Real Estate Market - One of the Most Affluential Stakeholders: Jokhan
Whether we are selling a property, moving clients into tHEIr nEw flAt, lEAsInG out space and warehouses to businesses to enhance their productivity is more than simply making a dollar, it is a service we provide proudly, ethically, and transparently, Reginald Jokhan Jokhan Realtors Managing Director
From the humble beginning of doing regular sales, Jokhan Realtors have grown to become one of the biggest property management company.
Managing director, Reginald Jokhan said they were one of the leading realty companies built on the foundation of honesty and hard work.
“We have seen real estate companies come and go but we have maintained our integrity of providing clients with wholesome information. And that being the key to where we are today,” he said.
Jokhan Realtors was established over 2 decades ago.
After the return of Mr Jokhan from United Kingdom, he established Jokhan Realtors to provide the people of Fiji a unique option to do property management for them.
This was a niche market in the real estate.
He said: “Jokhan Realtors looks after 4 types of land: Freehold, TLTB, Housing Lease and State Lease.
“Of these property types, they are categorised under Residential, Commercial, Industrial, Special Use and Agricultural.”
Mr Jokhan said they managed over 160 units Fiji wide.
“As for the sales of the properties, the best tracking record would be an average of 5-8 properties per individual Sales Rep per year,” he added.
He said for most real estate the journey ends at the close of a sale, but this was only the surface.
“From the first phone call to the final sales process, there are many visits; we talk, negotiate, handle finer details of the transaction, and engage with the solicitors, too,” Mr Jokhan explained.
“It is a relationship that has its oops and awe. All in all, the whole process is seeing our clients enjoy the fruit of their investment.
“And after establishing a good relationship with our clients, becoming a part of our family, they come back to do more business.
“We look after their investments and help grow their portfolio. Their interest becomes our priority. And that is a successful journey.”
Jokhan Realtors currently have 18 staff with four branches in Fiji and the company plans to increase employment numbers as they further expand their business.
Challenges
Mr Jokhan said COVID-19 had impacted his business and it came to a stand still.
“I believe all businesses were affected badly. For us, it became more difficult because we couldn’t meet with clients nor visit freely,” he said.
“Added to that, people were losing working hours and that reduced take home pay for most individuals.
“Bank repayments were also affected hence measures were put in place in terms of lending. Subsequently, this slowed the process of property sales and rental for us.”
He said he believed all facets of live was affected because everyone in some ways was interconnected.
“One aspect affected has a rippling effect on all parts. We faced challenge in travelling to our properties, meeting with people, coming to the office, and corresponding with all stakeholders during this pandemic,” Mr Jokhan added.
“Whenever possible to travel (to the office or at a site) we adhered strongly to the COVID Safety Protocol. We kept our clients in the loop and share information via emails and phone calls.”
Plans
The company has set up its vision to continue to be the trailblazers in being the number one in property management.
Jokhan Realtors is geared to establish more branches nationwide to cater for the real estate needs of the people.
“We want people to easily access information whether it’s selling their land/properties or buying. Therefore, our sales representatives are getting the necessary training to be on top,” Mr Jokhan said.
Importance of real estate in Fiji
Mr Jokhan explained: “In any given market, there is a transaction that takes place which is determined by demand and supply.
“Real Estate market is no different. When a transaction does take place several things happen, and most profoundly, the exchange of money.
“The moment of cash in a society affects both the micro level as well as the macro level of a country.”
He said when a property gets sold, some one was getting their asset portfolio increased and at the same time the seller had improved their cash on hand.
“The cash will obviously be reinvested or spend. Either way, it is going to make its round. Taxes will be extracted. This will influence the country’s Gross Domestic Product (GDP),” he said.
“A strong GDP will greatly assist the countries buying and selling capacity. Jobs will be created, people will be paid better wages, our own market will thrive.
For Mr Jokhan, being in the real estate industry, was a privilege allowing his company to meaningfully contribute to the betterment of the country and positively influencing the lives of every Fijian.
“Whether we are selling a property, moving clients into their new flat, leasing out space and warehouses to businesses to enhance their productivity is more than simply making a dollar, it is a service we provide proudly, ethically, and transparently,” he said.
“Added to that, we know we are making a difference to people lives and towards our country.”