Vinayak Realtech

Successful Real Estate Business is one of the growing industries throughout India and Kolkata. According to data, there is a good 64% hike in property selling in 2024 than in 2023. The rising investment is calling many new investors and people. However, many times they get confused about how to kick-start their business. Due to complex legalities and unclear instructions, many newcomers are taking their step back. It is preventing the market from getting newer ideas.

As a veteran realtor, we are not happy with it. Thus, today we are here with some tips on how to start a successful real estate business.

Let’s start!

1. Choose Your Niche as a Successful Real Estate Business

The real estate market is highly competitive. Also, buying a property involves loads of financial responsibility. Thus, buyers always try to get the best. If you want to make your space in this industry, you must focus on producing the best and for this, choosing a niche is crucial. For example, Vinayak Realtech is an expert in making residential properties. They know what a buyer wants in a home and how to produce it. It is helping them to produce top projects making high revenue.

Here is a list of niches, take time and choose the right one to earn maximum-

• Residential real estate
• Resort and vacation homes
• Income properties are the ones that real estate investors buy to have income through leasing or rental.
• Condos
• Commercially zoned real estate properties
• Property management
• Rental property

2. Choose a Business Structure as a Successful Real Estate Business

The real estate business comes with huge legalities. To manage this, one must decide the structure of the company first. There are a lot of structures such as sole proprietorship, partnership, limited liability company (LLC), or corporation. Here is a brief about these structures-

• If you want to own the company single-handedly, it is called a sole proprietorship.
• If you have one or more partners it will be under the partnership tag.
• When the company owners share the liability and tax, it is called LLC.
• A corporation’s business structure allows the corporation to own property, pay taxes, and have contract deals.

According to experts, one must consider the business goals, financial responsibility, and knowledge base before deciding on the structure.

3. Conduct Enough Market Research

 The real estate market stands on the demand and supply theory. To succeed in this field, one must understand people’s demands and notions. For this, extensive market research is crucial. Here are some tips for fruitful market research

• Decide your area and target audience first
• Hire experienced people to do the market research
• Consult with other experts as needed for clear guidance

Extensive market research helps to get a real view of the market and it saves money and time. On this experts suggest staying flexible to diverse ideas and opinions.

4. Curate Practical Plan

 Like everything other things in life, real estate companies also need a practical plan to bag desired success. Individuals need to plan things like financial sources, raw material sources, labour expenses, etc. Proper planning helps to do things faster and reduces the chances of mistakes. 

Experts suggest to decide the financial goals or business goals at this stage. It will help to find the way to reach the goal faster.

5. Build Identity

 To make an impact in the market, one must have enough business identity. For this, planning and making the logo, website, etc., are important. Here are some tips for this-

• Ideate a unique logo
• Make a user-friendly website
• Promote the logo in every channel
• Take part in social events

Remember, real estate is a place of gaining and leveraging the trust of buyers. Thus, a new company must gain enough trust. For this, making a strong business identity is important.

6. Get the License

To kick-start a real estate company, one must have the right license. Currently, the process is very easy and one can get it online. Follow the below steps for this-

• Visit the Real Estate Regulatory Authority (RERA) website for West Bengal
• Go through the conditions carefully
• Enter the required information and fees

Remember, real estate is all about legalities. Any mistake on this can lead to a serious legal battle. Thus, start the work only after receiving the license.

7. Set up a Marketing Plan

Marketing plan plays a crucial role in the real estate sector. People must know about the builder and their background to trust them with their hard-earned money. For this, curating a perfect marketing plan is important. Here are some tips for that-

Consider the favorite channels of your target audience

Try to have direct communication with your potential buyers

Strengthen your online presence

8. Plan Your Taxes

Taxes play another key role in the real estate sector. It also controls the legalities of the projects. Thus, one can’t be ignorant of this at all. Therefore, hiring an accountant is mandatory. Also, hire a bookkeeper. A bookkeeper will help to pen down all the expenses and contribute to a transparent system. Here are some tips for this-

• Try to keep a record of expenses
• Do not skip any tax
• Hire an expert tax lawyer
• Hire an account personally

9. Get an Insurance

Getting insurance for any business holds the utmost importance. Businesses can face various issues such as theft, fire or any other damages. Handling the financial burden single-handedly is not easy. Thus, the expert suggests getting insurance. Here are some tips for this

• Be clear about your demands and necessities
• Research well about the insurance company before the contract
• Read the terms and conditions carefully

FAQs: Successful Real Estate Business

Can anyone become a realtor?

Yes, anyone can set up a real estate company. However, to achieve success one must have enough knowledge about construction, market demand and people’s notions. Also, the individual must be well informed about the choices of their target audience. The combination will help to understand and provide the best.

Does the real estate business need a huge capital?

Undoubtedly, a realtor must have a significant amount of capital to buy land and start the work. However, once you start the work, you can gather money through bank loans and pre-bookings.

Is hiring a lawyer a must to run a real estate company?

Legalities play a crucial factor in the real estate industry. Any minor mistake can make the whole project an illegal one. To avoid this, it is crucial to hire a permanent lawyer. However, for the initial days and limited budget, one can consider freelancer lawyers rather than permanent ones.

Wrapping Up

Real estate is one of the fastest-growing sectors in India and Kolkata. Thus, many newcomers are planning to take a try. Well, as a veteran realtor, we want this, too. Follow these tips and start your business now. Do not forget to connect with us if you have any more queries.