by Mr. Jappreet Sethi, JLL
India
Built
environment (comprising of construction, the buying, selling & leasing out
of property estate & various other related real estate-related activities)
is one of the major contributors to the Indian economy.
Manpower Requirement..!
It
accounted for about 17.7 per cent of India’s GDP (Gross Domestic Production) in
the year 2009 –10 (from a mere 10 per cent in 1991-92). There is a projected
area requirement of almost 9,500 crore billion square feet between 2010&
2020 across the various real estate segments. ^
This
means that manpower requirement has become one of the most critical elements
that will drive this growth. This is good news for everyone who is pursuing a
real estate career.
 |
| Jappreet Sethi |
Indian
Real Estate: Rife With Opportunity
A
nationwide study by RICS indicates a likely demand supply gap of 4.4
million professionals comprising of
civil engineers, architects and planners by the 2020.
New
demand for specialized professions is now emerging in order to enhance
professional expertise and improve productivity in this fast-paced sector.
Among
others, these are:
*
Valuation
* Quantity surveying
* Project Management
* Facilities management, and
* Sustainable development
If
you are pursuing a career in real estate in any of its various verticals, it is
recommended that you plan your career to leverage future and current
opportunities.
Career Development..!
One
of the ways to focus your career on faster growth is to have a well-conceived
career development that bridges all foreseeable gaps. What gets measured gets
done.
Career
development is a favourite topic on the agenda of employees and their managers,
but it often lacks the robustness needed to propel careers and skill
enhancement. The following tips will help you to formulate a relevant career
development plan which reflects the skills and capabilities you need to advance
your real estate career.
Prepare, Prepare, Prepare..!
Most
of the employees feel that they are slaves of the insurmountable limitations in
their careers. Accordingly, they appear at their career review meetings
unprepared and feeling slightly lost and hopeless. Such employees are generally
unaware of the possible areas of growth available to them in their company.
It
makes sense to study the various real estate verticals that you company is
active in, and to pinpoint the verticals which you feel you can excel in. Plan
your pitch in advance so that you can communicate to your manager your interest
in the growth vertical of your choice.
Is
Your Career Development Plan Still Relevant?
The
world economy is undergoing major changes & global cycles are shorter and
deeper. It may make sense to validate some of your goals against the economic
reality, industry needs and your current job responsibility. Do not get me
wrong - I do not advocate that you change your goals every six months. What I
do advocate is strategic course alignment for maximum benefit.
For
example - if you have specialized in residential real estate brokerage but have
a talent for organization & people management, you may be a prime candidate
for a management role.
Likewise,
if you feel your deep knowledge of the market is wasted in your current role,
your company may find much better use for your talent in its Research division.
Is
It Achievable Within Your Projected Time-frame?
It
is your career and it is your job to set the pace for your developmental goals
with a realistic timeline. There is little point in setting goals which are not
achievable in a set time.
Our
advice would be to start slow and build momentum along the way. A great career
is always marathon - never a sprint race.
Does
It Incorporate Recent Feedback?
You
may have gained new insights into your working style which helps you to see
your strengths & limitations holistically. In case the recent feedback is
important for you to grow in a career, make sure you incorporate it in the
career development plan.
Do
You Have A New Manager?
Like
most corporates, real estate companies of all stripes have their fair share of
churn at the managerial level. Sooner or / later, you may find yourself with a
new manager. When this happens, there is a danger of finding yourself ‘slotted’
in your current role because the new manager has no idea of your own career
plan.
Make
it a point to schedule an appointment to explain your career advancement plans
to him or / her.
Once
the new manager has settled into the new role, be sure to mention that your
current plan has been set in consultation with your old manager and that it was
being reviewed regularly.
Optimally
Use Existing Resources
Both
time & money are finite resources in the modern corporate world. Take the
time to review your manager’s coaching efforts and see if they are aligned with
your career development plan. If you wish to make changes in it, be prepared to
discuss how your manager can help you to achieve your goals.
Make
sure that your career plan balances current performance expectations with
future career aspirations & challenges you to build on your strengths.
Always remember that there will be resources which you may want and never get.
This
may be due to economic factors or your manager’s own constraints. Identify what
is readily available - successful people make their careers out of what they
have on hand.
About
the Author..
Mr.
Jappreet Sethi is Head People & Process Management Practice at Jones Lang
LaSalle India (JLL India).
^ Source: RICS report – ‘Real Estate and Construction
Professionals in India by 2020’
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