There are schools as well as online courses for every trade and industry - from engineering and cooking to manufacturing and marketing. However, there is not a single institution that provides a well-rounded education for people who want to pursue a career in the real estate industry. Real estate is an ever-evolving sector, growing progressively, and becoming an extremely fulfilling career option. Based on my decade-long journey in this field, I strongly believe that real estate is complex and requires formal education and on-the-job training to succeed.
The Current Real Estate Professionals
Similar to your competitors, you need to leverage technology and make strategy-backed moves forward if you are in the real estate business. Some people venture into the real estate business without knowing the market or having a solid understanding of the industry, unwittingly leading clients towards misinformation, wasted time, and eventually failed deals. This is where an industry-focused education comes into play.
I have seen multiple realtors make money and achieve magnanimous success in real estate without any sort of a college degree. I think about how I started my career. Their knowledge comes from years and years of hands-on experience in the industry. However, I also believe that investing in an industry-focused real estate education is absolutely critical to the success of new realtors. There is much information and a certain skill set that you need to market properties effectively. In addition to performing the basic role of a realtor where you negotiate effectively, handle customer objections, make sales pitches, you must also be well versed with the current happenings, laws, policies and regulations that govern the industry that you represent. In my opinion, all these aspects of the industry can be taught only through formal industry-focused education.
How will an education focused solely on real estate help?
Getting a real estate education will keep you up to date with the latest industry standards and regulations, giving you a competitive edge as an agent. Other reasons why a real estate education matters and can catapult your career forward include:
In depth knowledge about the real estate industry
Real estate is one of the most globally recognized sectors. In India, real estate is the second-highest employment generator, after the agriculture sector. An in-depth knowledge gives you the competitive edge over others, in terms of understanding the laws of the land, as well as knowing the likely value of a certain property.
Serve as a bridge between workforce and industry demands
Local news organizations, real estate blogs, social media, papers, television, and radio are all great resources for information that affect business. A stronghold on the industry and its ancillary is important to any operation. But how does one identify the market needs? An in depth education makes sure you have the foundation required to successfully bridge the gap between the workforce and the industry demands and the up-to-date information about market trends.
Creating a network, expanding your business
Where do you think the best resources are? Other successful realtors in your network! Real estate is a people's business — the sooner you grasp that, the better. Networking with other real estate professionals is crucial since everyone brings something to the table — be that expertise, operation, tact, or skill. Tacit knowledge based on the experiences of experts helps one understand the industry, and therefore perform well. Education can provide exposure to industry experts whose success stories can help you in expanding your business.
Building client relationships, focusing on experience
Creating strong client relationships is essential for success in the real estate industry. 1 out of 2 home buyers have had bad experiences interacting with brokers and sellers. By getting educated on everything your customers want and need, you can serve them better and build lasting relationships. A steadfast education in the sector will help you display a credible persona — one that consumers will trust with ease.
Be ahead of the game
It's always a good idea to keep your skills sharp and up to date, especially if you want to be a successful realtor. Real estate education helps you stay competitive by keeping you informed about the latest market developments. Plus, as the pool of talented realtors continues to grow, it's more important than ever to be able to stand out from the crowd.
Real estate education can be beneficial for a lot of reasons. It can teach you how to manage your time more efficiently so that you can be more productive. The training will also provide you with the skills and knowledge you need to constantly improve yourself and your work habits.
The real estate industry can largely be divided into Development, Sales and Marketing, Brokerage, Property Management, Lending, and Professional services (law, accounting, etc). A foundational education in real estate can help build steady careers in each of these sectors. EdTech platforms like EdState have curated courses with a syllabus that covers every single aspect of the real estate industry. Today, aspiring realtors can actually invest time in studying the nittigritites of the industry and enter the workforce as prepared professionals.
The real estate world can be highly competitive. Becoming a successful real estate agent or broker depends not only on your ability to build client relationships and close sales, but also on continually absorbing knowledge of evolving trends and advancements in the field. Learning the importance of real estate education can significantly increase success and satisfaction in your real estate careers.
Author: Mayank Agarwal, Founder at Green Cottage and EdState, Co-founder at Bregoland