U Wunna Soe is the Founder and CEO of Pho La Min Real Estate & General Services where he is a matchmaker between sellers and buyers of property in Myanmar. 

WILLIAMS MEDIA spoke with U Wunna Soe this week to get an update on the Myanmar market and some insights into the future of the property sector. 

How did you get started in the real estate industry?

I have always been interested in the real estate industry. I started learning from other land brokers by following and helping them in whatever they needed for government documents. From doing this I gained first-hand knowledge and experience into being a broker. At that time, there was no proper real estate training for brokers and agents. Working as a broker, learning under my senior broker was how I entered the real estate industry.

When I started as an agent I would look at maps and search for potential land parcels, walking street by street to survey whenever I had free time. Now, with technology's help, this process has become simpler, as people can be looking for me and my services while I am looking for them.

Social media is also a great help, as it makes me more accessible. As people get to know me, I am able to gain their trust, and as a result my real estate agency has become more popular.

What are the biggest issues facing the industry in the Myanmar market at the moment?

One of the biggest challenges is confrontation and disagreement between agents and their clients. I consider it to be a very serious matter and do my best to solve any problem, big or small. Most problems are caused by the same thing and that is usually miscommunication. I try with every customer to listen and negotiate our expectations at the beginning of any relationship to ensure any and all problems are solved before they begin. This process ensures a level of trust between myself and my clients. If I take the initiative to solve these problems, than our chance for success is higher. 

How has the industry changed in the time you have been involved with it?

When I began my career in the real estate industry, we (the buyer, seller and agent) had to network without the help of technology. It was very difficult to do business without being able to connect with other professionals and clients unless it was face to face. To succeed, you needed to be patient and had to be willing to put in the hard work to get the job done.

Technology has changed the real estate industry. Potential clients are able to find you online and you are able to advertise not only your business, but also the properties you are buying and selling. Technology has made the real estate industry more fast paced and created a higher demand for professionals.

What changes would you like to see over the next two to five years in the industry?

The major change I would like to see in the industry is a level of consistency among agents. There are so many different agencies around and every one operates differently from the next. I would like to see an across-the-board change to licensing and professionalism to ensure all agents practice the same way. Specifically, their business skills, ethics and honesty, respect, time, accuracy and their behaviour. If all professionals adhered to the same code of conduct not only would the real estate industry benefit, but also our clients.

What do you believe is a unique factor of doing business in Myanmar?

One of the unique factors of Myanmar's real estate industry is that Myanmar still does not have Real Estate Industry Law. Currently Myanmar is working towards creating Real Estate Industry Law, but until then, anyone from an international real estate agency is encouraged to collaborate with local real estate industry professionals. 

For more information about the Myanmar property market email U Wunna Soe - Founder and CEO of Pho La Min Real Estate & General Services via the contact details below.

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