How to Become a Real Estate Agent in India?

If you are thinking of how to become a real estate agent in India, then you’ve chosen one of the most lucrative and rewarding careers. It offers the opportunity to help people find their dream homes, earn high commissions, and enjoy flexible work hours. However, becoming a real estate agent in India is not as easy as it may seem. There are many challenges, requirements, and skills that you need to overcome and acquire before you can start your journey in this field. In this blog, we will guide you through the steps and tips on becoming a real estate agent in India. Read on to know more!

What is a Real Estate Agent?

A real estate agent is a person who helps clients buy or sell properties, such as land and buildings. They usually work for a broker, who is more experienced and licensed to a higher degree. An agent earns a commission, which is a percentage of the property’s sale price. They also need to have a license to perform their activities legally.

What Does a Real Estate Agent Do?

Before learning how to become a real estate agent in India, let’s understand the roles and responsibilities of the position. Shared below are the broader aspects of the job profile of a real estate agent:

1. To facilitate the sale and purchase of properties between the sellers and buyers. 
2. To maintain the record and books of account, preserving the entire process in its documentation.
3. To provide guidance and assistance to sellers and buyers in procuring the best deal and the best price. 
4. To analyse the market trends and estimate the property’s value against the competition. 
5. To update the listings of available properties.
6. To maintain communication channels with the sellers and buyers. 
7. To cooperate and coordinate with lenders, attorneys and contractors.
8. To continue to have the required skills and needed knowledge to continue as a real estate agent.

Also Read: How to Become a Budget Analyst in India?

Difference Between Realtor and Real Estate Agent

The difference between a Realtor and a Real Estate Agent is that a Realtor is a member of the National Association of Realtors (NAR), while a Real Estate Agent is not. The former must follow the NAR’s Code of Ethics and pay annual dues to maintain their membership. The latter is licensed by the state to help people buy and sell properties but does not have to adhere to the NAR’s standards or join any association. Both can work as agents or brokers, depending on their level of education and experience

Real Estate Broker vs Agent

The difference between a real estate broker and an agent is that a broker has more education and experience than an agent, and can work independently or hire other agents to work for them. A broker can also own a real estate firm or be an independent contractor, while an agent must work under the supervision of a broker. A broker has more responsibilities and authority than an agent, such as overseeing transactions, managing agents, and ensuring compliance with laws and regulations.

The Real Estate Regulation Authority (RERA): Registration and License 

The process of registering yourself with the RERA starts with visiting the official website of the RERA of the specific state. With an example of Maharashtra, follow the below steps to register on the website:

1. Visit the official website and click the ‘Online Application’ visible on the homepage. 
2. Click on the ‘New Registration’.
3. Continue to mention the user type and fill in all the details. 
4. Verify your email address, and receive the registered account that you can then log in to. 
5. After registering an account, the applicant can move on to fill out the required application form on the website.
6. Along with the same, a specific fee has to be paid, which varies according to the state. 
7. The applicant can decide whether to register as an individual or as a real estate agent company. 
8. All the required documents must be submitted along with the form. 
9. The agents should also apply for Professional Tax Registration, which comes under the state tax department. This should be renewed annually. 

The real estate agent license shall then be issued per the required formalities within 30 days, generally, from the date of application. 

Documents Required 

The documents that are required to be submitted during the application for RERA registration are mentioned below. 

1. An application form which is properly filled out. 
2. Personal details such as the name, contact, photographs, and address.
3. A copy of the applicant’s PAN card 
4. Details of the business area of the real estate agent. This should be a copy of the address proof, phone number, and email ID.
5. If it is a business the agent is registering then the nature of the enterprise, its name and registered address should be provided. 
6. Income Tax Returns of the most recent 3 years.
7. MoA (Memorandum of Association), AoA (Articles of Association), and bylaws of the real estate agency.
8. All details of any pending civil or criminal cases against the individual or their company 
9. Details about the agent’s partnership and work with real estate projects, promoters, and advertisers within the last 5 years.
10. If there is a need and it is applicable then the details of registration of any other state. 
11. Any sort of copies of acknowledgement receipts, rubber stamp images, and letterheads.

Eligibility Criteria for Becoming a Real Estate Agent in India 

How can one know if they are eligible to become a real estate agent? Getting to know about the eligibility requirements helps prospective candidates prepare for the career of a real estate agent. The below-mentioned points share the same defined requirements. 

1. Though there is no specified need for a specific set of educational requirements, a degree in business administration or business helps the candidate become privy to the technical aspects of becoming a real estate agent, and the same is also preferred in the career field of the job. 
2. The candidates must be registered with RERA (Real Estate Regulatory Authority) under the Real Estate Regulation And Development Act 2016 in India. 
3. Therein, the agents must register their businesses, and provide information such as their business details, income details, and certificate of police verification.
4. The real agent must have applied for Professional Tax Registration (PTR).
5. Furthermore, one can obtain an in-depth knowledge of the subject by pursuing a postgraduate degree that shall highly benefit them in their career field. 

Courses to Pursue a Career as a Real Estate Agent 

If you are wondering about the suitable courses to pursue right from the beginning, then some shall prove to be useful for you in becoming a real estate agent. Check the same out below. 

Undergraduate Courses	Postgraduate Courses
Bachelor of Business Administration (BBA) BBA in Marketing B. Tech in Civil Engineering BBA in Real Estate and Urban Infrastructure	Master of Business Administration (MBA) MBA in Marketing MBA in Real Estate and Infrastructure MBA in Sales and Marketing

Also Read: Best Real Estate Courses in India & Abroad

Top Colleges in India 

Now that the blog has shared information about basic educational qualifications, what are some of the colleges that act as some of the best in helping students become real estate agents? We have shared a list below. 

Name of College	Location
Adithya Institute of Technology	Coimbatore
DY Patil School of Management	Mumbai
GIBS Business School	Bangalore
MIT Art and Design Technology University (MIT ADTU)	Pune
SRM University	Sonepat
Vivekananda Global University (VGU)	Jaipur
Sree Sastha Group of Institutions (SSGI)	Chennai

Also Read: How to Become a Business Manager in India?

Skills Required to Become a Real Estate Agent in India 

The main skills required for one to become a real estate agent are listed below. 

1. Communication skills
2. Negotiation Skills 
3. Adaptability 
4. Time management skills
5. Problem-solving skills 
6. Interpersonal skills 
7. Sales skills 

Job Roles and Salary  

Once the real estate agent has landed in this career field, there are further job roles that they can take. Mentioned below in the table is the same, along with their respective salaries. 

Job Roles	Salary
Commercial Real Estate Agent	INR 5.5 lakh
Mortgage Specialist	INR 6.6 lakh
Real Estate Consultant	INR 3 lakh
Real Estate Sales Manager	INR 5.3 lakh
Loan Underwriter	INR 4.1 lakh

Areas of Employment 

Real Estate agents can find employment in the following areas:

• Real Estate Consultancies
• Online Property Aggregators
• Construction Companies
• Real Estate Brokering Companies
• Entrepreneurship
• Freelancing
• Property Development Agencies

Also Read: How to Become a Solution Architect in India?

FAQs

We hope that this blog provided you with all the information on how to become a real estate agent in India. Discover more such interesting articles on careers in India by tuning in to Wings by Leverage Edu. Thank you for reading!