Tevfik Arif, Founder Of Doyen Group Of Companies Speaks On His Foundation And Success
More than half of real estate businesses fail in their first attempt, a clear indication that the business is not for the faint-hearted. Tevfik Arif Doyen co-founder is a perfect example of success in the real estate development. The Turkish-born and a former Soviet official is an international businessman linked to several real estate properties, projects and a co-founder of Bayrock real estate development.
Nineteen years ago, Tevfik Arif Doyen opened Labada luxury hotel located in Antalya, Turkey in partnership with Rixos hotel chains. After the independence of Kazakhstan, he partnered with his brother to secure several offshore real estate companies. Founding high-end developments were the main agenda of establishing real estate companies abroad.
Arif’s interest in business pushed him further to the establishment of Bayrock group, an international real estate development, and investment company. Together with other like-minded people, they founded Bayrock company in 2001 after Tevfik Who’s Doyen co-founder moved the majority of his business operations to the United States.
No one has ever started at the top when it comes to real estate. Like many business owners, Tevfik Arif Doyen, Bayrock group started small. His first project was in Brooklyn, where he re-developed Leohmann’s seaport plaza. Tevfik worked solely at Bayrock, later on, he incorporated Felix Sater as managing director.
A few years later, Tevfik Arif (Bayrock Founder) moved to Trump Tower. This move had a significant impact on the future profits of Bayrock. Arif partnered with famous businessman, Donald Trump, who played a significant role in obtaining licenses for the famous Trump SoHo. Bayrock later traded profits earned in partnership with Trump SoHo for $50million financing from an Icelandic company. The deal was not successful as planned, which led Bayrock’s finance manager to file lawsuits for alleged loss of funds.
Bayrock Group has faced numerous lawsuits, but Tevfik Arif Doyen together with his partners have managed to develop properties across the world. In case you are puzzled on how to establish a successful business, Tevfik Arif Doyen real estate business story is proof that persistence is key to success.
Tevfik Arif Doyen shares some business strategies he has implemented since he ventured in real estate development. Take a look at the following:
Plan like a real boss
The problem with many fresh investors is lack of a plan as they start out in business. Real estate business could be your fourth or fifth career. Being your boss and being able to earn more than before is something you want to achieve within a short period. While the idea of being your boss sounds great, the chances of failing are very high.
First, define whether you are an employee or a business owner. Whether you are starting as a member of a new team or business owner, your ultimate goal is to earn more than $25 per hour or $45000 monthly. To achieve this goal you need to plan.
Write a personal plan
Most people in business start with business financial goals. While this is crucial to the ultimate success of any business, it is best to start with personal finance goals.
Ideally, you want to earn more than just commissions. You are in business to make more money and better than your previous work. There are a few things you need to consider to come up with a realistic financial plan.
Think about the amount of cash you wish to earn on a daily basis or monthly. Consider the number of hours you want to work, when and where. According to Tevfik Arif Doyen, it is easy to start earning big and retire at 65 if you have well defined personal finance goals.
Craft your business plan
Understanding your personal needs in business will set you on the right path to draft a successful business plan. A business plan is a guide that defines what sets you apart from other companies. Focus on what makes your business idea stand out from the rest.
Things to consider:
- It is crucial to think how real estate business will impact your life, those around you, the market and the entire world.
- Identify the values and policies of your business. Keep in mind; every company has its values and principles. Write down how your business values and principles are different from the rest.
- Define three to five things you want to own in the business and identify who owns the remaining.
- Even if you are starting as a sole employee, like Arif, your role as an administrator is to focus on inspiring the team. Pay attention to productive strategies to create a successful real estate business.
Create a consistent marketing plan
Marketing is key to success in any industry, therefore, invest more on marketing strategies. If you look at Tevfik Arif, Bayrock founder, he trained his brain to think of a strategy. You are not an exception if you want to succeed in real estate business. Always think of a plan and how well you can implement to create an impact in the industry.
As a business owner, you should always have something to offer especially when the rest have nothing to give. Some of the factors you need to consider include;
Your personality and unique approach to attract prospects to your trade. Identifying your ability to attract new prospects will go a long way to earning big and stay ahead of competitors.
Figure out what you can offer that others cannot.
Take a look at the current trends in the market. Think about how others are buying and selling the property. Address issues that affect the market and come up with unique plans to work with current trends.
How to survive as a sole employee
Crafting personal financial plans, business plans and marketing strategies can be overwhelming for anyone starting real estate business. It is more stressful working alone, like Tevfik Arif, when he founded Bayrock Group. If you are coming from a team, you are familiar with clients, teams and administrative lead. When running a business on your own, it can be stressful and rough. However, there are ways to survive.
With advanced technology, you can build a successful business without a team. All you need is a well-designed website, effective marketing strategies and the will to manage and overcome challenges like the founder of Bayrock real estate development, Tevfik Arif.
The Bayrock Group was founded in 2001 by Tevfik Arif, a former Soviet official from Kazakhstan who became an international businessman. He founded Bayrock after he moved some of his businesses to the United States.
Arif hired Russian businessman Felix Sater as managing director of Bayrock in 2003. Sater became Bayrock’s Chief Operating Officer, and assisted with several projects, including management of the Trump SoHo project. Sater left Bayrock in 2008 after a New York Times article revealed his criminal past. In 1998, Sater had pled guilty to stock racketeering and fraud as part of a US and Russian mafia-connected $40 million stock pump and dump scheme. He worked with the CIA and the FBI, allegedly offering information on a black market for Stinger missiles. Sater later worked as a senior advisor to Trump.
According to Forbes Magazine, Bayrock is “a series of commonly controlled, but not wholly owned, limited liability companies.” Bayrock Group is arranged in tiers, with Bayrock Group LLC having a majority or plurality interest in around 12 subsidiary holding companies. The holding companies in turn have majority interests in companies on lower tiers. The lower tier subsidiaries correspond to individual real estate projects, with Bayrock Spring Street corresponding to Trump SoHo, Bayrock Camelback to the Phoenix hotel project, and Bayrock Merrimac to the Trump Fort Lauderdale hotel. Other Bayrock subsidiaries include Bayrock Whitestone and Bayrock Ocean Club.