Wednesday, September 14, 2016

Why Education is Required in Real Estate

Real Estate has come a long way. From being a mere Buying & Selling of properties  today it is a full fledged industry. In older days property deals were within a closed circle. Through reference or  between people known to each other. There were no Housing Projects, Shopping Malls, Office Complexes & so on.

It was an unorganized sector. But today it has become an organized sector with Rules, Acts, Guidelines, Governing Bodies, Development Authorities, Organizations to name some being in place. Land & Property records have been computerized in most of the states.

So when all this has happened or is happening, people in trade also need to be well educated professionals. But unfortunately that is not the case. In-spite of it being one of the largest industry, expected to provide employment to 75 Million(7.5 Crore) people, it is yet to start providing formal education. It is yet to get institutes creating professionals for this 3rd largest, poised to become largest, industry in India.

Many a times it is said in lighter vein that that if you have nothing to do, spend Rs.200/- get 100 visiting cards printed and become a Real Estate Agent. It is sheer apathy. It is this situation which leads to majority of disputes. Mis-selling is most rampant in two sectors, Insurance & Real Estate, where customers are taken for a ride with fake presentations of product & false promises.

Have we ever tried to thinks, why it is not so in most of other industries. Reason is simple, there are well defined courses, for all levels. People working are well educated & trained in their area of work.

Now let’s try to see what is the scenario for entering Real Estate in a country like USA.

Get Educated

No matter where you live, you must take a course prior to License. Requirements differ from state to state. Like California requires three college level courses, some others require at least two courses totaling 90 hours of education.

US Bureau of Labor Statistics(BLS) says that a High School Diploma is the minimum requirement for this career(www.bls.gov).  Licensing guidelines in most of sates wants applicants to complete course, work in Real Estate after secondary education. Undergraduate courses in Real Estate include subjects like Real Estate Law, Property Management, Real estate Investment, Property Appraisal & Property Development. There are a number of institutes providing Real Estate Certification Program.

Get Licensed

Real Estate license requires clearing Sate & National level exams. You are required to pay around $200 as license fee, though this varies from state to state. You may also have to get your background checked from government designated agencies.

Real Estate Broker Training

Before becoming a Broker, you must obtain experience by working under some existing & experienced Broker, says BLS. They say you get a feel of market and learn how to offer properties to clients which are best suited to their needs. Most Broking Firms train aspiring agents in paperwork including property title documents, various required approvals, how to prepare a loan file & how to get a property registered etc. It is only after this training that one can become an independent agent.


It is this reason, that there are either no or minimal property disputes or frauds in US. NAREDCO, the pioneer body of Real Estate Developers also said once that there is a strong need of formal education in this field to achieve projected growth and make working hassle free for both clients as well Developers or Brokers.

Now to create better & educated Real Estate professionals, RMS school is providing education in all aspects & verticals of Real Estate. For details visit:

2 comments:

  1. Very helpful post citing the importance of education in the real estate field.

    ReplyDelete
  2. Nice post ! Maaz Bin Jabal Heights was a young man growing up in Yathrib as the light of guidance and truth began to spread over the Arabian peninsula.

    ReplyDelete