Bangalore's Real Estate Giants Push for Agent Training
Bangalore’s real estate scene is undergoing a transformation, with established players recognizing the need for greater professionalism. Dominated by smaller, lesser-known firms, the market risks deterring potential homebuyers. Larger companies are now collaborating to enhance the industry's image and improve buyer confidence.
"We need to bring in additional people who are properly trained agents. This can be achieved by having a proper course to train real estate agents," stated Ashish Puravankara, director of Puravankara Projects Limited (PPL), during a media interaction on Thursday. He believes that a more professional approach is essential for attracting and retaining customers in the current environment.
This initiative aims to address issues such as poaching within the real estate sector and increase the overall quality of service provided. "At present, the industry is being steered by those who have been backed by almost 40 years experience in the field. The real estate companies mainly pick employees from other companies in the absence of formal training schools. It is high time we have formal training for those entering the industry," Puravankara explained.
To achieve this objective, PPL plans to advocate for the establishment of training programs through the Confederation of Real Estate Developers Association of India (CREDAI). The organization also intends to consult with international real estate experts to leverage global best practices. In line with its commitment to understanding market dynamics, PPL recently collaborated with researchers from the Real Estate Institute of New York University. The goal of this partnership is to analyze Bangalore’s potential as a major global economic hub and thereby tailor their strategies for enhanced competitiveness.
Puravankara provided insights into Bangalore’s current real estate climate, highlighting the persistent demand for housing despite the global economic slowdown. "The demand for housing has not gone down in the current times in the backdrop of the global slowdown, but people have delayed their buying plans. With professionals around, these buyers could be converted," he observed. The presence of trained professionals within the industry is expected to engender trust and eventually convert prospective buyers who may otherwise be taking a “wait-and-see” stance.
Pamela Hannigan, a research expert and member of the Real Estate Institute of New York University, echoed Puravankara’s views. "Students can lift up the capacity to navigate virgin territory through formal training and that will change the dynamics of the real-estate sector," she asserted, emphasizing how education and training can equip future agents with the skills and knowledge needed for success.