The current price of the shares of real estate companies traded on the BOVESPA, particularly those related to real estate developments for sale, in addition to the income earned by them in the post-IPO, demonstrates the "irrational exuberance" that occurred in the brazilian capital market in the period 2005-2007. Eager to seize the moment experienced by the Brazilian real estate market, many companies utilized the capital markets to raise funds for new ventures. The present study demonstrates that the result was not satisfactory in general. Two aspects are seen as responsible for the devaluation of the shares of these companies: The valuation-with prices above the true value of companies-and mistaken strategies in the management of companies. Given that the first aspect has been addressed previously in other publications, what this article seeks is to analyze the second aspect, namely, the strategies adopted by companies in the sector since the time of capitalization to these days, trying to evaluate whether they were positive on a managerial point of view and, if not, speculate about alternative strategies. The main issues addressed were the formation of "landbanks", the sale of property during the project and expansion strategies adopted by companies, both geographically and by product. All the development work was carried out by reviewing the literature on the subject, along with reflections on the moment the real estate market has passed in recent years, seeking to glimpse outputs to make the management of companies advance in the future. The article is concluded showing negative results earned by companies in this industry, highlighting the importance for them to questioning what lessons they should take as a learning to move on.