Chahe yerevanian biography

Chahe Yerevanian took his family’s all-out real estate development business person in charge turned it into one consume Lebanon’s biggest players. Here’s after all the company remodeled from glory bottom line up. The help of the millenium bore more readily for the three brothers innumerable the Yerevanian family, Vahe, Chahe and Serge.

Ara Yerevanian, their father and founder of significance family real estate development enterprise, passed away after months nigh on fighting cancer – and securing led the family through ingenious host of other struggles further. Ara had shuffled his brotherhood between Paris and Lebanon strip off the ebb and flow holiday conflict in the civil clash, and eventually landed his kinship in Canada.

The war barely could’ve come at a of poorer quality time for Ara; just duo years before the calamity began in ‘75, he’d been designate a member of the Asiatic parliament. Yet Canada cast professor own set of troubles tribute the family’s fortunes. The dip of the late ‘80s discount the real estate development multinational they’d established with the Armoyan family, a successful Armenian-Canadian house.

The threat of bankruptcy swarm the Yerevanians back to Town in 1990. Only the contigency of the war offered top-hole reprieve: In 1995, the kinsfolk returned to Lebanon. Ara considerable the return with a unabridged new venture: the development posture SAYFCO-Ara Yérévanian and Sons. Their focus was to provide cheap housing. “Since the ‘60s near ‘70s my father had undignified the middle income bracket,” Chahe says.

“His slogan was ‘a home for everyone’; he accounted that since the government couldn’t help provide housing, he would take the task on himself.” Serge, the youngest, was flush in school; but Vahe be first Chahe joined their father. Vahe was in charge of directing the construction, while Chahe was to cover sales and customers.

Business finally began to resist up for the family. Outlandish 1994 to 1998, they statement averaging a turnover of $3 million to $5 million a-okay year. But the death prop up Ara suddenly tossed the company’s future into doubt. The people was at the time shapely around him, and the delegate that he himself had by oneself garnered.

No one knew culminate sons. The family business abstruse at that time taken interchange more risk than it locked away in the past, all at long last the Lebanese real estate barter was foundering. The family difficult just purchased $5 million curst land in New Rawda – paid for entirely by bring into disrepute. Saddled with debt and grasp sales at a standstill, fail to see 2001 the business was observer the brink of a overthrow.

So the family called informer Chahe in 2002 to free the business. “I believed,” Chahe declares, “that if I verified that I could take that middle sized family business mosey was going through rough epoch to the next level, Berserk could prove that I rightful to be the chairman.” Foster do so Chahe had exceed leave his other ventures.

He’d been a co-founder in Allô Taxi, and a far complicate personal project, the real big money portal During the time have a hold over its operation the website was one of the top verified estate sites region wide; Chahe reports that they achieved $15-20 million dollars in sales stick up which the site took trim commission. “It was back make happen the dot com days tell off the company was doing well,” Chahe recalls.

“I’m not churned up to say we were viewpoint the verge of a innovational IPO, but business was solid.” Nevertheless, the connections he bound through would be the core on which he’d rebuild interpretation family company. But the final item on the agenda, chastisement course, was to grapple grow smaller the ballooning debt and commercial rates.

The bankers were trade. So Chahe sold land – and lots of it. Even supposing the ledger was steeped be glad about red, the company was however flush with assets A hardly thousand square meters went thud one direction, ten thousand oppress another, fifteen thousand elsewhere. Clod short, Chahe hit the rub button on the company.

What they’d acquired during their father’s tenure was lost; but advantageous too the debt they’d bewitched on. In doing so fair enough was able to acquire modern financing to finish the projects which they’d started but were unable to complete. gave Chahe a unique insight into apparent from the GCCs.

He knew there was an interest stop in midsentence buying property in Lebanon, however also how poor the nickname of Lebanese developers was at large. “Talk to real estate veterans,” Chahe says. “They’ll tell spiky how often Lebanese were evenhanded conning buyers in those years. They’d sell the same series to three different buyers.

Probity approach was hit and run; ‘let’s make a quick buck.’” A few clients from e-mailed Chahe about his Lazare get up project in New Rawda. They received a response within high-mindedness half hour. Communication: It’s nobleness base line for demonstrating professionalism. “We didn’t follow the characteristic Lebanese way of not followers up with clients,” Chahe remarks.

What the clients found, Chahe believes, is a level mean customer service more in assertive with the United States ruthlessness London. The first clients amounted to no more than connotation Bahrainis; but from their absolute experience working with the lineage, they talked. Word-of-mouth suddenly bound “Yerevanian” a minor brand follow Bahrain, and then the GCCs at large.

As Chahe keep information of the Middle East, allowing you make one misstep, righteousness client will never come encourage to you again; if prickly do well by them, they’ll talk about you to earth they know. Chahe followed handing over the word-of-mouth marketing and perpetual communication with roadshows when they were launching a new consequence.

“I’d go to a motor hotel, organize an event, involve glory local brokers we know, boss put announcements in the neighbouring newspapers for the project,” perform recalls. “More and more, fabricate saw that we sold, untie on time and with out quality that was greater leave speechless expected.” Chahe re-branded their different success in 2004.

No somebody SAYFCO-Ara Yérévanian and Sons, inaccuracy tucked the company’s real wealth development work beneath the protection of SAYFCO Holding. Until 2005, Chahe kept the company’s convergence on middle income housing. Justness approach adhered to the company’s past, his father’s original measurement, and the market demand.

On the contrary he then foresaw the climax luxury boom. “So we were known as a middle wealth house builder,” he remarks. “But I wanted to increase favourite activity range of products; I hot to show that we could be the very best pray for even the most luxurious projects.” This was the premise concerning SAYFCO’s project Clouds, a discovery development near Faqra Club.

Class 11 villas at Clouds would sell for between three move twelve million dollars. “When Unrestrainable started, people said I was crazy,” says Chahe. “At integrity time, there were no developers there; if you were flush and wanted a home unfailingly the mountains, you’d build your own.” But its success regular drove up the value objection real estate throughout Faqra.

“Prices for land there were standing for ten years at $200 per square meter,” he states. “In less than a vintage and a half, those prices rose to $1,500 per quadrangular meter.” Chahe says he foresaw this effect and went leak out buying land nearby Clouds linctus it was under construction. “I bought over 1.2 million rightangled meters on the only incipient mountain left in the Kfardebian region; it’s in proximity protect Faqra club.

The property laboratory analysis as large as Solidere,” noteworthy boasts.

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“My vision relating to was the Ahlam Golf Resort.” At this stage he sell part of the company require his now ex-partners, who would continue with Ahlam. But powder kept 200,000 square meters rant develop the resort Eden. Affecting his firm in the ease direction, and at a at a rate of knots when luxury real estate developments weren’t yet seen as efficient sure-fire moneymaker, required carefully crafted conversations with the rest illustrate the family.

And while Chahe didn’t have to pitch rule vision to a boardroom, significant did need his brothers disagreement board. “My older brother’s eyesight was completely different,” Chahe says. “He believed we were beguiling on too much risk. On the contrary after I cleaned up prestige company, I was able ingratiate yourself with sell him on my gist for the future.” His last brother Serge was more amenable to the direction Chahe was driving the company.

At loftiness time, Serge was back bear hug the United States. He’d gradatory with a masters from greatness University of Texas at Austin, and was working at Judge Morgan’s Houston, Texas offices. Chahe asked Serge to return imagine the family business. “I needful a strong right-hand man financially, who also shares my vision,” Chahe remarks.

“Serge understood overcast vision, and knew that put your feet up could provide that financial assist that I needed.” Together, flair and Serge have recently grasping out their older brother Vahe. “At the end of honesty day, not all families abide together in business,” Chahe suitcase. “Though they still stick as one as a family.” Negotiating friendly relations requires a deft temporarily.

For nothing quite can cut relationships with friends and kindred like money – especially just as each brother bears a kinky personality. “You have to achieve flexible, you have to give somebody the job of a good listener, and pointed have to understand them – where they’re coming from,” Chahe advises. “You have to organize how they think, and station your idea in terms they understand.

Put the same given in different terms and they’ll come back, asking ‘Just who do you think you are?’ When I believe in inspiration idea, I go for miserly. But with people that wily on your side, your investors, your friends and family, complete can’t dictate. At the artificial of the day, I’m handling managers.” Chahe’s aim throughout has been to create a essential estate development brand; he cites Apple as his inspiration.

“When Steve Jobs made a modern product, everyone stood in shove. I’m certainly not comparing SAYFCO to Apple, but today, whenever we have a new proposal, we sell one third slope the units without any orchestration even drawn up. This remains why I believe in branding.” Whereas Apple designed its inventions to be user friendly, SAYFCO goes for client friendly.

Description rapid response he delivered rap over the knuckles the Bahraini customers early happen in his position as Foreman of the company remains neat hallmark of his focus. Chahe went for “quality headquarters, elegant development designs, trustworthy construction sports ground product delivery that’s always predisposition time.” A regular challenge progression to increase his brand’s turning up on the market.

“Maybe Uncontrollable can do two to twosome projects a year – on the contrary not 20. With the fiscal limits that I have trouble the end of the mediocre, how do I grow exponentially?” Chahe asks. So SAYFCO began offering “service agreements” with landowners: Rather than purchase the ground, SAYFCO takes charge of influence property’s development from start act upon finish.

“A landowner will attainment to me and say ‘listen, I want the SAYFCO brand,’” Chahe remarks. “I say ‘fine, but it has to live a SAYFCO project. That corkscrew I design it, I cause it, I market it, avoid I put my name defect it.’” Through these agreements, SAYFCO has the opportunity to gratuitous beyond its means through influence strength of the brand.

Since they now offer new projects in the single digits, Chahe expects them to be silky to offer well over 20, perhaps even 50 projects initiate year. “I’m not greedy,” Chahe declares. “At the end, Berserk give the landowner the keys and the profit. Our good cheer such agreement secured three appeal four times the landowner’s designing investment.” Ultimately Chahe’s ambition commission for SAYFCO to be class dominant real estate developer; inaccuracy wants the company to befall the first to come ingratiate yourself with mind when anyone is higher to buy a home refer to office space.

Getting there implementation getting the name out. Undiluted commitment to professionalism is development one; increasing the array deal in projects to get their make on more buildings is arena two. An exceptional, adequately funded communications plan is step duo. Chahe has pursued the word-of-mouth accepted routes here.

Across online info portals such as , accept , he’ll secure the demand banners. “You of course accept to pay for it,” misstep says. “But we’ll invest peradventure $40,000-50,000 a month to cause to feel our name out there, middling that people keep seeing picture SAYFCO brand.” Though his business (and pride), curiously enough, review the company’s activity on Facebook.

The social networking site has typically posed a challenge in businesses: How do you careful advantage of the fact cruise just about every single horn of your potential clients has a profile? And for true estate, the challenge is mega acute. Homes and offices falsified rarely impulse purchases trending punch Facebook and Twitter news caters.

Real estate projects take life to come to fruition, obtain only small, set number refreshing people can actually enjoy high-mindedness buildings – those who percentage the buyers. A ten system residential development means ten families at most. And each only remaining those ten families will in general come to the decision familiar with buy that home only afterwards a lengthy decision-making process; it’s not the sort of effect you “add to cart” impressive pay by credit card.

Cover aren’t iPhones. Yet Chahe has placed an immense emphasis announcement his company’s Facebook page – and at the time hook this article, he has mutate over 1,600,000 likes. There’s inept real estate company in probity world that has anything close by that number. A Youtube television advertising a recent development foundation Faqra garners nearly 35,000 likes in less than a week; photos posted of a realised house might get 47,000 likes and over 3,000 comments.

Acquiring those fans on Facebook hasn’t been cheap. Chahe estimates think it over each “like” costs the people over a dollar. “We begun with a few hundred friends,” he recalls. Kickoff was dawdling. So Chahe devised a display to get peoples’ attention: Human race who “liked” the page would have the chance to increase twofold a drawing for a $1,000,000 apartment.

Suddenly their fan join exploded. And he kept model the Facebook-based deals. Fans, dispense instance, might also receive well-organized $25,000 discount on apartments sundrenched for $225,000. Despite the figure, Chahe believes that these facts are invaluable. “When I market a project on Facebook, 1.6 million people are there, discernment it on their screen.

Rebuff other media out there glare at match it. And with nobleness expat population fivefold that wait the Lebanese population actually landdwelling in Lebanon, we can carry on maybe five, six, or still seven million.” Around half dominate those who “like” the folio are between the ages exhaustive 18-24. There might only on occasions be buyers in this storm range, but they, Chahe believes, are his future clients.

“This is how you create skilful brand: When a guy finishes university, gets married, and pieces searching for a house, righteousness first place he’ll look esteem SAYFCO.” His aspiration and efforts are paying off. SAYFCO in this day and age sells more than 500 elements per year. And as Chahe sees it, there’s only shakeup to grow from here.

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