Have you watched “Shark Tank”? This is an American TV show where startup entrepreneurs pitch their company and collect funds from the sharks. Barbara Corcoran is one of the sharks aged 72 an American Estate Businesswoman, and she is one of the most famous people in the real estate industry of the USA. After graduating college, she taught school for a year but soon moved on. She had worked a total of 20 jobs by the time she was 23, including a side job renting apartments in New York City. While she was a waitress, her boyfriend convinced her to work for a real estate company. In 1973, while working as a receptionist for the Giffuni Brothers’ real estate company in New York City, co-founded The Corcoran-Simonè with her boyfriend, and she then formed her firm, The Corcoran Group. In the mid-1970s, she also began publishing The Corcoran Report, a newsletter covering real estate data trends in New York City. https://youtu.be/4EsAKkz5rNI Watch how she talks and how she endures investment.

 

I have worked for different companies for 25 years plus and in real estate, my tenure is only around 7 years plus. After working for corporates like Galouzis & Co., Robi Axiata, ARAMEX, BTI, Lotto Italian spa, Okapia Mobile, and worked as a freelance consultant for Samsung, I finally have chosen my destination in the real estate industry. Why? I found this sector is still underdeveloped and there are not many professionals working in the sector who has got the passion to take this industry to a superior level. Except for Daffodil, there is no other institute where people can learn about this industry. So there is a great opportunity in this industry to hang around and develop people, and maybe I will be ended up developing a platform for professionals like sales, Architects, etc. The current roles of this industry people are:

 

  • The Owner: Take Lands, Sell more
  • The Architects: Design how the owner wants, copy
  • Engineers: Reduce cost as we have been told
  • Marketing: Facebook boosting, Paper ads
  • Sales: Look for customers, beg them to buy

 

Well, the above scenario is not appropriate for all, but for many. So the real estate industry has become a money-making industry for entrepreneurs, and a surviving tool for the workers. Here the customers are often forgotten and denied. Timely handover, Investment cost, Yield calculation, IRR, and ROI explanation are never discussed on the table when a customer is handled. Not many industry specialists are concerned about the customer’s demand. Although some investors buy property for other reasons – land banking, infrastructure potential, or lifestyle reasons – 50% are only concerned with its current return and potential yield. The rest 50% may need a flat in Dhaka for a different reason. 72% flats of Dhaka are measuring between 1200-3500 sft. People with a small family, bachelor, and foreign workers who are also investors are mostly denied in the sector. But this piece of cake is up for somebody, and someday the cake will be taken.

 

When you search a million-dollar house in Google, you will see the estate is far away from the downtown and arranged with a courtyard, backyard, lavish swimming pool, barbeque zone, and lots of greens. Buying an apartment in either Baridhara or Gulshan area for the same amount is ridiculous to me. What value is added to your life except for prestige? “O, I am living in Gulshan” that’s the prestige. This is going to be changed sooner or later. Some companies will come up with acres of land development projects with the same million dollar features and the elite class will grab that. Now there is another question, who has this capacity or capability? Maybe none of the companies have the capacity, but a joint venture effort could be a solution. [to be continued…….]

 




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