Vskill_Real Estate Consultant_Syllabus

Introduction

• Overview of Real Estate Sector
• Residential vs. Commercial
• Unique Characteristics of Real Estate Market
• Demand and Supply in the real estate market
• Current Trends in the Real Estate Market
• Market Participants

Skills of a successful Real Estate Consultant

• What is a real estate agent?
• Services offered
• Business Planning and Marketing
• Referrals
• Selling Skills and good speaking proficiency
• Time Management
• Self Starter

Sales and selling

• Advertising, Direct mailers, electronic mailers, telemarketing
• Sales Promotion
• Public Relations and publicity
• Referrals
• Networking

Real Estate Financing

• Government and commercial sources
• Government schemes and grants
• Commercial Banks and institution lenders
• Housing corporations and associations
• Life Insurance Corporations
• Real Estate Investment Trusts (REITs)
• Non Banking Financial Corporations (NBFCs)
• External Commercial Borrowings (ECBs)
• FDI in real estate

Real Estate Pricing

• Median prices vs. mean prices
• Units of pricing – sq m, sq ft etc
• Factors influencing real estate pricing
• Determination of Fair value

Sale of Real Estate

• Immovable property and transfer of immovable property
• Verification of document of title
• Registration Procedure
• Agreement to sell an immovable property
• Registration of Agreement to Sell
• Stamp Duty Payable on Agreement to Sell
• Suit for specific performance of an Agreement to Sell
• Sale/ how is sale made/ construction and execution of sale deed
• Rents and profits of the immovable property
• Right and Liability of buyer
• Right and liability of seller
• Auctions
• Sale and FEMA

Mortgage

• Introduction
• What is Mortgage?
• Kinds of Mortgage
• Redemption of Mortgage
• Foreclosures
• Registration of Mortgage Deed
• Stamp Duty payable on Mortgage Deed
• Housing Loans to Non residents

Lease

• Leases and leasing activity
• Essentials of a lease
• Definition and execution of Lease
• Rights and liabilities of the lesser
• Rights and liabilities of the Lease
• Termination of a Lease
• Forfeiture
• Application of Rent Control Legislation
• Model Residential Tenancy Act, 2011
• Registration of a Lease Deed
• Stamp Duty payable on Lease Deed

Gifting of Real Estate

• What is Gift?
• Transfer, consideration, parties, acceptance
• Transfer of Immovable property by way of Gift
• Registered instrument
• Voidance, suspension or revocation of gift
• Gift tax act

Exchange of Real Estate

• Exchange as a mode of transfer
• Definition and execution of exchange
• Treatment of exchange in Income tax act

Other Regulations

• Real estate and Consumer Protection Act, 1986
• Members of a society
• Meaning of deficiency in service – late delivery, escalation, substandard material

Basic IT Skills: Technology and a real estate office

• Computer Hardware
• Computer Software
• Internet Tools for Marketing and Communication
• Security and Computer Protection
• Determining Office Technology Requirements

Personnel Management

• Job Analysis
• Recruitment of Job Applicants
• Personnel Selection
• Training and Appraisals
• Motivating Performance
• Compensation and incentive plans
• Defining Sales quota and objectives

RERA

• Project Registration
• Promoter Functions and Duties
• Allottees Rights and Duties
• The Real Estate Regulatory Authority
• The Real Estate Appellate Tribunal
• RERA Offences, Penalties And Adjudication

Introduction

·         General overview of the real estate sector, and understanding of the residential versus commercial real estate concepts.

·         Segmentation of real estate in housing and non housing categories (commercial, industrial, institutional etc)

·         Indian real estate market, the second largest employment generator and growth engine for more than 300 allied industries

·         Appreciating the unique characteristics of real estate markets like durability, heterogeneous market, high transaction costs, potential for disequilibrium, dual nature – investment and self consumption, immobility of the investment

·         Main reasons for demands like income, price of housing, availability of credit, consumer preferences, investor preferences, price of substitutes and price of complements, increased urbanization etc

·         Determinants of supply like land, labour and other input costs and the availability of existing stock

·         Current trends in the real estate markets, slowdown in demand, rising interest rates, effect of the housing bubble in the West

·         Market Participants like owner/user, renter, developers, renovator, facilitator etc

Skills of a successful real estate consultant

·         Skills needed to succeed as a real estate agent

·         Services provided by a real estate agent from marketing properties for clients, to representing buyers in purchase, assisting them in making the best purchase under best terms

·         Processes needed to achieve sales – listing properties, preparation of necessary documentation, advertising properties ,being the contact person available to answer queries, screening both buyers and sellers etc

·         Importance of being a self starter and a good time manager

·         Effective communication skills needed for dispute resolution.

·         Conceptual knowledge required for understanding lease clauses and their legal and negotiation implications.

·         Ethics and its importance in the agency role – ethical duties to clients, customers, tenants, residents, employers etc, resolving conflict of interest between parties, fiduciary relationships

·         Managing effective communications, the communication process

Sales and selling

·         Managing advertising, Direct mailers, electronic mailers, telemarketing and other reach out plans to the prospective clients

·         Networking assumes a lot of importance – building relationships, maximizing networks already present in, increasing network competence and discovering opportunities in everyday situations

·         Learning how to work on leads to generate more leads, transitioning from passive to proactive approach to leads, building trust in others

·         Making networking and referral generation an intentional part of business plan

·         Setting networking and referral goals annually

Real Estate Financing

·         Different ways to obtain real estate financing – governmental and commercial sources

·         Housing Loans from Life insurance companies, banks and other NBFCs

·         Role of FDI and ECBs in large scale developer projects

·         Role of REITs and secondary markets

·         Growth in demand due to fiscal incentives on both interest and principal repayments

·         Typical profile of a home loan buyer – first time borrowers, looking for legal and technical issues advice, generally salaried class and preference for floating rate loans

·         Implementation of tax reforms – reduction in stamp duty and registration charges

Real Estate Pricing

·         Importance of calculating the median prices over mean prices as a common measurement

·         Various units used in pricing like sq ft and sq m

·         Various factors that determine pricing

Sale of Real Estate

·         Various legal matters related to sale of real estate like Sale Deed, construction of sale deed, contract for sale, rights and liabilities of buyers and sellers, benefits accruing to the buyer, increase in value of immovable property, charges on the property, stamp duty payable on sale deed, registration of sale deed, agreement for reconveyance, sale and FEMA, rules for NRIs etc

Mortgage

·         Introduction and definition of mortgage, transfer of interest in an immovable property, kinds of mortgage ,simple mortgage, mortgage by conditional sale, mortgage by deposit of title deeds, anomalous mortgage, redemption of mortgage, persons who may sue for redemption, legal proceedings for redemption of mortgage, foreclosure or sale of mortgaged property, rights to seek foreclosure or sale of mortgage property, legal proceedings for foreclosure, registration of mortgage deed, stamp duty payable on mortgage deed, mortgage and FEMA, loan to a resident and nonresident Indian etc

Lease

·         Lease would include topics like definition, introduction, and execution of lease, rights and liabilities of bother the lesser and the lessee, termination of lease, forfeiture, service of notice to quit, application of rent control legislations, grounds of eviction under rent control legislations, model residential tenancy act, registration of lease deed, stamp duty payable on lease deed

Gifting of Real Estate

·         Meaning of ‘Gift’ , transfer, scope and meaning of gift, manner of transfer of immovable property by way of gift, registered document, signed by or on behalf of the donor, attested by at least two witnesses, voidance of gift, suspension or revocation of gift, onerous gifts, stamp duty payable on the gift deed, treatment of gift by the income tax act, gift status when donor is NRI etc

Exchange of Real Estate

·         Exchange as a mode of transfer, introduction, definition, execution, treatment of exchange

Other Regulations

·         Introduction of consumer protection act, 1986 ,definition of consumer underneath it, real estate and consumer protection act, deficiency of services and what it entails like late delivery, escalation, refund, substandard material, conversion, property allotted in occupation of third party etc

·         Introduction to real estate and competition act, 2002

·         Land acquisition rules and its implications on end consumers

Basic IT Skills: Technology and a real estate office

·         Introduction to basic computer hardware and software and other internet tools for marketing and communication needed by a real estate marketing and selling team in today’s fast paced and networked world of real estate.

·         Basic internet real estate portals for posting and browsing real estate – security and computer protection and data protection is also critical for a real estate firm

Personnel Management

·         Selling is the most important tool of personnel management and it is important to have a clear understanding of the job requirement before we hire some one. Also important is the recruitment process, screening of job applicants, training and appraisals, motivating performance and compensating performers. The compensation pattern should be performance based and should have clear objectives.