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VideosNovember 15, 2023
Innovation and On-Time Delivery: Charles Quao Shares the Success Story of Quao Realty
- Written by Sandra Francisco
- Published: November 15, 2023
Charles Quao, Founder and CEO of Quao Realty, explores current real estate trends in Ghana and underscores the significance of innovation and timely project delivery in meeting the diverse needs of clients.
"We launched our company in 2017. Primarily, I have been engaged in landscaping for about a decade, collaborating with significant real estate developers and construction firms in Ghana. Our work largely revolved around landscaping projects for five-star hotels. Through these collaborations, we identified several challenges faced by developers, issues we believed we could address. One common obstacle among these companies revolved around the struggle to meet project deadlines. Resolving these issues became a focal point for us, understanding that resolving problems for customers often encourages their investment. Our standout achievement over the last six years has been our consistent delivery of projects on time – a pervasive issue in the industry. Numerous developers grapple with prolonged project delays, extending up to five or seven years, causing investors to anticipate returns within specific timeframes. Once funds are tied up with developers, the inability to deliver becomes a significant concern. Our capability to consistently deliver projects on time has become our greatest asset and unique selling point. Quao Realty was established in 2017, initiated by my wife and myself, along with a small team. In our six-year journey, we have successfully delivered over 100 properties to our clients and sold more than 200 properties in locations like Airport Residential, Cantonments and East Legon. Our trajectory is set to achieve the delivery of over 500 units within the next two to three years. Our primary focus revolves around understanding the market dynamics to precisely meet our clients' needs – a foundational principle at Quao Realty", says Charles Quao.
"Understanding the specific requirements of each market is crucial. A decade ago, we encountered individuals in prime areas of Accra seeking rental properties. These properties had massive square footage, with one-bedroom apartments exceeding 100 square meters. In construction, the cost largely hinges on square meters. Building a single square meter incurs substantial expenses, influencing the overall property cost. To address this, we decided to deviate from the traditional approach. Rather than constructing 100 square meter one-bedroom units, which often included unnecessary space, we optimized our designs, offering one-bedroom packages at 50 to 60 square meters. This optimization significantly reduced costs. Instead of selling to investors at half a million dollars with a potential rental income of less than $3,000, we lowered the selling price to a quarter of the original amount, enabling investors to price their investment more effectively. This strategy allowed us to sell off-plan from the project's inception, understanding and meeting customer demands. For instance, I spoke with a developer who had a project running for two to three years with only five units sold. In contrast, we comprehended the market's desires and sold our units based on these insights, ensuring customers received their desired products promptly and of superior quality, aligning with their investment goals", he adds.
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