Real estate is a business related to the construction and purchase of land, plot, house, shop, office etc. This is the reason why it is one of the most promising business sectors in a huge country like India. According to a reliable figure, its size in 2017 was equal to 120 billion US dollars. And in the next thirteen years, i.e. by 2030, it was expected to reach 1 trillion US dollars.
The real estate industry in India is flourishing at a very fast pace. Perhaps this is the reason why everyone is attracted to start their own venture in this field. Although real estate has not always been a good business in India, as the volatility in this business was very high earlier. But ever since reforms like RERA, REITs and title insurance have taken place in this area. Since then the industry is in better care and zone with transparency and enforcement.
So if you are also planning to enter this market of real estate. So before entering this you should complete some of your homework. So that later you do not have to regret the decision taken by you. So further in this article, we will try to tell that how any interested person can start his own real estate business without money. But before that let us know, what is this real estate?
What is Real Estate?
Real estate can be understood to mean immovable property. In common parlance, it is also called property. This includes land and any improvements to the land. Land improvements include building construction, building improvements, roads, structures and utility systems. The right of land gives people the right to own the land, the right to improve it, the right to sell it and the natural resources available in that land like minerals, plants, water, etc.
Generally, the real estate business is meant to sell and buy land, build houses, sell plots, etc. Hence property dealers are also associated with this industry. There are generally four types of real estate land in India, residential houses, commercial buildings and industrial.
Without money Real Estate Business how to start?
Sometimes it seems strange to hear that the real estate business that has the potential to change the life of any person completely. That business can be started even without money. But it is true that at present we will get to see many such real estate agents or property dealers. Those who started their journey in this field without money, but today they are millionaires.
Now the question arises, is it really possible that any interested person can start his own real estate business without any money. Yes, it is absolutely possible, any interested person can start this business without any investment. So let’s know-how?
1. Assess your communication and network
To start a real estate business without money, first, you have to assess your communication and network. If we talk about the assessment of communication, then how do you like to talk to people in this? How people are affected by your words? Can you take people into confidence with your words or not? etc. will have to be assessed.
Because a Real Estate Agent should enjoy talking to people. He should know the art of influencing people with his words. And his behaviour and personality towards people should be such that people start believing in him. Effective communication helps a real estate agent increase acquaintances.
Network refers to the identity of that person. Because real estate business can be started without money only when the network of the person interested is strong. If he is well known in his area, then only he will be able to contact people. And will also get to know the requirements related to their property.
2. Find people looking to sell their properties
Start with people you know and network. In this, you have to identify such people who are looking to sell their own property. Keep in mind that if someone is in too much of a hurry to sell his property for any reason, then he may sell the expensive property at a cheaper price. Real estate agents can earn more profit on such deals.
If you want to keep increasing the network you get, you can also create a group on Facebook, WhatsApp etc. In which people post their requirements for selling and buying property. You have to make a long list of people in that area who are looking to sell their own property.
3. Settle your own commission with property owners
Because to start real estate business without money, you do not need to buy any property by yourself. Rather, you are just playing the role of middleman in this whole process. The property belongs to someone else, for which he has fixed a fixed price. You have to find such clients who are ready to buy that property for a little more than the fixed price fixed by the property owner.
In this process, your remuneration and commission is the difference between the price decided by the owner of the land or house and the price paid by the buyer. In many cases, the owners of the land and the house ask the property dealer or real estate agent to sell their property. And in return offer them 2 or 3% commission. Hence the interested person needs to meet the property owners and decide his own commission.
4. Find people looking to buy property
Now the next step of a person starting a real estate business without money is to find such people. who are interested in buying that property. Keep in mind that no unknown person will buy any property from you unless you have a company. That’s why you don’t have to pay attention to any unknown person. All you have to do is find people in your network, people you know, among people you know. Those who are interested in buying that particular property.
It is possible that you told someone you know, he told his acquaintance and for he sent a customer to you. But an unknown person rarely deals with the property personally with an unknown person. Therefore, considering such people as your target customer, you have to damage your power on them.
5. Sell a property and earn commission
Now that the list of both types of people is available with the person starting the real estate business. So now his entire focus should be to convert potential customers into real customers. For this, that person should also have information about future government projects, private projects etc. in that area. So that he can also tell the customers the advantages of buying that property while selling the property.
When the person is successful in selling the first property. And from that he also gets the commission. So believe it, it transmits twice the power to work in that area. Therefore, he devotes all his energy to finding the property and selling it. And in this way he is able to earn a lot from the real estate business started without any money.
When the person becomes a known Real Estate Agent or Property Dealer of that particular area. So now he should get registered as a property agent under RERA. Different states have different fees for getting such registration done. Which can be anything up to 10-25 thousand rupees.
What is Real Estate Agent Registration (RERA) is mandatory?
Yes, according to the new rules, any person who is involved in the business of selling and buying property. It is mandatory for them to register as a Real Estate Agent. And different fees have been set for this registration in different states. But generally, the fee charged for this registration can range from Rs 10 to 25 thousand. Now the question arises that, if RERA registration is necessary, and there is also a fee involved.
So how will anyone be able to start a real estate business without any money? The question is valid, but the truth is that even today many big and big property dealers in India are doing their business without RERA registration. Therefore, in the initial phase, without any personal office and license, this type of business can be started easily without any money.