By Raquel Salas
Special for El Inmobiliario
In light of the regrettable events surrounding real estate scams and their inevitable collateral damage, I want to address myself directly to those agents who, perhaps unwittingly and somewhat naively, have been swept away by the adrenaline rush that characterizes those of us in the real estate industry. Many have fallen into the trap of marketing developments that turned out to be nonexistent or were never even built.
Just imagining myself in that position for a minute fills me with anger, confusion, bewilderment, and even a touch of shame. That's why I think I understand you a little, and for that reason, I want to encourage you today. While it's certainly a difficult situation, it's also true that we can learn valuable lessons from these setbacks that shake the real estate industry and put them into action.
As the German playwright and poet Bertolt Brecht said, “Crisis occurs when the old is dying and the new is not yet born.” These storms affecting our industry are a wake-up call to guide the sector and regulate all its players, from agents to developers. What is a nightmare for many today will be a sobering memory tomorrow; it is up to each of us to choose what to learn from this, and the lesson is clear: these events reveal what to do and what to avoid.
During our recent productive balance meeting, I recall stating one of my missions for this year: to be emphatic and reiterate in urging stakeholders to exhaust due diligence processes before venturing to promote any development. I know that everything looks bleak today, but while the relevant authorities continue working to defend all those affected, I invite you to reflect together on the lessons these dramatic scenarios offer us.
Lessons I have been able to identify:
1. Conduct proper due diligence on developments.
2. Evaluate the developer's background, including the reputation of the partners involved, their adherence to delivery dates for previous developments, and their ability to work with transparency, honesty, and fluid communication.
3. Establish constant communication with buyers, keeping them informed about the progress of the development and any eventuality that may arise.
4. Identify warning signs during the recruitment process, such as lack of documentation or avoidance of direct questions about the project.
5. To foster a culture of ethics and responsibility in the sector, where each agent feels committed to acting for the benefit of their clients and the community.
Red lights!
It's crucial that this experience teaches us to recognize red flags during the project acquisition process and many others that emerge during the sales stage. A colossal mistake is to continue selling a development that, despite the construction company exceeding delivery deadlines and showing less than 50% progress on infrastructure, fails to establish transparent and efficient communication. As I mentioned in one of my previous articles, this is selling a problem, since such a scenario makes it clear that something is wrong.
Today, with my emotions heightened and aware of the healing power of poetry, I want to close with a few verses of encouragement. Let us remember that every challenge is an opportunity to grow and learn.
Verses of Encouragement.
Today, amidst the uncertainty,
where the foundations seem to be shaking,
remember that every fallen brick
It is a lesson that invites us to build.
The walls of trust,
Although cracked, they can be repaired
and for every mistake, a revised plan
which teaches us to build with wisdom.
Don't let yourself be ruled by the shadow of fear,
even in the darkest storm,
There is a dawn breaking,
a new opportunity to start over.
Scams are hard lessons,
But they don't define your worth or your path.
You are an architect of dreams,
And every misstep is a step towards growth.
So look up,
builds bridges of communication,
And remember that the future is forged
with honesty and commitment.
Today, although the burden is heavy,
Hope is the strongest foundation.
Together, we can rebuild
and in each new project, find the light.
I bid you farewell, reminding you that this difficult time, too, shall pass. Don't let this event define you or diminish your passion for the real estate sector. Every experience, no matter how challenging, is an opportunity to learn and grow. Take the lessons you've learned, draw strength from them, and move forward with the certainty that the path to success is filled with challenges, but also with opportunities. Resilience is key, and together, we can build a stronger and more ethical future in our profession.
The author is: Public Relations Manager for Mystiq Developments, CEO and founder of Positive Refocus, Director of the RP Media Group, Integrative Coach for personal development and motivational speaker certified by John Maxwell Leadership, co-founder of the introspective podcast Green Dogs, author of "Before Saying Yes" and "Time for Me"
