The real estate industry has massive growth prospects and investment potential. As this sector continues to grow, individuals are always looking for well-educated real estate agents. Real estate education is emphasised worldwide and is something that Pakistan is trying to adopt. Many institutes now realise how important it is for the public, and especially individuals who are directly part of the industry, to have accurate knowledge about how to sector works, its potential, methods of investing and its link to the economy. With the increasing use of technology in real estate for running businesses, the demand for people with real estate expertise is rising. This not only means people are searching for real estate agents, but businesses also want the best people with the soundest knowledge of how the industry works and ways to help the sector grow. Since real estate offers career opportunities, the government has also made real estate education accessible to people to ensure compliance with regulations, eradicate fraud, and help the sector reach its full potential. Real estate education has many benefits and acts as a solution to many challenges that the industry faces.
Benefits
Real estate education aids in keeping an individual up to date with the latest industry trends, standards and regulations and gives them a chance to market themselves as an agent competitively. Moreover, it helps businesses expand. This is done by interacting with very successful real estate agents/business owners and networking with professionals who help improve business practices by sharing what worked best for them. Moreover, real estate education gives an insight into how good customer service can be achieved. Knowing what a client needs can help businesses meet their needs faster, which helps build a client relationship. Another reason real estate education is so important is that it teaches the latest skills in demand in the market, making individuals and businesses stay competitive and up to date. Lastly, people become more efficient with time, training, and workshops that help perfect their work ethic.
Potential
The real estate sector in Pakistan has become one of the most promising fields to build a career in since the market continues to see an upward trend. The real estate sector in Pakistan is worth 300 to 400 billion dollars. Additionally, online businesses and the incorporation of technology into the market broaden the consumer base. The introduction of recent regulatory measures such as the Real Estate Regulation and Development Act helps increase transparency and settle property disputes. The government has also been making efforts to boost the real estate sector of Pakistan and make affordable housing a reality for many people. Naya Pakistan Housing Scheme is an example of that. These developments show that educated real estate agents will be in high demand in Pakistan in the upcoming years.
Challenges in the Industry and How Real Estate Education Can Solve Them
Where the real estate sector has immense potential, there are also many challenges it faces. To begin with, Pakistan’s economy is highly unstable, which makes the market volatile, which in turn causes a fluctuation in prices and increases the risk of investment. Secondly, unregulated agents carry out practices such as price speculation, which makes scams and fraud in the industry a huge problem that needs to be dealt with. Perhaps the greatest problem that plagues the real estate sector of Pakistan is the lack of knowledge amongst all stakeholders, which is why real estate education is a need of the hour. Proper education will ensure an adequate understanding of how the market works and help investors make important decisions based on that understanding, which will help mitigate risk and lead to greater investor confidence, which will encourage more investment. Having industry knowledge will also save time and allow better returns on investments. Being well-informed about the existing regulations and laws will rid the sector of malpractices and give real estate deals legal protection. Lastly, real estate education will help build a relevant skill set and help individuals stay on top of market trends. They will also be able to deal with setbacks and market volatility better.
Way Forward
The potential of the real estate sector in Pakistan has not fully been gauged because of inadequate knowledge amongst people regarding laws and an understanding of the market. A proper education in real estate will not only be a driver of the sector’s success but also help make buying and selling property easier for businesses and customers. Many steps have been taken to make real estate education accessible. Pakistan Institute for Real Estate Management and Panjwani Institute of Business Studies and Technology offer diplomas and certificates in Real Estate. Moreover, even market leaders have made efforts to help improve the standard of education in the sector. Graana recently launched a Real State Economic certification in collaboration with the Pakistan Institute of Development Economics to strengthen the Human Resource involved in Real Estate. The State Bank of Pakistan has also announced regulatory incentives to enable and promote housing finance. This is expected to provide more mortgage loans. All these efforts need to be acknowledged, and the government should make increased efforts to ensure more certifications and diplomas are offered in real estate education to make Pakistan’s real estate sector meet international standards.
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