How To Start A Real Estate Career In Your 20s - Practical Advice By Expert

Summary

The 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

• 🏗️ 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.
• 🎓 The introduction of an MBA in real estate can help younger individuals to get a professional start in the industry.
• 🤝 Networking and learning from others in the real estate business is crucial for understanding the practical aspects of the industry.
• 📈 Gaining experience by working in various aspects of real estate for a couple of years can minimize mistakes and improve business acumen.
• 💡 The importance of understanding the processes followed by successful people in the business is highlighted for easier and more effective operations.
• 📚 The speaker's personal example of learning the textile business through internships and setting up a successful unit emphasizes hands-on experience.
• 🛠 For those interested in real estate, joining a company to learn the ropes and understanding the legalities and risks involved is advised.
• 🌐 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.
• 💼 Starting small and leveraging relationships and resources can lead to significant success in the real estate business.
• 🏢 Real estate is presented as a business with its own set of challenges and opportunities, similar to any other industry.
• 🛑 The necessity of having domain knowledge and experience on the ground is stressed for credibility and trust in the industry.
• 🚀 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

00:00

🏗️ 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.

05:01

💼 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.

Keywords

💡Real Estate

Real Estate refers to the business of buying, selling, developing, and managing properties. In the video, the speaker emphasizes the importance of learning domain knowledge in real estate before venturing into it. The theme revolves around the idea that understanding the real estate market and its processes is crucial for success in this field.

💡Domain Knowledge

Domain knowledge is the specific expertise and understanding required to operate effectively in a particular field or industry. The speaker mentions that learning domain knowledge is the first step in any business venture, including real estate, and it helps to minimize mistakes by understanding the processes followed by successful individuals in the industry.

💡MBA in Real Estate

An MBA in Real Estate is a specialized business degree that focuses on the principles of real estate management and investment. The speaker mentions the introduction of this degree for the first time in their school, highlighting its role in helping younger people to get professionally involved in real estate.

💡Internship

An internship is a period of work experience where one learns about a particular job or business. The speaker shares his personal experience of interning at Century Mills to learn about the textile industry, which is used as an example to illustrate the benefits of gaining hands-on experience in the field one wishes to enter.

💡Mistakes

Mistakes in the video refer to errors or missteps that can occur when one lacks knowledge or experience in a particular field. The speaker suggests that learning the line of business and understanding its processes can help reduce the number of mistakes made, which is a key message in the video.

💡Textiles

Textiles are materials made by weaving, knitting, or otherwise processing fibers. The speaker uses his experience in the textile industry to draw parallels with real estate, emphasizing the importance of learning and understanding the specific industry before starting a business in it.

💡Powerloom Factory

A powerloom factory is a facility where textiles are produced using power-driven looms. The speaker mentions setting up a powerloom factory in Gandhi as a result of his internship and learning experience, demonstrating the practical application of domain knowledge.

💡Legalities

Legalities in the context of the video refer to the laws and regulations that must be adhered to when purchasing land or building structures. The speaker advises understanding the legal aspects of a piece of land before developing it, which is a crucial step in the real estate development process.

💡Pitfalls

Pitfalls are hidden dangers or problems that one may encounter. The speaker discusses the importance of understanding the pitfalls in real estate, as well as the positives, to make informed decisions and avoid potential issues.

💡Opportunity

Opportunity refers to a set of circumstances that makes it possible to do something. The speaker shares a story about a young builder who seized the opportunity to start a real estate business after attending a lecture, illustrating the importance of recognizing and acting upon opportunities.

💡Technology

Technology in the video is presented as a tool that can be used to innovate and disrupt traditional industries, such as real estate. The speaker suggests that incorporating technology into real estate business models can lead to exponential growth and is a key differentiator for startups in the industry.

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

[Music]