The Real Estate Industry is responsible for shaping the world around us including structures like Houses, Apartments, Malls, Offices, and Parks etc. Working in this industry has become a viable career option especially since international organizations and multinational corporations have joined the Indian real estate sector. Find out what it is like to work in this industry below.
What are the jobs really about?
Empty Land to Landmarks
Most people believe that working in the Real Estate industry means working as a Property Broker or a Real Estate Agent only. However, this is far from the truth. Essentially, working in the Real Estate Industry involves also being employed by a Real Estate Development Firm or a Construction Company apart from working as an agent.
Jobs in the Real Estate Industry are primarily found in 2 organized sectors within the industry, i.e. Real Estate Development and Construction. Whereas Construction companies hire professionals like Urban Planners, Architects, Civil Engineers etc, Real Estate Development Firms hire professionals who can perform tasks like identifying and buying profitable land, procuring permits and licenses, planning residential/commercial projects, overseeing construction, marketing a project and ensuring sales.
A major chunk of the jobs in this industry are found in Real Estate Firms and generally you would be required to contribute towards only one of its operations. For example, you can get a job of a Relationships Manager or a Construction Supervisor, or work as a Marketing or Sales professional.
Why do people work in the Real Estate Industry?
Growing Industry
The growth of the real estate industry in India has accelerated with the influx of multinational corporations and foreign companies into the Real Estate market. Malls, Offices and Luxury Apartments have started to come up even in the smaller towns. This recent growth and increased business creates more jobs for professionals in this industry along with opportunities to grow and succeed. Professionals often end up working for developers who are constantly expanding their operations, such as DLF and Unitech. Not only that, but the Real Estate Industry also offers very good salaries and pay packages due to the high demand for skilled professionals in this industry. Growth opportunities and good salaries are huge motivating factors when it comes to people deciding to join this industry.
Find out about the Top 7 Money Making Careers.
Impacting Lives
Another big reason behind people choosing to work in this industry is the very fact that Real Estate usually involves building structures that are going to last a lifetime and will be of great significance to a large number of people. For example, a mall that opens up in a locality often affects the lives of everybody who lives around it. This feeling of significance makes professionals in this industry feel like they’re making a difference to the lives of people and changing them for the better. It is this very feeling of job satisfaction that motivates individuals to join the Real Estate Industry.
Varied Experience
Working in the Real Estate Industry provides one with a lot of experience in varied fields. For example, in the initial period of your career, you can be responsible for overseeing the construction of a large multinational office whereas a few months down the line you can be overseeing the construction of a residential colony comprising of compact houses. Not only that, but even your job profile can go through several changes thus adding to your experience. You can work in different roles during different times of your career such as Construction Supervisor, Marketing Professional, and Relationships Manager etc.
Find out about the Top 7 Roles for Managers.
What is it like to work in the Real Estate Industry?
High Risk, High Rewards
The Real Estate Industry generally involves a lot of risk as there are huge sums of money involved in every investment. A single wrong decision can result in the demise of an organization. On the other hand, a single correct decision can result in the organization growing by leaps and bounds in an instant. This results in a lot of uncertainty and added pressure at the workplace. Employees work extra hard and are required to consider the pros and cons of every situation carefully before deciding to go ahead with a decision. People who succeed in this industry are the ones who can deal with this pressure and make sound decisions with careful planning.
Cyclical Industry
A peculiar trait of the Real Estate Industry is that it is cyclical; there are periods of massive growth and there are periods where the market is absolutely stagnant. This results in the business going through various upward and downward swings regularly. Professionals who succeed in this industry are the ones who have the patience and perseverance to deal with stagnant periods and who have the initiative and intelligence to capitalize on the growth periods.
Constant Opposition
Professionals who work in the Real Estate Industry, especially in Real Estate Development Firms have to constantly deal with opposition and obstacles. These can be in the form of Government Laws, Policies, Authorities, NGOs etc. As a person who’s working in this industry, you will have to find ways through which you comply with the law at all times and develop areas without harming anybody or any natural resource. Dealing with such obstacles is not an easy task and requires immense amount of determination and innovation.
Responsibility and Deadlines
Working in the Real Estate Industry requires people to deal with a lot of responsibility as there are huge sums of money involved and you are accountable for your decisions. Every decision needs to be thought about clearly and the pros and cons need to be weighed before going ahead with any decision.
Not only that, but there is a greater sense of responsibility involved also because there is a time limit attached to every activity in the Real Estate Development industry. You will constantly have to deal with deadlines such as ensuring that the construction finishes within a certain period of time, completing a deal within a particular period of time etc.
Social Interactions
The nature of the Real Estate Industry requires a person to interact with people from all backgrounds and professions. Additionally, the disorganized structure of the Real Estate Industry leads to a lot of unskilled people entering the profession. As a Real Estate professional, you might need to regularly communicate with supervisors, workers, contractors etc. Not only that, but you might often have to work alongside people who might be less skilled than you or have a completely different set of opinions as compared to yours. Professionals who succeed in this profession are the ones who can interact and maintain relations with people from all backgrounds and work with them productively to achieve results.
