How to Become a Successful Real Estate Agent?

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Introduction

Real estate agents or brokers play a vital role in finalizing successful property deals. The Indian real estate market is a multifaceted and yet competitive world. Everything is challenging, especially for real estate agents. To succeed in this market, all property brokers must understand consumer behavior. Marketing innovations like these help them get more leads.

How to Become a Successful Real Estate Agent?

Table of Contents

We are sharing with you tips on how to become a successful real estate agent in India and useful information regarding RERA registration and guidelines.

How to Become a Successful Real Estate Agent?

Now let us know how to start a real estate brokerage business in India.

Research and Explore

Before starting a career as a real estate broker, you must acquire adequate knowledge of the profession. You can get valuable knowledge by talking to experienced professionals in the industry.

Obtain the Necessary License and Registration

Learn about all the criteria that must be met before starting a career in the real estate broker business. This includes registering your company, getting a real estate agent license, professional tax registration (PTR), GST registration, etc.

Professional tax is levied on all types of businesses and professions in India. The state tax department issues the PTR, charging the agent a fee that varies from state to state. The annual renewal of the registration certificate is mandatory.

According to the Real Estate (Regulation and Development) Act 2016, all real estate agents must be registered with the state-level real estate regulatory authority and obtain a RERA registration number/licence. The license is valid for five years. Licensing and registration requirements in India vary from state to state.

RERA Guidelines for Registration of Real Estate Agents

Further, the Real Estate (Regulation and Development Act) 2016 (RERA) will regulate and further organize the real estate sector in India. Introduced to ensure transparency. A real estate agent must be registered under Real Estate Regulatory Authority (RERA).

RERA Act to make a property purchase easier for home buyers. It aims to regulate real estate transactions in favor of builders. It ensures fair transactions between property sellers and buyers through licensed and responsible agents.

Real Estate Agents Have Different Guidelines

  • Buying or selling unregistered properties is not easy.
  • Adhere to various provisions of the Act
  • Making false and misleading statements, whether oral or written. Or engage in unfair commercial practices, such as supporting advertisements for services that are unlikely to be delivered.
  • Facilitating a home buyer to have various documents and information that he is entitled to while booking a house, land, or building.

Documents Required for Rera Registration

A real estate broker or agent must submit the following documents while applying for RERA registration:

  • Duly filled out the application form
  • Copy of PAN card
  • Name, contact information, photographs, and address of real estate agent, directors or partners
  • Copy of address proof, email ID, and phone number of the area where the agent conducts business
  • Income tax returns for the most recent three years
  • Name, type of enterprise (for example, company, society, proprietorship, partnership, etc.), and registered address of the enterprise
  • For a real estate agency, agency details, including the Memorandum of Association, Bylaws, and AoA (Articles of Association), must be provided.
  • Registration details in any other state, if applicable
  • Information regarding any criminal/civil cases pending against the agent or the company
  • Information about real estate projects, promoters, and advertisers with whom the agent has been associated for business during the last five years.
  • Copies of receipts, letterheads, and rubber stamp images.

Conclusion

Real estate agents play a vital role in property transactions. They need to understand consumer behavior and market trends to succeed in the competitive Indian real estate market. Licensing and registration are mandatory for real estate agents.

They must comply with the RERA Act and other state-level regulations to operate legally and ethically in the industry. Real estate agents must follow certain guidelines and best practices. OpenPlot provides you with such updated content.

Also Read: Rental Agreement in Hyderabad

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