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