I really didn't start thinking that I was going to live in China for 3.5months until I boarded on a plane to Shanghai on Sept 5th. For most of us studying abroad, we had a busy summer interning at our company right up until we had to pack and head for the airport. Besides taking care of business and personal matters, I wanted to make sure I got to see my family and friends before I leave.
Fortunately, this would be my second time to Shanghai (the first being last summer). Knowing very little mandarin, this would be definitely a challenge for me. I packed my mandarin language books from the college courses I took 10yrs ago.
When we landed in Shanghai after a nice 14hr flight, I headed for my hotel in Pudong. It was nice staying at the Intercontinental Hotel for a few days. I felt like I was on a much needed vacation. But soon reality settled in - I needed to find a permanent place to stay for several months. I started calling around real estate agents offices who spoke English. I left messages or was in contact with over 5 offices but no real luck yet. Meanwhile, I crashed at Jerri and Jeri's place for two days. With good fortune, Jerri was able to help me by having her real estate agent find a place for me. She was able to translate and set-up times to view condos around Jiao Tong University where we will be studying.
After two days, some stress, several showings and walking around, I finally found the a place that fit my criteria - price, location, cleanliness, etc. After seeing it, it was time to sign the paperwork and give them money. They wanted all cash upfront with deposit and commission, so I had to go the bank and walk around with lots of bills which was a bit nerve racking but had my security force of Jerri and Jeri with me. With key in hand, time for my next set of tasks, get household items and unpack at a place I can call home now.
Take home lessons:
Business opportunity:
Fortunately, this would be my second time to Shanghai (the first being last summer). Knowing very little mandarin, this would be definitely a challenge for me. I packed my mandarin language books from the college courses I took 10yrs ago.
When we landed in Shanghai after a nice 14hr flight, I headed for my hotel in Pudong. It was nice staying at the Intercontinental Hotel for a few days. I felt like I was on a much needed vacation. But soon reality settled in - I needed to find a permanent place to stay for several months. I started calling around real estate agents offices who spoke English. I left messages or was in contact with over 5 offices but no real luck yet. Meanwhile, I crashed at Jerri and Jeri's place for two days. With good fortune, Jerri was able to help me by having her real estate agent find a place for me. She was able to translate and set-up times to view condos around Jiao Tong University where we will be studying.
After two days, some stress, several showings and walking around, I finally found the a place that fit my criteria - price, location, cleanliness, etc. After seeing it, it was time to sign the paperwork and give them money. They wanted all cash upfront with deposit and commission, so I had to go the bank and walk around with lots of bills which was a bit nerve racking but had my security force of Jerri and Jeri with me. With key in hand, time for my next set of tasks, get household items and unpack at a place I can call home now.
Take home lessons:
- Plan far in advance in finding a place
- Calling many people to find a place for you, preferably someone you can trust or who is a local resident.
- Be patient b/c you will find a place eventually
- You will pay much higher prices for a lease that is short term
- Bring lots of cash with you (no check or credit card here for this type of transcation)
Business opportunity:
- The rental market is done thru real estate agents who get a nice commission
- Real estate agents cover their own local neighborhood that is in walking distance.
- How can you build better business model to disrupt this channel and model while providing better service, pricing, and efficiency for landlords and tenants? hmmm......
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