Rethinking the Real Estate Paradigm

Rethinking the Real Estate Paradigm

The real estate industry is booming, not only in Cambodia but across most of Asia.

But according to Alexander Evengroen, General Manager of Khmer Real Estate Co., Ltd and Chief Adviser to the Cambodian Valuers and Estate Agents Association (CVEA), Board of Directors and the ASEAN Valuers Association (AVA), the biggest problem facing the industry is too much talk and too little action which requires a big creative change to take things to the next level.

“In the real estate and construction industry, we are all doing our own business but we have to remember we are also all colleagues,” Evengroen explained. “We have to learn from each other and make rapidd improvements to stay 10 steps ahead of the competition and be creative.”

He argues that one of the most important issues facing the local industry is that the potential of social media is not being used enough and is surprised more companies are not harnessing its power. Evengroen shared a few tips with Construction & Property Magazine on the many (often free) tools available to local real estate companies to help their business develop.

Digital Platform Tips:

“Get your own website, use a mail address with the company name (not Yahoo or Gmail). create a Google+ Page, improve your Google ranking, harness the power of Facebook, set up a YouTube channel, leverage LinkedIn and use Twitter.”

Digital Content Tips:

“Send marketing materials with every customer communication, email newsletters, host e-seminars, conduct customer surveys, issue press releases, encourage positive online reviews, create customer video testimonials, post online news comments, publish a blog, and reach out to contacts every day – don’t be a stranger to them!”

According to Evengroen, many real estate companies incorrectly focus on mega land deals or condo’s. This means that many other interesting parts of the market are forgotten and not improved. He recommends companies to realistically focus which will result in a big leap forward.

Real estate companies have been helping people buy and sell properties for hundreds of years. But in this new age, it is all about innovating and finding easier, newer, faster and better ways to reach a larger audience. “Whether you’re just starting out in real estate or are a seasoned pro, there are always things you can do to improve your business initiatives. After all, your success as a real estate company is dictated by your ability to market effectively,” he said.

In Cambodia there are close to 500 real estate and appraisal companies listed and the competition among those realtors is heating up. However, only a little over 60 of them are united under the CVEA which aims to get companies in the industry pulling together in the same direction. Achieving this unity, in Evengroen’s perspective, will help the industry prepare for regional integration.

For real estate companies and the industry to succeed, Evengroen argues that having a clear, detailed plan with the correct steps implemented at the right time is essential. Most importantly though is working efficiently and working together.

Evengroen shared some essential ideas for real estate companies to motivate themselves towards success:

  1. We all know that failure happens. But it’s not a dead end – it’s a step forward.
  2. If you run into a tiny bit of failure, don’t think you are finished forever.
  3. Don’t give up immediately – you never realizing how close you are to achieving your goals.
  4. Don’t take failure personally. It doesn’t mean there is something wrong with you. The truth is, failure is part of the journey to success.
  5. Start thinking in terms of solutions instead of problems.

The real estate industry in Cambodia is rapidly growing and evolving to the next level. With the positive changes Evengroen has made, he hopes others will follow suit on the road to success.

 

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