On extensive urban development initiatives and setting trends on the RE Market
Despite the elevated risks associated with the COVID-19 pandemic crisis, the real estate market is showing an upward trend recently. Demand for real estate is increasing as economic activity resumes. Simultaneously, as demand grows and market uncertainty diminishes, real estate prices remain stable. In response to these trends York Towers is undergoing substantial transformations, both technical and structural, ideological and brand development-related. By concentrating on the demands of multinational clientele, the firm has established a global presence. As a result of 5 years of successful operation in the Georgian market, "York Towers" has evolved into a holding company.
The asset management and brokerage arm of York Holding Group – York Towers is now headed by Khaled Osama, this highly analytical and data driven professional has allowed the group to successfully acquire and sell the whole catalogue of York assets over the years. York Towers has been rather successful in creating value for the Clients with a view to maximizing returns. Market research and the ability to predict emerging trends give them an edge over any other local or international brokers on the market.
Property Georgia spoke to Mr. Osama about this news and the company’s activities under his management.
Congratulations on this new role of York Towers CEO, let’s start with your plans, what is your strategy to succeed on today’s very competitive residential market?
Our strategy is our high level of service, as well as diversification and speed. We sell projects that are built on our (York Holding Group) own lands and projects that we buy from construction companies. That’s an important part of the strategy that ensures that we have a diverse portfolio of properties on offer for our Clients including land, apartments, villas, etc. Acquisitions are the important part of our angle. If and when we find something suitable within our parameters, we are able to move fast and buy. This gives us a huge supply of properties, but demand is always there because of York Towers attentive approach to customer care and relations. Even though we have been quite successful, we are still hungry.
Also vital are our employees, and in particular, that they understand where the company is going. I make sure everybody working in York Towers actually knows the strategy and what it means in our day-to-day operations. Everybody needs to really understand their role in the strategy and how they are adding value to it.
How would you describe your management style and objectives?
First of all, I spend a lot of his time attending meetings at all levels of the company so that I can understand what’s going on throughout the organisation, and answer any questions that may arise. It’s like combining all the capabilities from the company and all the best ideas.
I am in favor of such a keyword as “transparency”. I believe it is very crucial for any business today to be transparent to its clients, partners, and employees alike. I will do my best to preserve and maintain all the best that York Towers has achieved during the past 5 years, and focus on further step-by-step development. We’ve already launched a number of initiatives focusing on internal effectiveness and customer experience, aiming at making every interaction within the company and with our Clients quicker and more effective. We’ve upgraded and fine-tuned our CRM system, making sure it constantly improves and learns based on feedback loops. I believe that the main objective of the CEO is the synchronization between every unit of the company to make it act as a single living being.
Is now the company’s approach different when it comes to communication with customers?
When you get around four hundred new customers a year, it is easier to reach out to every one of them. However, when you get one hundred new customers each month in addition to the existing residents, integrating new technology and adopting a systemic approach becomes a priority. We constantly implement new standards and maintain communication with our clients to identify their needs and expectations. We also try to keep an individual approach to maintain an emotional connection with our customers.
Your directorship also coincided with the most acute phase of the pandemic. What signals did you get from the market?
We are constantly one step ahead of the game in the real estate industry since we do much more than sell homes — we build a lifestyle. For instance, we were among the first to offer turnkey apartments, energy-efficient construction, and fire safety standards. Our buildings are accessible to disabled individuals. Our customer and hospitality services (for international clients) are always available, ensuring our clients' safety, security, and complete comfort. When the time came to offer something new, we sat together and discussed how we might elevate our performance and provide our clients with greater value. This is how we came up with the idea for the gated communities of York Town and Lisi View, launched the projects a couple years ago, and successfully completed the early phases of land development and construction. Here, rather than selling square metres, we are selling space. We are selling the environment and a way of life.
Do you usually meet the existing demand on the market, or do you induce new demand?
The number of residents per apartment in Tbilisi is considerably higher than the European average, and moreover there’s international demand both for living and investment purposes. Therefore, demand has not yet been met. Additionally, our company’s advantage is our innovative approach that also creates demand. When you are conducting such an extensive urban development initiative and creating a new centre of attraction, demand tends to shift towards that centre and other construction projects start to develop around it.
And what you are doing has become a trend?
Indeed, we are striving to create new market trends and launch novel products. Naturally, others will follow suit — we are developing a neighborhood, selling turnkey apartments, and developing energy-efficient structures, among other things. Innovation is risky, but also extremely beneficial; all of this has already become a trend.
