The revival of the real estate sector from its slump has now made it an attractive option not just for investors but also as a good career option. The sector has been undergoing a transformation in terms of regulatory and structural changes. The changes have brought in more transparency and efficiency into the sector thus improving buyer confidence.
The real estate sector contributes nearly 6-7% of the GDP and employs the highest number of skilled and unskilled labor. The government’s impetus to boost real estate has given rise to plans to ensure that there are 25 million homes, 40 million dwelling units and 98 smart cities by 2022.
While there are a number of different career disciplines available to fresh graduates and early-stage professionals, the real estate industry is today offering a long-term career path that is challenging. Currently, the real estate sector lacks skilled professionals and the current shortfall is estimated at 4 million in the core professional requirement thus far. With the growth estimates for the real estate industry, this requirement in the core professional area will be around 70 million by 2022.
Today with the increase in regulatory vigilance, real estate companies are shifting their focus to talent acquisition and retention to ensure they are prepared to handle the growing demand. There is an increase in investment from private equity funds into real estate firms and many large brands are entering the market space thus raising the demand for talent. The companies are also becoming more professional in their outlook and are offering extremely attractive packages to stay competitive.
Career options are available in three categories in real estate – Non-core (Marketing, Sales, Legal, Finance, Chartered Accountants and Management), Core (Architects, Project managers, Engineers) and Specialists (Valuers, Surveyors, Green building experts, and Facility managers). Currently, there are limited programs that offer a specialization in real estate but lateral entrants with relevant work experience are also encouraged.
Aside from the above set of people, there are fringe services which are not directly employed by the large real estate firms. These people offer services such as consulting, brokerage and other ancillary services. These are essential services for real estate and encourage entrepreneurship. There are also several new opportunities that have opened up in the real estate sector with e-commerce, warehousing, leasing management, co-living, and co-working spaces. The demand in these segments of real estate is growing at a rapid pace and the future of real estate will list these as integral elements. The narrative for the real estate sector is back on a positive growth track and this revival in real estate can see growth only if more skilled professionals move to this sector.
