gated community, featuring about 100 to 150 single-family homes around 1,600 square feet with two-car garages. He said these types of homes may be a better fit for families with children and pets than an apartment. “That’s the new trend right now,” he said. He’s also shifted gears for some of his developments. Whereas he ini- tially thought of building traditional apartments, Shaik said he’s now planning assisted living facilities. “It’s a similar concept to multifamily, but it has a service component to it,” he said—as well as different amenities. The need for such living options increases as a wave of baby boomers hits retirement age. And not to be overlooked is the fact that the
equity multiples are higher for investors, he said.
the notion early on that he was the only one who could do the work was limiting his growth. “I figured out you do need to trust the smarter people to grow the pie,” he said. “You still have more than what you had, and the other people also can eat.” Shaik’s first hire for Makaan might seem unexpected: It wasn’t a money manager, property manager, or general contractor. It was a chief marketing officer. He said he and CMO Tracey Tyler clicked right away. She understood the needs of his busi- ness and how to help him grow. She implemented a CRM, social media presence, and advertising placements to help find interested investors. Tyler even helped Shaik expand his view of the company name he chose. A nod to his heritage, “makaan”
TEAM BUILDING Shaik has been able to plan big next steps after taking time over the past year to build his team. He likes to have all departments in-house rather than outsourced, so Makaan’s team handles property management, construction, asset management, and fundraising. “That way we have 100% control on our projects, and we can deliver what we promised to our limited partners,” he said. He’s worked on creating processes and systems that will allow Makaan to scale in a big way. He’s also a firm believer in finding the right person for the job, a lesson he learned from his consulting company. He said
22 | think realty magazine :: september – october 2023
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