Tevfik Arif is the founder of Bayrock Group, a prestigious real estate company that has established luxury and all-inclusive stays all over the world. Perhaps most notably, Arif is known for his Trump SoHo hotel collaboration in New York City. This article features the lessons Arif extracts from his vast experience in starting his own successful real estate business.
Born in Soviet Kazakhstan, Arif was always interested in business. Despite the many constraints the USSR presented, he remained passionate about his studies and work ethic. Not only did he graduate from Moscow University, but he worked in government offices for 17 years in the Ministry of Trade. Arif decided to take the next step in his career in the private sector and moved to Turkey in 1993 after the Soviet Union disbanded.
Arif’s business in the Turkish real estate market flourished. He opened the first all-inclusive resort of its kind called the Labada Hotel Antalya. His further success in the United States awaited. Arif opened Bayrock Group in New York City and started working on projects such as Loehmann’s Seaport Plaza renovation in Brooklyn. A later endeavor of his would include the Trump SoHo.
Benefits of Owning a Real Estate Business
Arif notes that some of the main benefits of starting a business in real estate include tax benefits in various countries, eventually passive cash flow, property appreciation, and stability, depending on the deal. He says investing in real estate and starting a business is worth it due to the lucrative long-term benefits and financial diversification.
Other benefits include experiencing financial security despite inflation, generating wealth, and leveraging equity. One must initially become aware of local and international real estate laws and regulations to see these benefits. In addition, one must expect high initial prices, as real estate investment can be expensive at first. However, according to Arif, many people can overcome real estate obstacles with a business mindset.
Be sure to equip yourself with reliable and responsible lawyers, potential business partners, and specified information on your area of interest. A deal in real estate is always more promising when the parties involved carry out due diligence on the financial state of a country or city, the key players involved, and any risks associated with an offer.
Real Estate and the Economy
Real estate will remain one of the primary pillars of the economy in most countries because, at its core, it provides various housing configurations. In addition, a house is among the most popular financial assets families can have.
Commercial real estate is also crucial to the economy, considering these buildings are the bases for essential businesses, retail fronts, and manufacturing entities to carry out their dealings. Real estate is also a primary avenue for families and businesses to generate a positive economic trajectory.
The best real estate markets for housing in 2023 include the United States and the United Arab Emirates (UAE). Dubai, specifically, is one of the most attractive destinations in the UAE because of its innovative culture.
The real estate economy fluctuates, although some countries remain more stable. In countries that implement solutions to more significant issues such as housing, technology, energy, and workforce setbacks, there remains considerable promise for people looking into starting a business.
Tips and Advice on How to Start
There are some standard practices regarding the initial process of developing a business in real estate. Based on lessons from Tevfik Arif, here are steps that can increase the chances of success, especially in the long term.
Start with Brainstorming
It is key to start your business with proper brainstorming. Usually, when a businessperson develops an idea for a company without walking through multiple options and potential outcomes, they later second guess decisions. They are left with a need for extensive revisions when it might be too late. Make sure to sit with all your options before moving forward.
Based on his sturdy path, it’s clear Arif narrowed down his goals to start investing in international real estate with more ease. For example, before entering the United States market, Arif focused on establishing success in the Turkish hotel industry. Once he did that, he could take more informed steps in his international deals.
Establish Your Network and Strategy
Having a network of knowledgeable individuals will help you reach your goals. Contact all kinds of professionals, from legal teams to designers, so that you can make the most of your initial business investment. Extensive research also plays a crucial role in building a network and skyrocketing your way through the market.
Your network will help flesh out a realistic and professional strategy. Try mapping out all their feedback to make more informed decisions. Again, an extraordinary network involves people dealing with anything from construction to marketing so that your outreach ultimately influences buyers. After you know your strategy and have crafted a network, use your resources to organize finances and implement a sturdy plan.
Finalize your Launch
The time has come to launch your plan with the professionals you’ve recruited. Some essential elements here are implementing outreach and business development, keeping up with leads, and coordinating marketing efforts and on-the-ground workers.
In this stage, you will want to ensure that all company finances are healthy. All laws and regulations should be reviewed and enacted well before this point. In addition, you’ll want to make sure everything you established is running smoothly.
Real estate is an exciting venture that can see incredible benefits. The need for housing and commercial real estate will remain, providing further chances to follow in the footsteps of some of the most successful businesspeople in the world. As Tevfik Arif teaches, with great diligence and commitment to the cause, the real estate business can be an ultimately rewarding experience. Arif is now retired from Bayrock Group, although he remains passionate about his past and the strides he made for the industry.