A Career in Real Estate Brokerage – An Indian Perspective

This rot has occurred largely because real estate brokerage is unregulated. In India, any Tom, Dick and Harry can become and Estate Agent. This is unlike the USA, where a license is mandatory for anyone wanting to open an Estate Agency. The absence of regulation of  has resulted in the proliferation of fly-by-night operators with a get-rich-quick mentality. Consequently, consumer perception of brokers as middlemen and over chargers has solidified.

However, times are now changing. Just as Organised Retail took the consumer retail sector by storm, organised real estate brokerage is quietly setting shop here. Global real estate networks like RE/MAX, Caldwell Bankers and Century 21 are eyeing an Indian Presence. RE/MAX has associated itself with over 140 Estate Agents in India. Companies like RE/MAX have extensive self-regulation mechanisms prescribed for their agents, who operate as franchisees of the parent company, RE/MAX USA. Thus, while Government regulation is yet to establish a foothold, such private initiatives are already in operation, taking the first few steps towards restoring the tarnished image of the industry.

Indeed, white collar professionals can consider Real Estate as a career option in the near future, within three or five years. Self regulation, as in the case of companies like RE/MAX and industry associations like NAR (National Association of Realtors) is gradually intensifying, with the setting of strict service quality standards and laying down of severe penalties like fine and expulsion from the association in the event of any malpractice.

Moreover, the introduction of technology has made the business smoother. Today a customer need not run from broker to broker to

Also, the advent of property listing sites exclusively for brokers can provide a fillip to white collared real estate professionals. Sites like www.propertyfeast.com are revolutionary in the sense that they only accept listings from agents, not from individual property owners. If this model clicks, then routing of new property listings through brokerages will increase, making the sector more lucrative.

Moreover, renowned universities are now entering the fray with specialized courses in Real Estate and Construction Management. NALSAR University of Law at Hyderabad is coming up with a course on Real Estate Law and Construction Management in collaboration with the National Academy of Construction at Hyderabad. It is a one year long post graduate course with responsibility divided between the two institutions. While the subject of Construction Management, being a technical one, will be handled by the National Academy of Construction, NALSAR will impart instruction in Real Estate Law. Attending this course is advisable for industry specialists such as civil engineers, project managers and realtors. Law is a key component of any real estate project. Indeed, as the saying goes, with a good architect and a smart lawyer, a builder’s project is guaranteed to shine!

The Annual Convention of the National Association of Realtors held at Hyderabad drew thousands of industry professionals from all over the country. There was a uniform conviction among everyone that the industry needed reform. Government regulation would be desirable, provided that the regulation does not become excessive red tape. The speakers came from diverse backgrounds as builders, brokers, financial analysts and even spiritual gurus. Mr. Lalit Kumar Jain, president of CREDAI, the nation wide association of developers, called for more institutions to offer quality training in real estate to budding professionals. There was a unanimous consensus that the brokerage business needed to become more customer centric. Given the increasing strength of advocacy for reform, it is a matter of time before organised real estate brokerages offering host of value added services such as drafting of agreements, registration of documents, skillful negotiation of deals and advising developers on projects come to dominate the Indian reality scene. The financial rewards are huge, considering the high population density and the growing pressure on land, which is a limited commodity. It is beyond the capacity of blue collared workers to offer such services. Indeed the time is ripe for university graduates with training in property management and law to consider entering this industry. Buying a house is one of the biggest decisions a person makes in life. Mature advice from a seasoned professional is a must for such an investment to yield returns and provide happiness to the household. A good property agent almost maintains a fiduciary relationship with his client – a relationship built based on trust and confidence. Helping a person purchase property is akin to a lawyer advising his client or a doctor treating his patient. If you win your clients trust, then more referrals will follow, ensuring good customer confidence and repeat business for years to come.

Happy reading, don’t forget to post your comments !

Aditya Singh,

NALSAR University of Law,

Knowledge Manager – Legal

Hyderabad

At GetSetGrow we are always striving to make a better place for career guidance. To provide career guidance in more streams  we are inviting volunteers who can contribute articles to GetSetGrow.org. You can write articles in various streams  which is available in the below form(not limited to). Be the change you want. Contribute to GSG and help us to achieve our goals.

So go ahead and register and we will contact you soon.

One of the most common career aspiration which perhaps most of us dream of to be is be a project manager. While becoming a project manager is not a very difficult task, but to sustain in this field by managing bigger and complex projects and delivering all of them within timeline, cost and with right quality of deliverable is a rare achievement indeed. In this article we would like to share about the basics of project management and the career progression one can make in this field.

Who can become a Project Manager?

Good news is today anyone can become a project manager. Freshers can enter this field as a Junior Project Manager. However, it always helps manage the project better if you have the necessary knowledge and experience in the specific domain of work.

What qualities do you need to become a Project Manager?

• Leadership
• Good Communicator
• Personal Integrity
• Enthusiasm
• Ability to Delegate Tasks
• To remain cool under pressure
• Team-Building Skills
• Problem Solving Skills
• Good Logical Reasoning
• Ability to motivate and inspire teams.

Steps before start of a project

1. Need for a project – Based on the business requirements , investment decisions or regulatory requirements the Senior Management of the organization decides to invest in a program. The program usually comprises a group of projects.
2. Identification of Roles and Responsibilities: The Senior Management identifies a Business Sponsor and Program Manager.  The Program manager identifies and gets a project manager onboard before the start of the project.
3. The Business Sponsor along with the program manager defines the benefits and high level deliver-ables of the project.

Key Tasks of a Project Manager

1. To identify and have a kick off meeting with teams
2. To understand the high level project scope
3. To define a project plan, to secure project budget
4. To manage customer expectations
5. To manage project risks, issues and dependencies
6. To report the project progress to the customer and key stakeholders
7. To agree on a High level Design and Low Level Design
8. To finalize the tasks in the execution phase
9. To monitor the execution plan and manage the budget and quality of deliverable of the project.
10. To achieve the milestones at the start of the project.
11. To document the process and all changes after the project.
12. Once milestones are achieved, to list the lessons learnt and share it with the team
13. To award and recognize the key performers of the project
14. To adjust the budget line and close the project.

Stages of a Project

• Project Initiation
• Project Planning
• Project Execution
• Project Control and Monitoring
• Project Closure

Certifications related to project management

1. PMP managed by Project Management Institute
2. Prince 2 managed by OGC UK.

Typical Career Progression of a Project manager

1. Junior project manager
2. Project Manager
3. Senior Project Manager
4. Program Manager
5. Head of Program
6. Program Director

Click here to look at the Top 10 most expensive projects in the world.

In today’s world, for the success of a project a good project manager is a must. There have been many studies done across the world to understand on why a project fails. The industry hasn’t found an effective strategy for reducing that failure rate of projects. One of the reasons for the project failure can be the methodology used in project management – Agile, Extreme, PMI, Prince 2 etc. However, it needs to be borne in mind that at the end of the day there is no fixed solution for a particular project scenario. It all depends on how the project manager understands the situation and demonstrates his/her situational leadership using innovative tools and techniques.

India we have excellent project manager like Mr E Sreedharan, of Metro Railway fame. India needs at least half a million qualified project managers in future to finish 591 projects being carried out in the country, a research by Project Management Institute (PMI) said on . “As many as 591 projects each worth more than Rs 100 crore were being executed in the country and it required a great number of project managers in order to finish them on time “, Managing Director (MD), PMI, Raj Kalady. Who knows, you could be the next successful and most sought after project manager in the country.

Have questions or suggestions?  do post us and we will be happy to answer them.

–
Rajat S Pal
Editorial Team,
GSG

The co-founder and CEO of Zoho Corp, Sridhar Vembu, is not one of those filthy-rich high-life lovers. It had always been in him to do something  which the masses of his motherland could benefit from. He is not new to us; We’ve had the privilege of featuring his exclusive interview. Here is more on his philanthropy; Zoho University.

This post is more about this very unorthodox software company that is rebelling against many conventions, than merely being a career guidance. It is also partly about a boy named Saran Babu who is a flagship developer at Zoho. The connection between the two stories? Saran never went to college. He went to Zoho University instead.

The success story of Saran Babu started when he was 17. And as most other success stories, this one too began with a risk. At that time, Saran was on the lookout for a part-time job so that he could take over the family burden from his retiring father. He did not have much to expect as he was just out of high school. It was that time when Zoho, formerly called AdventNet, came out with an initiative. It was to hand-pick deserving high-school students  who are on the verge of dropping-out, and train them on software development. There was no promise of being recruited because this was more of a test-drive for Zoho. It is said that 3000/- was all they initially offered to these students. After 18 months of real-time training and assessments, they would be placed as regular employees.

Saran being the very first chosen one, had a tough time taking the call between a conventional college education he could hardly afford, and trusting this then-never-heard-of company. Looking back, it might be one of the best decisions he has ever made. Five years later, Saran finds himself at the heart of Zoho Creator, a star service of Zoho, and now earns nearly 40,000/-. Never mind the money; He is adored by all for his simple ways and humble attitude; Even by those few who might envy him for his technical expertise. Saran stands tall and most of his successors turn to him for guidance. He is turning 23 next month.

Of the two sides to everything, the less-seen side need not always be the dark side. Education has always been thought of as graduation from a famous and costly college. The overlooked fact is that the other side too is changing lives. Zoho plays in a market ruled by Google and Microsoft. How could it afford to employ people who never went to high-school and college? Well, that is just what they are doing, and they are doing just fine. It is 10% already, and Sridhar would love to see around 40% of his proud followers to be graduates of Zoho University. He humbly says that it is not charity that they are doing; It is a win for the company too, because these employees are the ones with the greatest vigor and passion of a young and fresh mind. The most loyal ones too.

All this sensation comes from Zoho University which is now looking to recruit it’s 19th batch of students. Here is more on how to apply.

Kids who have completed their +2/diploma (in any stream) are eligible to apply to Zoho University at univ@zohocorp.com. They would then be given a written test, followed by a series of interviews. On successful selection, the candidates would be inducted into an 18 month training program at Zoho University.

With five full-time faculty members, a curriculum that finally has relevance to reality and 18 batches of successful high-school drop-outs, Zoho University is, without doubt, more  meaningful than conventional college education.

-
GetSetGrow Editorial Team

2010 was a good year for the Indian economy, while recession had a global impact in 2009, the economy revived largely in 2010. The International Monetary Fund has forecasted the world economy to grow by 4.2% in its October World Economic Outlook report after an estimated growth of 4.8% in 2010.Inflation continues to be a cause of worry across the world. In the last year crude oil ($ per barrel) rose from 81.51 to 89.84 which is a 10.2% increase.  However the projections for job opportunities across the globe continue to be very positive particularly in India and Asian countries.

As per forecast by Assocham (Associated Chambers of Commerce and Industry of India), a skills shortage predicted in Indian service sector. Services businesses are responsible for almost two-thirds of India’s gross domestic product, with fields witnessing strong levels of growth including biotechnology, IT and academia. Assocham forecasts between ten and 15 million job positions will be generated by 2011, with 75 per cent requiring vocational training. If this is not achieved, Assocham advises, it could lead to an economic slowdown, as skilled workers are required in the IT, engineering, hospitality and insurance industries, among others.

Trends:

What can job seekers expect for the coming year? Here are six career trends to expect in 2011:

• There will be more hirings from Colleges and Campuses this year.
• Salary hikes will be modest this year.
• There will be increased focus on the soft skills
• There will be increased recruitments through social networking websites and recommendations this year.
• There will be steady job competition for key positions across the sectors, however there will be plenty of jobs.
• There will be an enhanced focus on “personal branding” . Personal branding is focusing on an individual’s brand and how it reflects them as an employee and an individual. In 2011, job seekers will continue to focus on their personal brand and look to online tools like Video CVs, linkedin recommendations etc to make them visible to prospective employers.

Key Areas for Hiring in 2011.

Though we have overcome the shadow of recession largely in 2010, it may take few more months for the total recovery in all sectors of the industry. As per recent data released by Manpower Survey India released on 7/12/10 following are the key areas of growth in recruitment  in 2011 “The most dynamic hiring prospects are reported in the Services sector, with a Net Employment Outlook of +51%, and the Manufacturing sector, where the Outlook stands at +45%. Robust hiring activity is predicted in the Transportation & Utilities sector and the Public Administration & Education sector, with Outlooks of +37% and +36%, respectively.”

Following are the key sectors and job types in which more jobs are likely to be in demand.

1. Computer systems design, Software publishers and related services,

Hottest jobs in this field: Software Developer, Software Architect, network systems and data communications analysts; network and computer systems administrators; accountants and auditors , computer support specialists, market research analysts and Mobile Apps Developer .

2. Management and consulting services

Hottest jobs in this field: Marketing research executive, communications analysts; industrial engineers; financial analysts; customer service representatives; project managers and public relations specialists

3. Sustainability and Social service sector

Hottest jobs in this field: Child Welfare Officer,  Social worker, Accounts Officer,  Program Directors, medical and public health social workers; special education teachers, occupational therapists; and social and human service assistants, Research and Documentation Officer, Administrative Officer,

4. Research and development services

Hottest jobs in this field: Research Analyst, biomedical engineers; biochemists and biophysicists; medical scientists, Agriculture Scientist, Lab Assistant,  Research Associate, Research Executive, Scientific Assistant, V.P.- Research & Development, Environment Scientist, Research Associate, Scientific Officer, R&D Executive, Scientist and Sr. Research Fellows (SRF)

5. Health care

Hottest jobs in this field: doctors, nurses, physician assistants; physical therapist aides; speech-language pathologists, physical therapist assistants and physical therapists

6. Construction

Hottest jobs in this field: heating, air conditioning and refrigeration mechanics and installers; septic tank servicers and sewer pipe cleaners; telecommunications equipment installers and repairers, except line installers; purchasing agents, except wholesale, retail and farm products; and cost estimators

7. Educational services Hottest jobs in this field: preschool teachers, preschool, kindergarten, and elementary school; office clerks, general; kindergarten teachers and first-line supervisors/managers of personal service workers

However it should be remembered that these 7 fields are not the only fields where job opportunities will be available in 2011. They’re fast-growing, but jobs can still be found in many fields that are not growing as fast — even shrinking.

We conclude that while 2011 welcomes us on a brighter prospect from job opportunities perspective, the following are the key tips to retain your position and be successful in your role , irrespective of if you are searching for a job or not,

Few helpful Tips to follow this year in your organization

• Increase your visibility at all levels in your organization.
• Go the extra mile – Remember if you want to stand out from the others , you need to go the extra mile
• Make professional connections – The more well connected you are the better is your career prospect
• Commit to learning a new skill – One need to strive learning newer technologies, be updated with the latest industry happenings at all times.
• Be the gracious co-worker and an excellent Team Player – At the end of the day , it is the team who makes an organization succeed not an individual, so one needs to demonstrate a high degree of professional integrity and motivate the team and be a good team player.

Wish you a Happy New Year 2011. May you have a wonderful career growth ahead.

Best Wishes,
GetSetGrow Team

According to the Advocates Act, a license from the Bar Council is mandatory for anyone who wishes to practices as a lawyer in any Indian court. This license is given only to those who have obtained an LLB degree (Bachelor of Law)  from any recognized law college in India.

However, this should not discourage the multitude of persons working in other sectors of the industry from taking up law in one way or the other. Training as a paralegal is a fine solution for anyone who wants to participate in India’s booming Legal Process Outsourcing Industry (LPO), or take advantage of the growing demand for in-house legal talent in the country’s leading corporate houses.

Legal Process Outsourcing is a sunrise sector in India. It involves off shoring of legal work, such as contract drafting, document reviewing, legal research and a plethora of work for foreign lawyers, law firms and companies. With the increasing popularity of law as a subject, the quantity of legal talent in the country is growing, presenting greater growth opportunities for India in this field. According to figures obtained from LPOs and consultants, Indian lawyers’ billings to US firms for in-house work ranged from US$5 million to US$15 million in 2004. In fact, according to The Management Accountant, it is estimated that by 2015, the global market for Legal Process Outsourcing will be around $3 billion, with India taking a huge 60% share of the business.

The National Academy of Legal Studies and Research University (NALSAR) in Hyderabad, ranked 2nd  Law University in India by India Today, provides paralegal training through the NALSAR Pro Program. The objective of this program is to provide legal knowledge to various professionals apart from Lawyers. The Post Graduate Diploma programs have been designed to meet the requirements of professionals in the field of science, technology, media and human rights.

In order to accommodate the time constraints and working needs of professionals, course content is provided in a CD and contact programs are conducted at regular intervals. Various other national law universities such as NLSIU Bangalore too offer similar courses aimed at introducing the non-legal minds to law.

Therefore, training as a paralegal is strongly recommended for any professional or employee who would wish to gain practical legal knowledge, and at the same time, avoid the rigors of the 3 or 5 year classroom programs of LLB courses. Though training as a paralegal won’t be adequate for a license to practice, it offers wide prospects in the Legal Process Outsourcing industry, as well as job prospects in in-house legal departments of corporate and as specialized consultants in law firms. In fact it is worth noting that barely 15% of LLB graduates from the premier National Law Schools join the bar and take up court practice. While IT and BPO sectors have topped career choices in the past, saturation in these sectors has ensured that LPO will be the way for the future. And training as a paralegal seems to be the apt way for professionals in IT, medicine, engineering, media and virtually every other industry sector to gain a secure footing in this flourishing area.

Aditya Singh,
Knowledge Manager – Law,
GSG

Cheese here, is not cheese as it sounds, but a metaphor that stands for things we pursue in life. A job, a relationship, money or any material for that matter. Cheese can even be an activity which we cannot do without doing. The cheese having disappeared implies change. Change of a routine which hits us right in the face when we least expect it to.

Sniff and Scurry are mice with a smaller brains than humans. Naturally, we tend to think they are less intelligent than human beings. But in reality, smaller brain implies lesser complexity; fewer rules to follow; faster decisions. Sniff is good at “sniffing out” cheese, and Scurry excels at “scurrying” after the cheese once he knows where it is. The two mice don’t really think about things. They just react to them. They find cheese; they eat cheese. They don’t find it; they go places, looking for it. Unlike us, they don’t over-analyze and waste time doing paperback calculations. They don’t plan. They act. Spontaneously act. And most of the time, it is what works well. Sniff and Scurry are ready to handle the cheese crisis. They, without second thoughts, get back to looking for more.

Hem and Haw, you could say, are a little bit too complicated than the simple mice. They can’t help using their brains more because they have them. Hem, in particular and as the name suggests, is someone who is afraid of change; One who cannot take a break from the routine. Is this not the situation in which we find ourselves most of the time? It might even be too late before the estimation and other careful planning are done. The hesitation to move on and the lame reasons we state in defense are also brought out pretty well.

The two little people, however, mope around, blaming someone for moving their cheese. They claim they don’t deserve to be in such a situation because they worked hard through the maze to find that cheese. They are not prepared to look again for more, even though it is their only source of survival. At an instance, even after Haw came over his fear, laughed at himself for being so foolish and moved on without Hem, Hem stays stubbornly put, insisting that someone will put his cheese back. Haw, on his way, scribbles on walls for Hem to know the way, just in case he changed his mind and decided to follow him. These scribblings are the goods the author wants to deliver.To make a long story short, (I know I could have done it in the first place, but still…)

Price: $8.41 in Amazon and  Rs. 109 in India at Landmark outlets.

Spellbinder
Editorial Team
GSG

If you ask for a definition of a Team, I would say, “Together, Everyone can Achieve More”. This is absolutely proven. Team work definitely pays, and pays more. Here, we present Team Skills, which is one of the very essential soft skills. It is best cultivated right from school days, where you will form a team for the first time, be it competition or companionship. Workplaces are where Team Skills play a major role.  You become a member of a team, need to co-ordinate with them and stand by them in every success and failure. This article will be helpful to students as well as working professionals in understanding the motive of playing as a team.

How to form a Team?

Well, team building really depends on what you want to achieve; a target you are concentrating on. Let us consider an example. You are a marketer and are working towards an important marketing strategy, say a video campaign. You would need a good designer and developer in your team. So, choose a good designer who can transform your thoughts easily and effectively into a layout. Developer should be able to provide a good theme, edit the design and also put your words to good use. That’s how team formation should go about.

Transformation as a Team.

Now you have formed a team. Let’s see how you can work together and get more as a team.

1.       Make a plan

2.       Assign Roles to team members

3.       Find and get the required resources.

4.       Fix the target date and schedule it

5.       Implement

Make a Plan. Get together with your team members and set a plan or path which will help you find where you can start. Find the responsibilities in every phase of the project. Ask questions to clarify things. There is nothing wrong in asking lot of questions in a meeting. Even Einstein asked lot of questions. When more questions are asked, more ideas will come up. Once you’ve made a plan, assign roles to team members and let them know their responsibilities for the project. Make it clear, so that your team members get the gist of things.

Now it’s time for each member in the team to find and acquire the required resources for their roles. As Will Smith once said, every problem you face would surely have been faced by someone else and the solution would have been written down somewhere. Search online, refer books and people who have done similar projects before in order to get more ideas. Fix the delivery date and schedule to release your project. Schedule it based on the requirements, team capability and resources so that you don’t have to postpone it as you near the deadline. This schedule should be feasible for everyone in the team. Now Implement your plan according to the schedule. Have a team gathering at regular intervals and whenever necessary, so that you can bookmark your progress and follow the schedule to implement the project efficiently.

Hope this article has thrown some light for Team Skills in you. Feel free to drop your comments and suggestions.

–
Balaji,
Editorial Team,
GSG

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Soft Skills