MAPIC Analysis

Le Marché International Professionnel de l’implantation Commerciale (MAPIC). MAPIC is the leading international retail property market. It has become a major industry event gathering since 2015 with 8,000+ international participants, including over 2,000 retailers for 3 days of exhibition, conferences, and networking events targeting all types of retail property: city and shopping centers, factory outlets, leisure areas, and transit zones.

MIPIM represents the biggest section of Meridiana commission from ticket sales within the Iberian Peninsula. MIPIM organizes an international trade show that presents discussions, keynotes, panels, and presentations focusing on real estate such as property investment, trends, and development. MAPIC is also an international trade show that focuses on retail businesses. Participants have the option to take part in networking sessions designed to facilitate new business partnerships.

MIPIM Analysis

Since Meridiana gained exclusive rights for MIPIM, along with Barcelona Transit added to Meridiana’s Business Model, the firm has maintained revenue of over 250,000 euros and a net income of over 90,000 euros.

Meridiana Business Consulting is the third source of income for the company, which comprises about ten percent (10%) of the company’s total revenue. It had been profitable since the 2008 economic crash and has been dwindling away to the present. This business sector is not doing well because during the economic crash the housing market was in shambles. The market was extremely volatile and making investing not a viable option due to the risk associated with a volatile market.

Description of my internship job position

My position in Círculo Inmobiliario Meridiana S.L. is Real Estate Investor Intern. I landed this position because I have more than two decades of experience as a real estate investor in the USA, acquiring under-valued luxury real estate, rehabilitating them, and then renting or selling them for profit. I manage a team of real estate professionals such as engineers, architects, building contractors, and real estate agents. I own and manage several luxury ocean-front and golf course properties domestically and internationally. I have a great and successful background in assets acquisition, strategic planning, property management, and interior design.

Description of my internship duties and responsibilities

I work in two departments at Círculo Inmobiliario Meridiana S.L. My primary task is in acquiring undervalued real estate, and the other task is acquiring non-performing loans (NPLs). I report directly to the President of the company, Mr. Albert Castro Domenech. I do research, analysis, and onsite evaluation of these properties and submit a comprehensive Cost Analysis Management (CMA) report. My report helps him make the right decision as to how much to offer to buy the property. I also communicate with the property owners, investors, CEO of the companies, and bank officials. My responsibilities are the combined tasks that the real estate agents, real estate appraisers, and real estate scouts (people who research the property) do in the USA. The other task is acquiring non-performing loans (NPLs). In this job, I usually communicate with investors, architects, the CEO of the companies, and bank officials to inquire if they have NPLs that they want to sell to Meridiana. There were several follow-ups through emails and phone calls to get answers from these decision-maker authorities. When successful, I would then arrange a schedule for Mr. Albert Castro Domenech and the business counterpart’s in-person business meeting. During my internship, I successfully coordinated a video conference with my boss and an investor from the USA to establish a long-term real estate business relationship.

What are some of the challenges in my internship abroad and how did I overcome them?

• Navigating the public transportation-the metro system, the bus, and the taxis. The challenge of navigating the public transportation system was not as big an issue as I thought it was. Google Maps came to the rescue! Barcelona has excellent and well-organized public transportation. I found public commuting convenient, inexpensive, and easy to maneuver immediately afterward.

• Inability to communicate in Spanish- the language barrier is not present at work place because all the employees speak well in English; however, communicating with the counterpart companies was a challenge, especially when talking to the receptionist on the phone. I am currently taking Spanish language to resolve this issue.

• Unfamiliar with the local real estate market environment-regarding the real estate market pricing and analysis, and online web resources are very helpful, and going to the physical location of the property was another strategy for me to develop a more comprehensive appraisal of the property to come up with a more concrete analysis and evaluation.

• The firm that I interned with has no established program to perform evaluation and analysis. I called Idealista, one of the leading real estate website portals, and asked them if they have a free online portal that I could use. To my surprise, the company has a free online portal to value the property. It may not be a full report, but it provides good enough information that I need to do my job.

What are the important takeaways from my internship abroad?

• Social network-I have expanded my social network in my professional career, business networks, and personal relationships. Because I stayed in a home, my hostess introduced me to her personal friends. In the workplace setting, my boss takes me to his business meetings with bank officials and real estate investors, and I meet a lot of real estate professionals such as architects, engineers, and real estate brokers.

• Spanish language-during my internships in Barcelona, I also took a Spanish class. Before coming to Barcelona, I did not know how to speak Spanish but with only two months of being here, I am now able to comprehend more Spanish.

• Personal growth and career development- learning soft skills, critical thinking, adaptability, and resiliency are the most important takeaways that I learned from studying and working abroad. Going abroad is going out of a personal comfort zone, which creates personal growth and expands the horizon. It is indeed a rich and rewarding experience.

• Wonderful experience-getting lost in the metro system in Barcelona, which has two layers underground, eating dinner at 10:30 PM, waking up to the neighbors’ noises at 4:00 AM, enduring the heat and sweat due to the lack of air conditioning system in the homestay, traveling to work on foot in the city, and most of all witnessing the historical places in person-these are just some of the wonderful experiences that I added in my memory bank.

• Cultural dimension-due to the efficient public transportation system in Spain especially in the city center, people in the city do not own cars; however, people who live in the rural mostly own cars because the public transportation system is not well communicated in those areas. Car ownership rates in Spain are about 77% as opposed to 91% in the US. People in urban areas have small flats close to each other while people who live in the rural areas have a little bit more space and live in a single-detached family home. Spain has a community mindset as opposed to the west which has an individuality mindset.

How did I get an internship in Barcelona, Spain?

I came across the IES Abroad website while researching online resources to do an internship to satisfy the internationalization involvement requirement in one of my classes, Global Scholarship Program. One of the learning objectives of this program is for the student to be able to meaningfully synthesize connections among experiences outside of the formal classroom (including life experiences and academic experiences such as internships and travel abroad) to deepen the student’s understanding of fields of study and to broaden their own points of view. There are several online resources to participate in to satisfy the requirement for this program, but I chose to go abroad to get hands-on experience. I learned a whole lot, had great experiences, and am happy that I decided to go this route.