Real estate legend

There are sales advertisements based on true product specifications. But sometimes they are a pure fiction story.

That's the fact I realized a few years ago, in the long period of wandering, didn't really work anywhere. Look here a little bit, sit there a little bit, living through a day that wrote on the contract as "media consultant", but call it a profession storytelling hired.

Now is the age when business people are well aware of the value of stories: in a flat world, there are very few manufacturers that can confidently say that they own a superior product in terms of characteristics and technology. They persuade customers with other emotional values, calling it a "semi-experience", and the rest are a good story telling.

I met many real estate developers. Anyway, selling a home is selling experience at a high level. Not to mention, it is a very difficult market to make a breakthrough in technology and product quality. Maybe this investor is a little more professional than the other investor, but "breakthrough" is difficult. In this industry, reinterpreting the meaning of a project into a valuable life experience, turning a perspective into a story, is highly regarded by many investors.

It is a normal job as with many other products, such as coffee or car. Especially for the resort and tourism real estate industry, the story associated with the land / project is an integral part of the product. Customers spend money to buy that feeling. But the recent "face-off" of many real estate investors reminds me of many meetings that time. There are stories that customers have ordered, I cannot tell: it is purely a self-composed legend.

I once stood in front of a project perspective of a total investment of "seven hundred million dollars" in a seaside area. Condotel, committed to very high profits, and the investor told me: "Everyone sells real estate, my own, want to sell lifestyle".

They need storytellers. I need a job. The story is finished. But suddenly I discovered in the middle of their table, the "seven hundred million dollar" project, located in the center of similar condotel blocks, was a model of JW Marriot Hotel on Do Duc Duc street in Hanoi.

The investor has never had a total ground, let alone the design of the project. Speaking in the language of Hanoi Architectural University, they "jumped" each little bit, to assemble a beautiful perspective model. Plug it in here, every building is not the same, then put JW Marriot's model over there (because it's beautiful), plug in more tiny trees, tiny cars, tiny people, flashing lights, looks very good what. And they start selling on a vacant lot.

The only thing many businesses have when starting to advertise a home sale is an investment license. Vietnamese law does not permit the sale of houses when he does not have a home, but this has been resolved long ago by the market: when the project starts, the customer will sign something called "Capital contribution contract", that is No need to buy or sell anything, but customers give money to the investor to build the house only. This workaround allows an investor to sell a future that does not yet exist, and guests who are invested in a future that does not yet exist. Whenever you have a house, you can make an apartment sale contract later.

I do not judge this practice. Drawing a scenario and investing in it is the main driver of the market. But that time, I was completely helpless before the project's owner. I am the type of storyteller to have practical material as a premise. Here, nothing really exists. The "lifestyle" they want to sell requires a large scale and aggressive composition, telling stories from scratch.

In later years, whenever I went through that project, I often told my friends that I had to admit I was poor. I do not have the ability to solve customer problems, do not know how to compose from scratch, is due to lack of skills. Someone can still do that. I do not judge: I know many projects were born like that.

That project later found a suitable media consultant, ran headline communication, and still sold thousands of apartments. The more I believe it is that I am inferior, not morally moral. Because if the project goes smoothly, the investor still calls for enough capital to build a house on his land, and the business is favorable (the condotel's occupancy rate is high), the profit is the foot. logical, there's something more to discuss.

But after a few years, the project was broken. Poor turnover, unable to pay profits as committed. Investor flips his face. And I suddenly remembered that JW Marriot's "dance" model was placed in the middle of the table.

The story created could not bring the desired business effect. The fantasy lifestyle has not been able to attract tenants. But I cannot blame the buyers: I have not only spent 3 years sitting at the University of Architecture, and everyday commuting to Do Duc Duc Street, but you may realize the myth when watching that beautiful perspective. ?

When a brand tells the story, there are things that really are the story to be told. It was created by a carefully designed business model: if I tell the story of "green living style" then it is true that landscape architecture expert in Japan has drawn it; If I tell the story of "smart lifestyle", it is true that there is application of modern technology ... I do not intend to equate serious investors. But there are stories that are purely legendary. Na na, a story made up on the investment license.

This way of doing business, as I have analyzed, can completely succeed. By the time the clock is dead on time only 2 times a day, more is the project has made hundreds of billions of fresh money. But when investors call for capital from individual customers with only one ground cleared, with fantasies (not plans), with promises that aren't legal ("smart space") , "design peaks" and "12% a year" are actually promises that are difficult to break), it is more of a gamble than an investment.

What attitude is devoted to building legends and selling legends, when they are still legal? It could be in Advertising Law, with gaps in promises in the media. It may be in the Housing Law or the Investment Law, when it comes to promises on capital contribution contracts. I'm not a legal expert, I'm a storyteller, and what I can do here, is confirm there are two types of stories: the type based on project practices; and the type of legend.

To avoid tragedies for individual investors in real estate projects, the existence of such legends is the first thing we need to be aware of. It is true that "investing" is the activity of pouring money into an unformed future. The economy grows based on beliefs on prospects and promises. But there are promises based on the plan; There are promises made up to the ears. They are difficult to distinguish from real estate industry practices.

Lawmakers will need to consider carefully the ability to distinguish these types of promises, not only to protect individual investors, but also to protect businesses that are telling the truth.

Lord Emperor