On October 2nd, 2018, IMM Property is honored to become a member of National Association of REALTOR® – NAR. Director of IMM Property, Mr. Tran Lam Binh also takes pride to be a member of Executive Board of Vietnam REALTORS. On this occasion, Mr.Binh has joined our interview and also shares with us upcoming development plans for IMM Property.
Mr. Tran Lam Binh, Director of IMM Property
IMM Group: Good morning Mr. Binh. Great to see you today and thank you for joining our interview!
First of all, congratulations to IMM Property for becoming new member of National Association of REALTOR® (NAR), and also congratulations to you for becoming a member of Executive Board – Vietnam REALTORS.
Could you tell us more about NAR? And how is becoming a member of NAR such a very good news for IMM Property?
Thank you! NAR is the America largest’s trade association, whose 1.5 million members brokers are known as realtors, involved in all aspects of residential and commercial real estate industries. As NAR is well-established, their long-term professional practice is regarded a worldwide standard reference for other associations in the industry.
Becoming an international member of NAR is an honor to IMM Property as we have to meet certain requirements, two of which are: Being a member of Vietnam REALTOR; and practicing various trade activities in real estate business.
As a NAR’s member, IMM Property is exposed to new opportunities as well as receives more credibility from IMM Group’s clients. It stands as an international confirmation for our service quality and also for our business ethics in the industry.
NAR Membership card certified Mr. Tran Lam Binh and IMM Property as members
What are the responsibilities for you and also IMM Property as a whole, after joining Realtor?
We are required to follow certain standards of professional practice, maintain our professional courtesy, attend trainings hosted by Realtor, and strictly follow business ethics.
For example, each broker is required to be transparent in providing information to clients, apply professional standards of NAR and also protect clients’ rights and benefits.
Before being a NAR member, IMM Property has presented for the company itself and also for IMM Group. Now we have been granted a new mission – also represent for the association that we are a member – NAR. Everything we do from now on will eventually has an impact on NAR’s reputation.
NAR’s main focus is to protect client’s rights and benefits, and of course, that’s our responsibility. Besides, we have to fully attend and involve in various activities of NAR in Vietnam, such as: providing information about Vietnam market to other country members within the Association; participating trade exchange/promoting events; study other real estate markets and their products before they comes to Vietnam and vice versa.
An important role and duty is contributing to the standardization of professional practice of NAR in Vietnam. Currently, I myself also join Vietnam Realtor as a member of Executive Board – Southern Region. This grants me an opportunity to develop a guideline for the standardization of doing real estate activities in Vietnam. Based on NAR’s foundation.
Grant Notice confirmed Mr. Tran Lam Binh as a Member of Executive Board – Vietnam Realtor.
Any special offers or benefits for the clients for such a special milestone, Mr. Binh?
Definitely! (smile). The promotion is being finalized and we will announce to our clients soon. However, I would say the utmost beneficial point is that our clients receive professional services following international standards, and they also get more supports not only from IMM Property but also other NAR’s worldwide members.
Speaking of IMM Property, could you share with us any updates of the company as well as development plans in the future?
Since establishment in 2017, IMM Property has been focusing on oversea properties for Vietnamese investors (Outbound), and we has expanded the products to many countries: US, Australia, European countries. We are about to introduce properties in Canada and UK very soon. The development speed increases with our client’s demand.
In 2018, based on the performance we have reached so far, IMM Group Board of Directors decides to speed up the growth of IMM Property by introducing also Vietnam properties for foreign investors (Inbound). This is a 5-year plan which focuses in 4 main segments:
1) Residential Properties for Individual investors;
2) Industrial Properties for foreign companies coming to Vietnam and set up factories;
3) Commercial Properties (serviced apartments, office building, shopping centers, hotel, resort, land subdivision); and
4) Merger & Acquisition land projects
This is an exciting updates. However, is it a challenge for IMM Property to do the Inbound segments – compared to your strength, Outbound products – as Vietnam real estate market is always competitive? I mean, the main clients’ concern would be: WHY IMM Property in this inbound segment?
For Residential Property in Vietnam for foreign individuals, we are positioning ourselves with a full packaged service. Currently, companies in the market merely sell property to investors and finish their job. After-purchasing services such as property management, leasing, re-selling,… have not been taken care of by them, foreign investors are left on their own. It’s a difficulty for those investors, considered the fact that they are not aware of the local market enough, of the language, cultures and ways of doing business here in Vietnam.
That’s where IMM Property gets involved. We focus on the business model which takes care of foreign clients with full packaged service: searching for and selling properties meet client’s demand, introducing management company who will be responsible for the house management, leasing and and re-selling to others foreign investors. At the moment, IMM Property Inbound serves the clients from 8 nations: US, Australia, Hongkong, Singapore, Malaysia, Taiwan, Korea and Japan.
To me, this is rather a great opportunity rather than a challenge.
Could you share with us the reason why IMM Property open real estate service for foreign investor? Is it a new strategy of IMM Group besides only focus on supporting Vietnamese clients to invest oversea?
Working in this industry for over 13 years, IMM Group has a strong network with business partners all over the world. Many of them always want to cooperate with us and would like our supports to approach Vietnam market, thanks to positive signs of Vietnam economy, the competitive price of Vietnam real estates compared to that of other countries in the region. Also, Vietnam has a stable political environment, and when tension between China – US is still ongoing, foreign investors are looking for country like Vietnam for new business opportunities. In addition, interest rate in developed nations is comparatively low now, which gives investors, companies in these countries a reason to look for new investment portfolios to make more returns – this is a trend happening actively at the moment.
Coming to Vietnam, they need a partner who understands local market well enough in terms of law and regulations, banking, documents processing and networks to support them on the investment. That’s us! IMM Property starts a new department to solve this concern for foreign investors and this is one of the strategies that IMM Group has been building in the upcoming years. Because as the IMM Group missions since the early days, we aim to help Vietnamese invest oversea, being better for themselves, their family and then they can come to invest back into the country. It is indeed a practical contribution to the development of their motherland.
Thank you for your time with us today.
All the best to you and IMM Property members! We do hope to share with you more great news in the future.