Seeing value others miss

A conversation with Trifon Mihaylov, Head of Asset Management, VIG

With over 15 years in the real estate sector - from coworking spaces and commercial properties to farmland and residential projects - today Trifon Mihaylov leads the Asset Management department at Vaisman Investment Group.

We talk about the hard-won lessons of business, the courage to decide like an entrepreneur paired with the discipline of a manager, and why long-term investments rest not on promises but on transparency and a well-thought-out strategy.

You have over 15 years of experience in real estate. How did this journey prepare you for your role at VIG?

Around twenty years ago, agricultural land and rural properties in Bulgaria were heavily undervalued. On my father’s advice, I began to take interest in the sector. He handled the transactions, and I gradually took over the management side.

Over time, I learned to recognize which assets truly had potential, and which didn’t. Some properties might look attractive on paper, but if they can’t generate steady annual income or long-term appreciation, they’re not real investments.

I started small, renting out a few residential units, and, of course, made the typical beginner’s mistakes: informal contracts, unverified tenants, too much goodwill.

Managing assets requires a firm hand and a clear understanding that property letting, whether residential or agricultural, is a business. It’s about return on investment, not emotions.

Just before the pandemic, I became a partner in Networking Premium, one of the pioneers of coworking in Bulgaria. Together, we built the country’s largest and most successful coworking network. That experience changed my view on property. I realized that real estate management can evolve into a service that clients are happy to pay for when it adds tangible value, such as daily cleaning, flexible access, or even unlimited coffee and beer.

Later I consulted both Bulgarian and international companies, helping them optimize leasing and service models. I was often struck by how conservative the local market still is - for example, the insistence on selling new apartments unfinished, on “plaster and screed.”

VIG, however, operates differently. What drew me in was the client-centered approach and the belief that quality and readiness are part of long-term value creation. Take Arcadia, for instance - fully finished and furnished homes, or MyCampus, where we invested from the ground up, designed, built, and rented the units. These were sold with tenants already in place, achieving a 5.5% gross yield from day one for the new owners.

I think what prepared me most for this role is the fact that I’ve spent my entire career protecting investments - my own and those of others. That gives you a very different perspective than someone who just works for a paycheck.

At Networking Premium you were among the pioneers of Bulgaria’s coworking culture. What was the biggest lesson from that journey – both in business and in working with people?

When Bulgaria’s startup scene first began to emerge, the goal for many was to secure EU funding or extract as much money as possible from investors. I was fortunate to join an environment that had already outgrown that phase - where people gathered to exchange ideas, not to chase quick wins.

We spent long evenings at the office, challenging each other’s concepts and building on them. No one cared about TV shows, politics, or gossip. Тhe focus was on creating something real, something that could change the market.

The biggest lesson? Surround yourself with people who talk about ideas, not people. Only then can you grow, not just professionally, but as a person.

The transition from entrepreneur to Head of Asset Management sounds like a natural evolution. What, in your opinion, defines a successful manager today – experience, intuition, or something else?

An entrepreneur becomes a manager the hard way - through mistakes, often big ones. But that’s exactly what makes them sharper. What sets an entrepreneurial manager apart from someone who simply climbed the corporate ladder is decision-making speed.

When you build something from scratch, you quickly learn that every delayed decision can cost you a deal, and every wrong one can hurt not just the company but your partners, and yourself. That mindset trains you to think like an owner, not just an employee.

The corporate world, on the other hand, multiplies your possibilities. It gives you access to experienced colleagues and specialists who can help turn instinct into informed strategy. A strong team is a power that no startup can afford, and that’s what makes the balance between entrepreneurial agility and corporate structure so valuable.

Asset management requires both vision and discipline. What does a “stable” portfolio look like to you, and how do you balance risk and return?

In real estate, there are no permanent certainties. Risk must always be distributed - across asset size, type, and time horizon. You need a mix: smaller and larger properties, luxury and standard units, short-term opportunities and long-term holdings.

Even the best-performing segment today can shift tomorrow due to political or economic changes. That’s why diversification is key - a well-balanced portfolio ensures stable returns over time.

But above all, everything starts with proper research and market analysis. I can confidently say this is one of VIG’s greatest strengths - our professional team has developed a deep understanding of the Bulgarian market, and that’s what allows us to make informed, resilient investment decisions.

One of VIG’s core principles is creating long-term value rather than short-term profit. How does this vision align with your personal philosophy in property management?

This question touches on one of the toughest parts of my experience in asset management. Some of my most difficult discussions have been with investors or owners who wanted to make a quick profit, even when the decision would harm the property’s value in the long run.

Let me give a simple example: what’s the best washing machine to buy for a rental apartment? Most people would start naming brands, comparing prices, or listing technical specs. But from experience, I can tell you - the best washing machine is the one with the longest warranty. Because it saves both time and money for the investor, and prevents problems for the tenant.

Now imagine applying that mindset to every detail of a property. Long-term value comes from hundreds of small, smart decisions, each based on experience, each designed so that everyone wins: the investor, the tenant, and the asset itself.

Over time, that’s what makes the property not just profitable, but truly valuable.

As someone who personally invests in different asset types — from farmland to residential property — what core principles guide your investment decisions?

Profit is made at the moment of purchase, not at the moment of sale. But that doesn’t always mean finding the lowest price. It means securing the right terms, with the right potential.

Good investments are built on perspective, not luck. When you understand the long-term fundamentals such as location, liquidity, and usability, you position yourself to win before the ink on the contract has even dried.

Bulgaria is changing rapidly, and so is the way people think about real estate. What trends do you see on the horizon, especially with the country’s expected entry into the Eurozone?

I believe the residential market in Sofia and Plovdiv will increasingly revolve around the mindset of younger generations - people who value freedom and adaptability over long-term ownership.

They don’t want to commit to a 30-year mortgage that will lock them into the same apartment for the next 50 years of their lives. They want the flexibility to live in a larger home when their family grows, or in a smaller one when the children move out. Renting allows them to evolve with their own lives, not to be tied down by them.

At the same time, another interesting trend is unfolding outside the major cities. Many people are rediscovering the charm and value of rural properties - buying houses in small Bulgarian villages, driven by lower prices, cleaner environments, and the opportunity for remote work. This rural renaissance adds a whole new dynamic to the property landscape and offers investors a fresh perspective on lifestyle-based real estate.

Together, these shifts will continue to redefine how Bulgarians live, invest, and think about “home.”

You’re also involved in cause-driven initiatives – such as the foundation for saving bees and the Pitch2Pitch platform for young entrepreneurs. What have these projects taught you?

In both nature and business, we have to learn from history and from those who came before us.

With the bee foundation, our mission is simple but vital. We need to remember what happened on Easter Island, where people cut down all the trees, destroyed their ecosystem, and ultimately vanished. Bees are now the last fragile link in Earth’s life cycle - without them, everything else collapses. Taking care of them means taking care of our own future.

In Pitch2Pitch, we follow the same principle - learn from those with experience. By bringing together young entrepreneurs, seasoned founders, and investors in one space, we create a healthy ecosystem for the next generation of businesses in Bulgaria and beyond. It’s about connection, continuity, and shared growth.

Your work involves long-term decisions that require patience. What gives you greater satisfaction – the process itself or the results that come with time?

When the strategy is right, the results are predictable. But it’s the process - overcoming challenges, adapting, and seeing things come together step by step - that brings me real fulfillment. That’s where the growth happens, both personally and professionally.

As someone who loves travel, diamonds, and watches — what qualities do you value most in the people and projects around you?

That’s a beautifully crafted question, and it deserves a beautiful answer.

Just like with diamonds and watches, some shine brightly but lack real quality, while others may be unpolished or timeworn yet possess a depth and strength that stand the test of time.

I choose to surround myself with people of lasting value, not fleeting sparkle - those whose integrity, consistency, and quiet brilliance make everything they touch more meaningful.

If you had to describe your personal mission within VIG in one sentence, what would it be?

To support the company and our team in delivering truly 360° real estate services through experience, determination, and innovation.

The Bulgarian market deserves access to something far better than the standard “шпакловка и замазка.”