Property broking profession lacks credibility and is always looked at with suspicion. However, the credibility of this profession can be enhanced through real estate education. A thoroughly planned system of property education can not only improve the credibility of property professionals by inculcating numerous changes in the profession but also enhance the business volume of educated and certified professionals. Suitably planned courses can teach property professionals the better, profitable and convenient way of doing real estate business. Few of the key changes that education system can bring into property market are as follows:
Transparency in transaction and business professionalism: Knowledge enhances transparency and professionalism and this is true for real estate market also. Today, several property brokers are active in the market without any structured knowledge of property sales and transaction process and therefore they are forced to provide wrong and partial information to their clients. They are not able to close the deal properly, mostly at the cost of prospective home buyers, because they have not studied how property ownership is verified, acquired, transferred and leased. In the Indian property market, there is a sub set of property advisors, who want to upgrade their knowledge and skill but are unable to do so in the absence of a system of real estate education in which they can study as well as run their business.
In this scenario, a proper system of property education and training, consisting of a network of real estate institutes offering full time, part time, evening, week end, distance and online real estate courses, could have improved the subject knowledge of professionals and in turn would have improved transparency in property transactions and professionalism in the business, especially property consulting business. A point to be mentioned here is the initiative of EduMark realty education services which offers courses for those looking for real estate jobs as well as for existing property professionals looking for professional development. EduMark is the first and only institute in India that offers full time, part time, week end, evening, distance and online courses.
Customer Service Efficiency: A knowledgeable and informed property advisor can serve his clients effectively and efficiently which in turn increases his demands in the market. Such demands increase his overall volume of business because one satisfied customer can create ten new customers. However, structured knowledge and information come only through a properly established process of education.
Subject knowledge and business volume: It is an established fact that buyers tend to prefer a knowledgeable advisor (knowledge displayed through his educational qualification) more than that of an advisor who is not well informed and knowledgeable. However, in the absence of property education system, courses and institutes, property brokers can’t display their knowledge because they can’t acquire any suitable real estate qualification and therefore potential home buyers can’t identify the best suited advisor.
Business ethics and business volume: By offering fraudulent advice, one can derive benefits in short term but it is a net loss in long term. This is very true for property brokers also. This is because, as mentioned above, one satisfied customer can create ten new customers but one dis-satisfied customer can dissuade hundreds of potential clients, so the losses are many folds. However, this fact can be explained to these property consultants only if they are inclined towards learning and there is sufficient opportunity for such learning.
Real estate jobs and cost of recruitment and training: One of the most important impacts of education in this business is on property jobs; While real estate courses offer a platform to potential candidates to start their career in real estate by taking up suitable property related jobs, it reduces the cost that employers make on the training of new employees. Those candidates who have done a property related course are already trained and ready for real estate jobs and therefore employers do not need to arrange fresh training of the such employees, which saves time and money both.
Overall, a proper devised system of education for Indian property market can enhance not only the transparency in transaction and business professionalism but also the business volume of the market players. Another advantage is the reduction in training and employee orientation cost.