Anadolu Gayrimenkul - Company of the Year
Company:Anadolu Gayrimenkul, Istanbul, Turkey
Company Description:Anadolu Gayrimenkul , an affiliate of Anadolu Group , Inspired by its deep-rooted past, the Group began its operations in November 2011 with a planned and professional approach to offer office solutions that best suit the needs and expectations of select institutions.
Nomination Category:Company / Organization Categories
Nomination Sub Category:Company of the Year - Real Estate - Medium-size
Nomination Title:Anadolu Gayrimenkul
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Management is doing things right; leadership is doing the right things. -Peter Drucker
When Turkey’s real estate sector teetered on the brink of collapse during the 2016 econo-political crisis, AND Real Estate took a bold step to ‘pull itself up by the bootstraps.’
While the competition’s performance wavered, AND actually increased and accelerated construction and leasing projects and reversed its loss.
Here’s how they did it.
BACKGROUND: Part of Turkey’s highly-respected Anadolu Group, AND is a commercial and residential real estate developer that operates on our unique BUILD-LIVE philosophy, together with our approach of design from the inside-out.
Turkey is an alluring alternative for real property investors with its consistently growing economy and real property market. Commercial investments in large cities have focused on tourism facilities (city hotels), residential properties, mixed use commercial projects and offices.
PROBLEM: However, in 2016, AND’s growth potential became severely challenged with reverse capital flow pressure when Turkey suffered disruption of “business as usual” by geopolitical chaos and terrorism:
-Failed military coup attempt in mid July in our business vicinity
-Resulting state of emergency declared in the country that continues today
-Syrian war and influx of 3,000+ refugees
-Conflict with Russia
OBSTACLE: To say the failed military coup attempt in Istanbul in mid-July was an obstacle is a major understatement.
Likely, no businessperson in practically any other country can imagine the impact on a company of fighter jets swirling over company headquarters and employees’ homes. A mood of economic uncertainty directly affected the entire industry and our company.
The effect was:
-plummeting staff morale = reduced productivity
-Turkish lira lost 40% of its value (AND charges office rent in USD)
-sales loss exceeding 30%
NEW BUSINESS DRIVER – Doing the Right Thing: To overcome this obstacle to doing business, AND’s leadership chose marketing as its business driver. The rationale was that investing in an aggressive marketing program to stimulate sales of the 20 projects underway would produce needed capital in 2017.
EXECUTION - Doing Things Right: AND’s management focused on:
-COST CUTTING: Being an intensely cost-intensive business, we needed to quickly discover how to reduce construction expenses while maintaining high quality.
Immediately, we shared the financial risks with the contractor and instigatedeffective contract management - Secured an interest-reduction program with banks on housing loans.
-BOOSTING STAFF MORALE: Our largely GenY administrative team needed assurance and motivation to focus on their jobs and elevate productivity. To address this challenge, we introduced new management roles, embraced more flexible ways of working, and created work practices and workspaces that encouraged collaboration and creativity. Adopting bold new talent strategies has already enabled AND to surpass the competition in terms of sales and leasing – in fact, completing the new project
-MARKETING CAMPAIGN:While cutting costs, we invested
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
Through our successful marketing campaign to stimulate sales:
AND enjoyed increased demand and volume of commercial real property transactions
-was approved for the UN Global Compact, the only Turkish RE company to be awarded this distinction
-developed alternative investment methods, such as financial leases, right of construction, sale & leaseback
-derived incremental revenue from office rental fee increases (in USD)
-achieved ranking for British Council 5 star Health and Safety
-selected as best residential project by European Property Awards 2016
-chosen as best employer by Arkithera, Turkey’s only architecture reference source, for giving the necessary initiative to architects during the design and construction process
-marketing campaigns stimulated 280% sales increase - 60% greater than average sales of branded residential projects
-$9.5 million USD residential sales realized in August- September 2016
-25 reports from 60 consultancy firms enabled AND to identify customer needs (unprecedented in the sector)
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?