages of non-registration real estate broker?

Every potential real estate agent would like to learn how to be a real agent in India. We've seen that the most important thing is to register under RERA. A penalty of Rs. 10,000 will be levied on any agent or broker who continues to conduct business without registration. In the event of defaults, Rs. 10,000 per day. Non-registration disadvantage agents will not be permitted to sell real estate properties or participate in any other type of business.

What is the commission rate for Indian real estate agents? 

A commission is paid to real estate marketers as a fee. The cost of property dealer commissions can vary from one area to the next. The commission is largely based on income, as in real estate. It would be best if you had a strong skillet to trade the highest possible price for your house. This talent is developed through the experience of an actual estate agent, their market knowledge and passion for the industry.

About Author

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Jatin Dubey

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.