Highlights from Bayut’s Sixth Webinar: The State of Real Estate
For the sixth Bayut Webinar, expert panellists joined our CEO and Head of MENA for EMPG, Haider Ali Khan, to discuss the importance of data in the UAE real estate industry and how it can help brokers to accelerate their growth and enhance exposure.
Over the past 30 days, Bayut has launched a series of innovative PropTech solutions like 3D Live, Agent Reviews and more. This week, Haider Ali Khan introduced yet another comprehensive tool that’ll help real estate agents and agencies in the UAE to capitalise on market information and make smart decisions to enhance their exposure and unlock their growth potential.
Take a look to find out more about Bayut’s new Insights and how it empowers our partners to make smart business decisions.
WHO WAS PART OF THE BAYUT WEBINAR?
The sixth session of the Bayut Webinar was once again moderated by our wonderful host Spencer Lodge, influential business expert, entrepreneur and author. He led the panel discussion on the importance of market insights for real estate professionals and how Bayut’s latest Insights feature can help the real estate companies in the UAE.
Haider Ali Khan was the main speaker for the event. Our distinguished panel this week, featured John Lyons, Managing Partner at Espace Real Estate; Andrew Covill, Owner/Director at Henry Wiltshire Real Estate Agency; and Paul Christodoulou, CEO of Aqua Properties.
BAYUT LAUNCHES INSIGHTS IN PROFOLIOTM
Following Bayut’s parent company EMPG’s merger with OLX, it has been a busy month at Bayut.
In the sixth Bayut Webinar, our CEO and Head of MENA for EMPG, Haider Ali Khan announced the launch of ‘Insights’ on Profolio™, a brand new knowledge base that will help real estate professionals accelerate their business growth by making data-driven decisions powered by real-time market insights. Take a look at this video to learn more about the new segment.
Bayut’s new Insights will help our partners and clients the tools required to attain three core objectives:
- To become a market leader
- To unlock their growth potential
- To gain data-backed investment insights into the market
It will also help real estate agents engage in meaningful interactions with potential clients by providing them ROI insights on potential investments. This new feature on Bayut ProfolioTM has two basic functions.
Competitive Insights
This function allows real estate brokers to compare their performance with other brokerage firms in specific geographic locations and identify ways to improve their exposure. The feature comes with in-built products that one can apply and explore to find the ideal mix of strategies to boost their overall rankings and exposure.
Market Insights
The Market Insights function presents a plethora of new opportunities in untapped markets that real estate brokers can exploit to diversify their opportunities. This provides brokers with first-hand knowledge of property potential in specific areas, communities or even sub-communities.
Insights is available in both English and Arabic and is now live on ProfolioTM.
PANEL DISCUSSIONS ON THE SIGNIFICANCE OF DATA IN THE UAE REAL ESTATE INDUSTRY
The second half of the #BayutWebinar was dedicated to a panel discussion with industry experts. Kicking off the discussion and talking about the importance of data in the UAE real estate industry, John Lyons elaborated on how Bayut’s latest feature would be a game-changer for real estate professionals.
“Ultimately data allows us to give a more transparent overview of the market to the clients and that’s what they really want. A lot of clients are not interested in our opinions unless they’re backed with data. Data makes our opinions more objective.”
Applauding Bayut’s efforts to empower the real estate fraternity with innovation and knowledge, Paul Christodoulou agreed with John’s thoughts and looked forward to using the new Insights on ProfolioTM which he believed would help agents to establish their authority, rope in more clients and close better deals.
Paul said for a real estate agent to not have information about the market is “like going into a battle without a gun. You’re not going to win. So the more information you have, the more confident you’ll be when you speak to the clients.”
Andrew Covill also welcomed this step taken by Bayut, especially for a market like Abu Dhabi where market information is not as readily available for real estate brokers. He explained how it will add a lot of data-backed value and substance to the whole process.
“You can know what’s rented, know what’s sold, know the prices, know the transactions, where’s it happening – the more we make use of it, the better.”
Talking about the modern-day clients in the real estate business, John highlighted that a growing majority of end-users are now interested in knowing what’s happening in the market. They want transparent stats, trends and transactions before they seal a deal. This makes it extremely important for real estate agents in Dubai and UAE to have answers to these questions.
“The more information you give them, the more they’ll feel that you are the right agent for them,” he said.
Paul further pointed out that buyer dynamics over the years have greatly changed. People now do their homework before they reach out to an agent to look for properties. So it’s the broker’s responsibility to understand the client and the information they have and relay it to them in a way that helps them make smart, informed decisions.
Talking about the trends in Abu Dhabi, Andrew confirmed that people there too, are keen on leveraging the latest data to find competitively priced units or move to bigger homes, preferably with gardens and pools.
Sharing similar insights into Dubai’s rental market, John said there has been an exponential boom. Talking about the data collected over the past two months at Espace Real Estate, he said:
“In the first eleven days of May, compared to the same eleven days last year, (the stats) were 93% up for tenant registration and we’re 57% up for viewings in the leasing department. So it’s a massive increase.”
The panellists also unanimously agreed on the fact that the Dubai real estate market at the moment presents an ideal investment landscape for those looking to put their money into long-term assets.
With ‘The State of Real Estate’ webinar, we at Bayut have opened the channels for open communication on the prevailing situation and its subsequent challenges faced by real estate agents and companies in the UAE.
It is clear that the industry is gradually picking up once again as things have started to somewhat normalise in the country. However, even the new norm brings its own set of challenges for the real estate industry and we at Bayut remain committed to rally alongside our partners to brave and overcome these challenges together!
How do you think the real estate market in Dubai and the UAE will unfold in the coming months? Let us know in the comments section below!
