The CEO of Burmese property portal ShweProperty, Justin Sway will be among the speakers at Property Portal Watch APAC tomorrow. Having been given a sneaky preview of what Sway will address in tomorrow’s discussion (12:40 – 13:05 SGT), we can reveal that among the topics are some fascinating insights into running a property portal in a developing country.
For example, the market in Myanmar is made up of thousands of very small local brokers who do not pay for listings, and around 50% of all properties for sale in the country are advertised by around 25 agencies, making relationship building essential. As for the state of the economy in general, it seems that the second wave of Covid-19 this month has once again sent it into a state of near paralysis as transactions are almost entirely dependent on cash.
This also poses several issues around the transparency of accounting and hiring of staff. ShweProperty even has a policy not to hire family members of current staff in its finance and sales departments. Despite local market conditions (very high ratings for corruption and difficulty of doing business according to the world bank), the GDP growth in the country is one of the highest at 1.8%, and according to Sway the country represents a great investment opportunity for thos prepared to invest in the right profile of company with good management.
Registration for Property Portal Watch APAC 2020 is still open and free. Register for tomorrow’s event here.