Experts Share 6 Key Adaption Strategies to Survive While Waiting for Property Market Recovery

• 21 May 2021
• Local News
• 2665 Views

Local analysts are optimistic that the real estate market and the economy as a whole, could recover in early 2022 after the COVID-19 pandemic subsides. However, from now to early 2022 is quite a long time to survive especially for businesses that are highly affected by the pandemic. Besides, the beginning of 2022 is only a forecast recovery timeline, which will or will not happen as predicted.

Therefore, the key point is how to survive while waiting for the situation to recover. Experts have shared the following six key strategies as follow:

1) Use saving fund

Chairman of the Board of Directors of CVEA and CEO of Realtor 168 Co., Ltd Mr Lim Socheat said that the first way to maintain a business balance during this period is to use the reserves. This at least will help keep the business going for a short period of time.

2) Collaborate with staff and sell shares

However, Mr Socheat added that in case the firm has no reserve funds or the funds have already run out, the next strategy is to seek cooperation from the employees. The most common one that firms globally have been doing is cutting salaries or partially laying off some employees. However, there is another way; the company may consider selling shares to employees or the public to collect more capital. This is an ideal method to raise funds, but your company has to be fundamentally strong with, at the very least, a long-term plan to attract share buyers.

3) Seek more capital from investment fund organizations

President of Cambodian Valuers and Estate Agents Association (CVEA) Mr Chrek Soknim added that another approach is to seek capital from large investors. In Cambodia, there are some investment fund firms and organizations operating at the moment to help invest in SMEs. For example, Emerging Markets Investment Advisers (EMI) which is willing to help. Allowing these companies to invest in your firm does not only help keep your business staying alive but is also a great way to expand your business scale.

4) Know yourself better

Oknha Cheng Kheng Chairman & CEO of CPL Real Estate Company added that the key factor to consider before applying for a loan or investment from others, is that each business owner should study themselves very well; in short, how you want others to help. Business owners should come up with a concrete plan and feasible long-term growth vision.

5) Prepare for the future

Founder and Director of Key Real Estate Co., Ltd. Mr Sorn Seap also shared his perspective that each business owner should not focus too much on survival, but also focus on the future business plan after the pandemic ends. For example, has your firm adapted new technology to catch up with the new market trends in the future?

6) Time for self-development

Mr Sorn Seap also suggested that the crisis period is the most appropriate time to lay low but focus on internal development. These include strengthening human resource quality, conducting research learn more about the market trend, and adopting technology usage, among others.

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