How To Start A Real Estate Career In Your 20s - Practical Advice By Expert
Summary
TLDRThe speaker emphasizes the importance of domain knowledge in real estate, suggesting that aspiring builders should learn from professionals and gain hands-on experience. They discuss the benefits of an MBA in real estate and share a story of a successful builder who started small and grew with the right guidance and resources, highlighting the potential for growth in the industry.
Takeaways
- ๐๏ธ The first step in entering real estate is to learn the domain knowledge as much as possible and work with someone experienced in the field.
- ๐ The introduction of an MBA in real estate can help younger individuals to get a professional start in the industry.
- ๐ค Networking and learning from others in the real estate business is crucial for understanding the practical aspects of the industry.
- ๐ Gaining experience by working in various aspects of real estate for a couple of years can minimize mistakes and improve business acumen.
- ๐ก The importance of understanding the processes followed by successful people in the business is highlighted for easier and more effective operations.
- ๐ The speaker's personal example of learning the textile business through internships and setting up a successful unit emphasizes hands-on experience.
- ๐ For those interested in real estate, joining a company to learn the ropes and understanding the legalities and risks involved is advised.
- ๐ The story of a young builder who attended a lecture and became successful by partnering with a relative illustrates the power of desire and opportunity.
- ๐ผ Starting small and leveraging relationships and resources can lead to significant success in the real estate business.
- ๐ข Real estate is presented as a business with its own set of challenges and opportunities, similar to any other industry.
- ๐ The necessity of having domain knowledge and experience on the ground is stressed for credibility and trust in the industry.
- ๐ The potential for innovation in real estate through technology, such as marketing and design, is mentioned as a way to differentiate and grow.
Q & A
What is the primary advice given for someone interested in entering the real estate business?
-The primary advice is to learn as much domain knowledge as possible and gain experience by working with someone already in the business.
Why is domain knowledge important when starting in real estate?
-Domain knowledge is crucial because it helps to understand the processes followed by successful people in the business, which in turn reduces the number of mistakes made.
What new educational opportunity is mentioned in the script for those interested in real estate?
-An MBA in real estate is mentioned as a new educational opportunity that can help younger people to get into the real estate profession.
What is the significance of learning from others in the real estate domain?
-Learning from others allows one to understand how they operate, which is essential for making fewer mistakes and being successful in the business.
Can you start a real estate career without investing your own money?
-Yes, it's possible to start a real estate career without investing your own money by working for others who have the resources and are willing to trust you based on your knowledge and experience.
What is the importance of having experience before starting your own real estate project?
-Having experience is important because it provides insights into the legalities, pitfalls, and positives of the business, which are essential for making informed decisions.
What is the story shared about a young builder who was inspired by the speaker's lecture?
-The story is about a young builder who attended the speaker's lecture and was inspired to enter the real estate business. He started small, partnered with a relative, and is now on his second project.
What is the role of desire in pursuing a career in real estate according to the speaker?
-Desire plays a significant role as it motivates individuals to take the necessary steps to enter the real estate field and persist despite the challenges.
How does the speaker suggest using technology in the real estate business?
-The speaker suggests that technology can be used for marketing, design, structures, and other aspects of the business to make a startup in the real estate industry.
What are some of the various aspects of the real estate business one can consider for a startup?
-Aspects such as marketing through social media, innovative design and structures, material supply, and contracting are mentioned as potential areas for a real estate startup.
What is the final call to action for someone who has learned the ropes and is ready to start their own real estate project?
-The call to action is to look for a piece of land, understand the legalities, assess the market demand, and then figure out how to build a livable or usable structure within legal boundaries.
Outlines
๐๏ธ Real Estate Entrepreneurship and Learning
The speaker emphasizes the importance of gaining domain knowledge and experience in real estate before venturing into it. They suggest working with established professionals to learn the ropes and make fewer mistakes. The script also mentions the introduction of an MBA in real estate to aid in professional development. The speaker shares a personal anecdote about interning in the textile industry to gain insights and contacts, which helped in setting up a successful powerloom factory. The call to action is to learn the legalities of land acquisition and construction, and to build a livable or usable structure within legal boundaries. The speaker concludes with a story about a young builder who was inspired by a lecture to start his own project, highlighting the power of desire and initiative in business.
๐ผ Starting a Real Estate Career Without Personal Investment
This paragraph discusses the possibility of beginning a real estate career as a builder without investing one's own money. It stresses the importance of acquiring domain knowledge and hands-on experience to gain trust and credibility in the field. The speaker refutes the notion that real estate is inherently different from other businesses, noting that every business has its own set of challenges. They suggest that having a background in technology could offer a fresh perspective and opportunities for innovation in real estate. The speaker also touches on various aspects of real estate business, such as marketing, design, material supply, and contracting, as potential areas for startups. The paragraph ends with an invitation to explore other clips on the channel for a wide range of topics.
Mindmap
Keywords
๐กReal Estate
๐กDomain Knowledge
๐กMBA in Real Estate
๐กInternship
๐กMistakes
๐กTextiles
๐กPowerloom Factory
๐กLegalities
๐กPitfalls
๐กOpportunity
๐กTechnology
Highlights
Encouragement for people in their 20s to consider real estate as a career path.
Importance of learning domain knowledge in any field, including real estate.
Advising to work with someone already in the business to gain practical experience.
Introduction of an MBA in real estate to help younger professionals enter the field.
Emphasizing the value of learning from others in the industry.
Mistake minimization through understanding business processes of successful people.
Example of learning the textile business through internships and practical experience.
Success story of setting up a powerloom factory after gaining industry knowledge.
Advice to join a real estate company to learn the industry's ins and outs.
Highlighting the importance of understanding legalities and risks in real estate development.
Story of a young builder who was inspired by a lecture and successfully entered the real estate business.
Emphasizing the role of desire and initiative in entering the real estate business.
Mention of the challenges and difficulties inherent in every business, including real estate.
Advice on gaining domain knowledge and practical experience before venturing into real estate business.
Discussion on the possibility of starting a real estate career without personal investment.
Importance of trust and experience in attracting investment for real estate ventures.
Potential for technology to revolutionize real estate business, especially in marketing and design.
Encouragement to explore various aspects of the real estate business for potential startup opportunities.
Transcripts
welcome to TRS Clips where you'll find
happiness through your own
curiosity I don't think too many people
in the early 20s or in their 20s in
general think about getting into real
estate but I see a lot of people in the
early 30s thinking of this move of
becoming a builder what's the first
step learn the domain knowledge as much
as possible whenever you get into
anything you have to learn that line and
it's better to go and work with somebody
who is actually doing the business of
business what will happen is that uh a
domain knowledge is very important we
now have an MBA in real estate for the
first time we've started that in our
school uh and uh We've started that
which will help younger people also to
get into professionally into real estate
and uh having said that uh the secret is
actually to get into the domain and
learn from other people as to how they
are really doing it once you have
learned the line and worked in it for a
year or two in whatever aspects of it
that you learn that's the beginning
where when you get into the line you're
likely to make the least number of
mistakes because once you know what the
processes are which are being followed
by successful people in the line of
business that they have you will find it
easy easier and easier when you do it to
do the line and make less
mistakes and this is not only for Real
Estate it's for anything that you want
to do like I wanted to do textiles what
did I do I went to gon I went to Century
Mills I interned over there for I think
totally 6 months two two months for 3
years and uh I learned the line and I
was able to set up the unit like this
and in fact when the material was so
good that the companies bought it
processed it and put their stamp and
actually sold the the material as theirs
so but it was because I interned I knew
all those people I got the contacts I
knew what it is I knew what Machinery I
knew the suppliers I knew what other
people were doing with gueron I came to
know about it so I in a short period of
time in less than a year time we were
able to set up powerloom Factory in
Gandhi so similarly if you're looking at
real estate join a company learn the
line and ropes of what is happening and
once you've learned it two years three
years or so and had the experience good
and bad and understand the pitfalls and
the positives of it go for
it
um when you say go for it the call to
action here is first look for a piece of
land somewhere fair to say understand
the legalities around that piece of land
the gamble involved here is will people
actually purchase what I am building
right then figure out how to uh build a
great building that's livable or usable
within the Realms of the law of the land
anything else you'd like to say as a
step two no I'll tell you a story sure
sir I gave a lecture about 14 years ago
in
nmis owners something something program
and I was speaking on a Sunday and I
attended this lecture I forgot about the
lecture 7 eight years later I went to a
narco conference in Puna and a young guy
35 or so came and touched my feet in my
age lot of people do
unfortunately but he came and touched me
and he said you
know I'm a builder in Pune I said
wonderful so he say you know it's
because of you I became a builder so I
said really so I said you're from Pune
and you attended that lecture in Mumbai
so he said no I'm from Mumbai I attended
that lecture and that was the time when
you said you know you should people can
become developers and I tried to start
it in Mumbai and I didn't have the
resource to do so my cousin in in Pune
uh had better resources than me and when
I suggested that we'll work together he
took me on I put in very little money he
put in more money and we've started and
now I'm on my second
project so it's not about
uh uh not having an opportunity it's
about the desire that you want to get
into that particular line once you want
to do it it's it's it's all about how
you actually get into it you do it get a
small way so he started small he got
into it he got a relative got somebody
got a property and he moved in I did the
same way I mean uh so it's not about
something and I came from a medical
family he came from a business family
who were doing business in chemicals or
something like that and then he
established in Pune so it's not
about real estate is just like any other
business and uh it has its pitfalls it
has its problems it has it difficulty
but which business
doesn't every business has its own uh
you know things that you do there is
first of all get domain as much domain
knowledge about real estate as it is
possible and experience some of it on
the ground these two things if you do I
think uh you should be able to do any
real estate business can you begin a
real estate career and by a real estate
career mean as a builder without
investing any of your own money of
course there are lots of people who want
people to work for them and uh there are
lots of people who will say I have the
money will you work for us the answer is
yes but you have to also have some
knowledge why would they trust you so I
I if I to have money and I would like to
trust somebody I would like to pick up
somebody who's at least worked for a
couple of years in the real estate as a
business and then say Okay support me
and I would invest with him but I
wouldn't trust somebody who's just
coming out of school or college and say
that I'm going to invest money with him
uh it's more difficult obviously uh for
startups is different where technology
is concerned but this is an old line so
this is a line which is running for so
many years startups about using uh a
technology to actually undertake a uh
business or product which is going to be
exponentially larger with a technology
at the background so that is what makes
a change so if you can bring some idea
in the real estate business with
technology then you can start as a
startup in the technology for instance
marketing there are lots of marketing
companies which just Market through the
social media and other thing they don't
uh actually do it any other
way that could be a startup uh there are
people who are now giving uh ideas in
terms of uh uh design and structures and
other things like that you could have
that type of thing suppliers of
materials could be there in the real
estate business uh Contracting can be a
business on it I I mean there are 200
items in the real estate business that
one can do business about hey if you
enjoyed today's clip make sure you check
out all the other Clips we've uploaded
on this channel you'll find a clip
related to almost every single topic as
long as you're willing to search for it
he
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