Articles | 14 June 2017
Building condominium for sale is both opportunities and challenges for the next generation
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        Nowadays, the next generations’ point of view on what is considered success differs from those of older generations. There are more business investment opportunities, more supports, and many more channels to do so. To build houses for sale is one of those opportunities that response to human basic needs and making it sustainable profitability. 

        Khun Somsakul Limsutthapan, Assistant Managing Director - Plus Sole Agent, stated in an interview that there are increasing numbers of young developers in the past five years. The increasing rate is about thirty percent (twelve projects with the total worth of 12,000 million Baht). It is one of the significant growths figures in the industry. 

Why is this business interesting?
        In the present, everyone wants to hold and own property. The reason is because they see an opportunity from the owning assets, especially for properties appreciation. In real estate business, building condominium for sale is an attractive investment. Its ability to grow despite slow economy due to being one of human basic needs and increasing population making its a business worth the investment. There are always new investors and property developers entering the market. Real estate business courses and training are popping up extensively and continue to have more and more reflecting the existing interests. The public and private sectors are keen to support real estate business because of the business potential to earn large profits. Today, the age of investors and property developers are younger than it used to be. The age ranges from late twenties to forty years old. This group of investors and developers introduces new products to the market, especially in building house for sale business. They play an important role in driving the business forward. 

Young Entrepreneurs Characteristics
        It is the trend for the new generation, including newly graduates, to want to own a business. No one wants to be an employee or salary man anymore. It is the time to be someone and prove themselves to their families. Young entrepreneur can be divided into 2 groups as following: 

1. Expanding from Family Business
        They are those who were born into a family that runs real estate business – property developers. The business is building houses for sale, but the new generation continues to expand their family business in developing new projects. They focus on making it more modern and up-to-date, thus expanding their target market. They seek to prove themselves by being able to take over the family business successfully. 

2. New Entrepreneurs
        The new entrepreneurs want a hands-on experience and also a ready-made business plan. They are looking to build relationships and to find companions to help plans, manage, and take care in running projects. Usually, they are people who inherited lands or have assets in invest and are interested in developing projects with unique concept and character. 

Advantages of Young Entrepreneurs 
        Young entrepreneurs are the key driver for growth in the real estate industry. They are here to make changes in many aspects such as; giving importance to marketing aspect, hiring professionals with the knowhow as advisers for planning and running the projects efficiently and allocate budgets wisely (for example, includes outsourcing expenses in the initial investment). New technology is introduces to property projects. It help overcome many limitation and restriction, for example, the jet pool system or the One Bedroom Plus Layout that has many functions. It is the turning point to a better future for the real estate industry.

Project Development Approach
        It is wise to avoid direct competition with major property developers. It can be done by not following what the big guys are doing. Instead, the focus should be on what clients are looking for. It should not be too far from Prime Area with easy access to shopping areas and commutable. The prime locations are Rama 9, Ladprao, Ratchada and center Phaholyotin. It is also essential to give importance to database. By analyzing customers’ needs, project developers will be able to come with designs with functionality, setting the right prices, understanding customers’ needs and so on. The focus is to develop a unique property for customers who are looking to buy residential property with unique lifestyle.

Keys to Success
        The competition in the real estate industry is intense. Each developer must have their own expertise in operating a business - building condominium for sale. There are five tips and techniques for developing and managing projects that young entrepreneurs should know:

1. Knowledge and Knowhow
        Know and understand every aspects of real estate business thoroughly, including developing projects (building condominium for sale, building house for sale ), legal, sales and marketing.

2. Budget Allocation
        Able analyze and allocate budget for operations and estimate budget for future unexpected expense

3. Manpower
        Hire experienced team members from different professions -Sales, Marketing, Leasing, etc.

4. Credibility
        Establish strong credibility toward customers through marketing campaigns

5. Database
        Studied customers’ database thoroughly to help increase sales and expand the market
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