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Entrepreneur finds her domain in real estate
Leading real estate agency Lao Land helps foreigners living in Vientiane to find their ideal rental property for residential or business purposes.
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Employees of Lao Land pose for a photo with Lao Land Managing Director Ms Thounkeo on the company's anniversary
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The well-known real estate agency serves as a bridge between buyers and sellers of properties in Vientiane. It also helps foreign investors to find a property for running a business.
Lao Land Managing Director and co-owner Ms Thounkeo Sibounheuang said the company was founded in 2007 under a young female management team. It was formed to provide services to local people and foreigners wishing to buy, sell or rent property in Vientiane.
At the end of 2010, Ms Thounkeo decided to expand the business so that it was not just an agency, but also a source of advice on property development. Her goal is to provide her clients with answers about the best direction to take and the right decisions to make towards a better life.
The agency arranges residential and office rentals, and the sale of apartments, houses and land. The company also helps to arrange the necessary documents once a transaction is completed.
“We are proud of helping local people and foreigners for the past four years and we will keep up our efforts to help in this field of business,” she said.
Before founding the agency, Ms Thounkeo worked at the Australian Embassy to Laos in the area of property maintenance. She decided to start her own business in 2006 after her father passed away.
“I enjoyed my work with the embassy, but I had to earn more money to support my family because I'm the eldest sibling. I often miss my work at the embassy and dream about my previous job, but my business now is quite similar to my work at the embassy,” she said.
She thought long and hard about what type of business she should open before settling on a real estate agency because it related to her previous work and tied in with her passion for interior design and decorating.
She recalls that in 2006 there was a shortage of real estate agencies in Vientiane, despite the growing number of people building houses and offices for rent or sale. She decided that the real estate sector held good potential for growth as foreign investment in Laos blossomed.
“I really wanted to run a business that would provide challenges for me. I like to communicate with people, particularly foreigners who speak English, so that I can improve my language and communication skills,” she said.
She started with just two employees but now has more than 10. Between them her management team and staff can speak English, Japanese, Chinese, and French and earn between one and 2.5 million kip per month, as well as any commissions they make.
She encourages her staff to develop themselves and provides performance incentives to encourage a strong work ethic.
“I have the same policy for all my employees; if they are hardworking and perform well they will earn a special bonus. I also provide social welfare benefits for them if they fall ill.”
Ms Thounkeo admits it was not easy going to start with. “I confronted various difficulties and challenges running the business in the beginning because of my lack of experience. I attended a course on business management but it didn't really help much and I've found learning from my mistakes has served me well,” she said.
“I have realised that gaining experience from any mistakes I make is very important for future success. I always remind myself to work harder and look for solutions whenever I encounter a challenge. I just refuse to give up.”
Ms Thounkeo said her determination to never give up and her strong work ethic have meant she has reached the goals she set for herself when she first set out.
“The real estate business is challenging and has many risks if you don't work hard. I have put a lot of effort into earning the trust of customers and building the reputation of the agency.”
She is proud of her achievements so far after almost five years of running the agency and has learned valuable lessons, especially the importance of building and maintaining strong relationships with clients.
Finally, she said future plans include an expanded business that would provide real estate services online as well as in property development. Her vision is to focus on management quality with an emphasis on steady and sustainable growth. She aims to make a good impression by providing the highest level of satisfaction to her customers, staff, business partners and shareholders, while running the business conscientiously and responsibly so she can give back to society.
vientiane times
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