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education Updated: Jul 23, 2013 17:31 IST
real estate


The lowdown

A real estate consultant deals with high-value property assets. His/her ­services range from taking clients on tours of ­properties, ­analysing area sales statistics and examining contracts before ­making offers or closing deals etc. Hence, a potent combination of ­technical know-how, market insight and ethical values are essential for a real estate ­professional. He/she needs to have a clear ­understanding of what each ­client wants; should try to align their ­requirements with the broader market scenario and be able to deliver in a complex and unstructured ­marketplace. Negotiation skills are absolutely mandatory to succeed in this field, and these are best picked up by ­observing seasoned veterans. The Indian real estate market is now ­adapting to international best practices, and the future belongs to polished professionals. An aspirant should educate himself on all aspects of the property sector and the business world before actually venturing into this field.

9am: Reach office
10am: Overview clients being ­serviced, new assignments to be handled etc
10.30am: Internal team meetings
11am: Oversee new residential assets that have come to the market for sale or lease
11.30am: Speak to clients and advise them on new opportunities
5pm: Take clients for property visits, organise and facilitate negotiation meetings between both parties
6.30pm: Meet developers to ­oversee their new product plans, advise them on what the market demands are, understand their requirements etc

The ­payoff
Beginners can earn Rs. 25,000 to Rs. 50,000 per month, excluding bonus that could run into lakhs depending on the bonus policy of the agency and number of transactions done. ­A ­mid-level professional with five to ten years’ of experience can earn Rs. 1 lakh to Rs. 2 lakh per month. Senior level consultants with more than 15 years experience can take home an annual seven-digit salary depending on the agency’s background and ­his/her ­reputation

* A strong marketing/sales mindset; customer orientation
* Organisation skills
* A fair understanding of the dynamics of the real estate sector

Getting there
There is no fixed criterion to enter the business of realty consulting. However, a ­background in business ­management and marketing ­communication helps. If you want to get into the technical side of the ­business, a background in ­architecture or civil engineering would be ideal

Institutes and URLs
* Indian Institute of Real Estate, Pune; www.iire.co.in
* National Institute of Real Estate, New Delhi; www.nirem.org
* National Institute of Construction Management and Research, Mumbai; www.iire.co.in
* Cornell University, New York; www.realestate.cornell.edu
* Cass Business School, London; www.cass.city.ac.uk

Pros and cons
* The level of sales incentives in a real estate advisory firm tends to be disproportionately higher than in a financial services ­advisory firm
* Opportunity to sharpen skills in terms of customer service
* Most clients are available on weekends, so a working week would be up seven days straight
* The industry is unstructured and fragmented in India

Real estate consulting has transformed from a mere deal making profession to a much more intricate profession. Thus, it requires in-depth understanding of the sector --- Samant Jerath, director-corporate services and business development at Jerath Properties, New Delhi