Unlocking Real Estate Success: A Deep Dive into Partnerships, Property Development, and Team Dynamics with Vez Meas

Unlocking Real Estate Success: A Deep Dive into Partnerships, Property Development, and Team Dynamics with Vez Meas

Sean: You mentioned Vez, that you’re in the lending business and I listened to one of your podcast talks earlier and you talked about personal finances. One of the biggest things that people struggle with here, at least in the Philippines, is when friends and relatives would like to ask for money.

And you mentioned you’re in the lending business. I want to learn from you. What are the first things you check before you actually say, “Okay, we can partner up, I could lend you some money. This business is going to work.”? And what are some pitfalls that you look for before you say, “This is not a person I want to lend money to.”?

Vez: Well, first, I like to look at the person. You know, they can put together a nice PowerPoint, nice pitch, nice presentation, but it’s the person and seeing how genuine they are. So I look for that, like how genuine and how passionate they are about it, how much time and effort they put into it.

You know, I usually can tell if a presentation was done in five minutes or someone really put their heart and soul into it. And that’s a skill that you don’t really learn from a textbook, just over time and dealing with so many people, you get to understand that.

So I would look at the person and then see what they are projecting. Are they passionate? Do they love it? Or like, Hey, I just want to make some quick buck and get some cash. The decision maker or not, I don’t know. So you look for those cues.

Sean: Yeah, for sure. And so from lending to property, what are some things that for you are very important that you should have as a person, some skill sets before you enter into the property development and investing business?

Vez: You’ve got to be very good at analyzing because to build a property, there’s many factors that go into it. You have to consider your environmental factor, the market factor, your consumers, your builders, your designers, and your team.

So there’s many pieces that go into a project. So you have to be able to analyze each of those and see how it fits together and how to interact. You don’t expect yourself to know every part of it. Like you can’t be an architect plus a general contractor plus developer plus finance.

You can understand it, but you cannot be an expert in all those fields. So you just have to know how to see how to come together and pay the right people to help you put it all together.

Sean: One of the things that I’m wondering about is in the property business, renting out properties right now, like condominium units or office spaces, pretty difficult, especially during the pandemic when a lot of people just went back to their hometowns and they realize they can work from there. What are some of the things that you do in order for you to still be able to make sure that you have a good occupancy for renters in your units available?

Vez: We focus on the service. You know, when we opened 2014, there weren’t many condominiums out there, but you go look at it now, it’s surrounded by them. So, it’s kind of like gas station days. I said my family owned gas stations. And here in the States, you go to an intersection, you get four gas stations in one intersection.

So you’re going to think gas is gas, right? In the convenience store, a can of Coke is a can of Coke, a bag of chips, a bag of chips. And, you know, pricing wise, of course, it’s going to be the same.

So the product itself is there. But what’s going to make you different is the service that you offer. So, you know, let’s say why we were successful in our gas station day was that sometimes small things, the customer is short of a couple of dollars.

Hey, don’t worry about it. You know, come back tomorrow. They got no cash. Hey, don’t worry about it. Come back tomorrow. Hey, you’re a regular. Here’s a free donut. You know, these small things, this actually means a lot to people.

And sometimes that small donut brings them a lot of happiness. So those things that you can get over the feeling like, Oh, what if they don’t come back and pay me? Or what if everyone started asking for free donuts and whatnot? But sometimes it’s just something you have to do.

So with our property, it’s the same. We offer housekeeping, we offer laundry, we have a full kitchen, we have 24 hour security. So anything to make people feel at home, feel at ease, because a lot of our tenants are people coming from overseas.

So, you know, I’m a Cambodian American, I have that Western culture as part of me. So anticipating what their needs are, anticipating what can make their stay comfortable, we try to provide all that. So it’s the service that will ensure that people will come back to our place and at least help us get the occupancy to a decent level.

Sean: That’s very good stuff. So how do you tell them, though? How do you get the word out that, Hey, we do the extra, we go the extra mile? I mean, for someone who’s just thinking about renting for the first time or thinking about renting again after x number of years, maybe after three years during the pandemic, how do you get the word out to them that, Hey, we go the extra mile for you, why don’t you rent with us?

Vez: Referrals. It’s definitely through word of mouth. Of course you can advertise online, you can put on your website, do SEO and everything. That’s of course you got to do that, but at the same time, it’s referral.

So you treat everyone special, you treat everyone the same, and then they will tell their friends. You know, for us, let’s say we have a lot of people that do business in Cambodia. They rent there for a long term. They would have guests come. They’re business associates, whatnot.

They would recommend staying at our place just because like, hey, I had a good experience. You should come stay here. Plus, it’s convenient for me. Easier for me to take you out and whatnot.

So you understand the tenants, what their needs are, meaning are they doing business. Are they going to be meeting people? Are they going to need transportation? You help make all that easy for them. So they would just keep telling their friends.

Sean: Yeah, awesome. Vez I wonder, do you have a team right now working with a direct report team? Because I don’t think like if you’re in the property and investment sector that you have to work with them every single day. You got to meet in the office. I don’t think that’s the case, especially now after the pandemic.

So what are some things that you do to make sure that you feel they’re engaged and they’re happy with you?

Vez: It is that we don’t have to meet every day but make the effort to meet as much as we can. Take time to spend time with them, to listen, to learn. Work is work. Everyone’s a human so you have to pay attention to the human side, too.

I genuinely care about people. I like to share with people, even the business vision, plans, strategy, whatnot. I don’t hide it. I share with them so that we all can be on the same page. And I think, for me, that has worked because then people feel like, Hey, they have ownership in the company, they’re contributing to the growth of the company.

If I keep that to myself, they don’t know what’s going on. They can’t help but they hear it, they understand it, they’re passionate about it, then that’s what’s going to help us grow. Showing them that they’re valued, their thoughts, their strategies, whatever they bring to the table, that is valuable to us. I think that’s important.

Sean: So you mentioned things they bring to the table. What if there are some things they bring to the table that you don’t really agree with or you don’t think it’s a good idea? What do you usually tell them?

Vez: I think I’ll tell them why. I’ll hear them out, give them a chance to explain everything. But then I’ll tell them, Okay, why won’t it work? Or like, Hey, we changed this way. It might be a better idea. So just to be open and honest about it, you don’t need to be a jerk and put them down.

Just appreciate the fact that they’re open enough and willing enough to come to the table of an idea. Good or bad, just hear them out. And if it was not the best just say, Hey, you know, it may not work and this is why. At least I’ll tell them why it doesn’t work.

Sean: Yeah. And given that you’re in this sector, in this industry, I wonder how difficult it might be for you to deliver a vision statement or a purpose statement that is compelling, that is larger than life. So can you share with us how you deliver to your team that, Vey, what we’re doing is a noble job, this is important?

Vez: For me personally, I tell a story. I try to make it in a way that they would relate to. So let’s say if I’m talking about a new building, I would share why, what my vision is, what I’m seeing. Like, Hey, you know, the market is this right now. The country is in this situation right now. Let’s say previously we were restricted. Now it’s not. Now all the investors are coming back in. What do they need?

So you tell the whole story, make it like how you would feel if you had this. Imagine yourself in this situation. You know, if you had to entertain ten people in a night or you had to find a place to eat, what if all that was easy for you already?

So just put it in a story where they can imagine themselves in that situation. And that goes back to being personable. You understand each person. What their likes, dislikes and whatnot, and put in a way that they would relate to it. Then they can understand what your vision is. Sean: I love it. Not a lot of people do it in a story way and this is a very good insight. Makes me think I should put my purpose statement and turn it into storytelling.

So Vez,if people want to get in touch with you, where is the best place to do that? Vez: My Instagram’s @vezmeas. My email, I’ll send it to you. It’s tvezmeas@nakigroup.com. Facebook is Vez Meas.

Sean: Go it. And we’ll have all of those links on the show notes. Just type Vez Meas. That’s V-e-z M-e-a-s. There you go. And type his name and Leadership Stack, you’ll be able to find the podcast recording. Sean: And Vez if people are interested in investing in the 34 units that you got and I assume they’re not yet all sold out, what’s the best place for them to go to? What URL is there? 

Vez: They can go to https://www.nakitokens.com/. Sean: Awesome. Simple. Hey Vez, thanks so much for being here on the show. I learned a lot, especially in real estate. It’s an area that I’m interested in. I haven’t been investing in it yet, haven’t been there yet, but it’s something that I want to learn. I learned a lot. I hope you guys who were tuned in have learned a lot as well and we are better for it. Vez: Awesome. Thank you. Thank you for your time.