Are you wondering how to become a real estate agent? Are you unsure as to what they do? The real estate agents mainly act as the link between the seller of a property and the buyer. They act as the middleman and earn commission out of the sales. So, if you want to know how to become a real estate agent in India, the qualities you will need, and the characteristic traits that are needed; we will be sharing the details here.
So, let us get down to the specifics and learn the details of how to become a real estate agent.
What Is A Real Estate Agent?
First of all, let us clear the basics regarding the job profile of a real estate agent and what they do.
A real estate agent is mainly someone who helps in connecting the sellers to the buyers and they carry out the different real estate transactions. They are essentially the mediator with whom the buyer negotiates and ultimately finalizes the deal.
Real estate agents are professionals who have a specialized license and the right experience. They can work in an individual capacity or also under a real estate broker or be a part of a bigger firm as well.
The real estate agent helps in locking a property deal and they will keep all the requirements in mind. They are proficient in every matter of real estate deals and therefore can guide you in every single step. It is a part of their role to research the best deals, find the basic amenities offered, and the details about the area, and then work on closing the real estate transaction as well.
Usually, the real estate agent makes his earnings by taking a fee which is a part of the sale price of the property. Let us give you a brief detail about the duties and role of a real estate agent.
Roles And Responsibilities
- Search the different open listings and find the right properties that are put for sale
- Update the property listings on a timely basis
- Schedule the different appointments
- Make presentations about the property deals
- Assess the financial capabilities of the client and offer them property deals accordingly
- Answer emails, phone calls, and queries to create leads
- Carry out competitive real estate market analysis
- Be at par with real estate trends, the market details, and more
- Prepare the promotional materials
- Draft the legal documents like the deeds, contracts, leases, and more and deliver to the clients as and when needed
- Build a regularly updated website or a blog to keep the clients informed
- Work on their social media presence to procure a bigger client base
- Work on customer support and prolonged relationship
So, these are the key roles and objectives that a real estate agent has. If you plan on becoming one, these are the skills you need to work on.
Once you have set your heart on learning how to become a real estate agent, you need to know the eligibility criteria. This is important to check if you are allowed to become one.
- You need to be at least 18 or 19 years of age, based on the state where you are applying for. Most states have the criteria for age to be either 18 or 19.
- You should clear the real estate license examination held by the state
- Every state may have their pre-license education criteria. Make sure to check the details concerning your state and attain that minimum educational qualification status to be eligible.
How To Become A Real Estate Agent?
If you aspire to become a good real estate agent in India, you will, first of all, need a license.
First of all, you should get registered under RERA (Real Estate Regulatory Authority). The registration process and the fee will vary from one state to the other.
Along with this, the agent needs to file for professional tax registration. This is the tax that the state imposes for performing professional services in the region. This registration certificate needs to be renewed every year and the fee has to be paid for this.
The need for registration
The Real Estate Regulation and Development Act (RERA) 2016 states that every real estate agent needs to get a registration certificate and a license if they wish to carry out the business. The main reason why this is done is that they want to regulate the real estate sector and thereby ensure that the whole process is transparent.
The agents need to obtain both the certificate and the license. Without these documents, they can’t proceed to carry out their work and the dealings will not be legal. If an agent is found dealing in real estate without his license or the certificate, he will be prohibited from carrying out the business. Also, if it is found that the agent did some grave blunders, he can be prosecuted for misconduct.
So, the law is so made that buyers can trust the agents for their property transactions. They are liable for all the details and if anything goes wrong, they can be held accountable.
The Registration Guidelines
The Real Estate Regulation and Development Act 2016 launched RERA and its key aim was to make sure that real estate transactions can be regulated and are completely transparent. This also helps in making the whole process systematic and organized.
Every agent will have to register with the respective state’s authority and they will therefore get a RERA registration number and a license. When this license is issued, it will be valid for five years.
If you are a licensed real estate agent, you cannot engage in the following.
- You will not carry out the sale of an unregistered property
- You will not indulge in unfair trade practices
- You will not be part of a false advertisement about property dealings
- You will not flout any of the rules that are a part of the Real Estate Act
- You will not be negligent with the handover of all documents and information that is important during the closing of the sale
The licensing of real estate agents, therefore, makes all property deals transparent. It benefits both the buyers and the sellers and ensures that the deals will be carried out in a fair and just manner. It gives the right sense of security and transparency to everyone involved in the deal.
The Documents Required For Registration
When you want to carry out the RERA registration, you will need plenty of supporting documents. Let us see what they are.
- The duly filled in application form
- Name of the enterprise and the registered address, email address, and phone number
- The type of enterprise whether it is partnership, proprietorship, society or more
- The authenticated copy of the PAN card
- The authenticated copy of address proof of the registered business
- The particulars of the real estate agent including pictures and also of other fellow directors or partners
- Particulars of any pending criminal or civil cases
- If you are filing for an agency, you need to submit the details of the agency and the MoA, byelaws and AoA as well
- Detailed copies of acknowledgement receipts, rubber stamp images, and letterheads that the agent will be using
- Details of all real estate projects, the advertisers with whom he has worked and the promoters with whom he was associated for the last five years
The Top Qualities Of A Real Estate Agent
If you want to know how to become a real estate agent and you are looking to find the best qualities, here are the skills you need to hone.
Networking is always going to hold tremendous importance. The stronger your networking skills, the better you are likely to be at your work. You should try to be part of groups like the National Association of Realtors, All India Real Estate Agents Association, Association of Certified Realtors in India and more. This helps you have a strong team of global networks. Having a strong network will also help you be guided when you are a novice in this field and thereby allow you to overcome challenges as well.
It is important to have sound online knowledge. In the current times, when most businesses have moved online, it is important to work on your online presence. This will allow you to maximize your customer base, and at the same time, you will be able to engage with your customers too. By staying in their feed, you will be able to stay on their minds. This makes it easy to approach you when they need real estate services.
To do a good business, it has become crucial to develop the right social presence. Potential clients will be able to reach out to you easily and it can push your business significantly.
If you want to become a successful real estate agent, you have to learn how to be transparent. No one likes to deal with a buyer who tends to keep details under wrap. This won’t evoke the right confidence. If you are not sure about any of the records or the details of the property, make sure to talk about it to your client. You need to have full details and also communicate the same to the buyer. Staying in the loop is the right way to invoke confidence.
If you want to become a top real estate agent, simply getting the registration is not enough. You should be friends with fellow real estate agents and this will allow you to improve your social circle and build the right trust. This is the right way to get referrals. Often, having a great community will ensure that you will be able to get clients on referrals and this, in turn, will help you excel further.
Remember, the best real estate agent isn’t just a seller, they need to offer the right consultancy services. When you excel in the skill of a consultant, you will be able to understand the needs and requirements of the client and offer them suitable options. This will help them get the right level of customer satisfaction and thereby allow you to gain the confidence and trust of the client.
Whenever someone chooses to buy a property, it will entail a significant amount of money. It is not the same as buying groceries. It isn’t the same as buying a car either. So, people are likely to engage in a lot of to and fro conversation. This is why it is important to offer constancy rather than simply buying and selling. Feel free to draw the attention of your buyers. Do not come across as someone who nags or pesters a lot, but make sure to offer them a clear and transparent look at things.
Be honest about the pros and cons of the property while letting them know (with subtlety) that this is the best deal they could have asked for. When the buyers will be able to trust your judgment, consultancy, advice, and details, the likelihood of closing a deal increases manifold.
So, these are the top skills that you need if you want to become one of the best real estate agents in India. It may take some time for these skills to develop and you need to continue trying.
What Not To Do As A Real Estate Agent?
Simply knowing the qualities won’t suffice. A lot of real estate agents often end up resorting to unscrupulous means to mint more money. However, you need to know that doing so may land you in a soup. The government has the power to revoke your license if they find you being involved in malpractices.
So, here is a list of things you shouldn’t do as a real estate agent.
- Never start dealing in properties without a license
- Don’t misquote wrong information to the client
- Do not sell houses without fact verifying the details yourself
- Never be involved with a disputed property by giving false hopes to the buyer
- Don’t sell properties that aren’t registered under the law
- Don’t promise services that you will not offer to the client
- Don’t have bad after-sales service. It is customer retention that brings you the most referrals and repeats business
- Try to avoid filing fee disputes. It tarnishes your image as a real estate agent
- Never lose important documents and data with regards to the deal
- Avoid fraudulent clients
- Don’t buy sponsored or paid reviews for your services on social media
- Don’t bad-mouth your fellow agents or competitors. This creates the wrong spirit in the work industry.
Is it mandatory to have the registration to be a real estate agent?
Yes, it is compulsory to have both the registration and the certificate for you to work as a qualified real estate broker.
How long is the RERA registration valid?
The registration is valid for 5 years. However, you must renew the license a minimum of 60 days before the validity expires.
What is the registration fee?
The fee differs from one state to another. Make sure to check it with your state.
How long does it take to get the registration done?
Usually, it takes approximately a month to get the registration number and the certificate from the day you applied.
Can the license be revoked?
Yes, if the agent is found to breach the rules of the law and is caught in cases of fraud or false sales, the government holds the power to revoke his license and ban him from practising as a real estate agent any further.