Bayut’s relief packages for partners

All of us in the UAE real estate industry are working together to follow the precautionary measures defined by the government to stay safe and successfully emerge from this challenging time. At Bayut, our priority is to focus on the success and well being of our partners in these testing times. Read on to know more about Bayut’s relief packages for partners announced by our CEO, Haider Ali Khan in the wake of the coronavirus outbreak in the UAE.

Haider Ali Khan, CEO of Bayut Announces Relief for Partners on April 3, 2020

In his first address to the brokerage community, our CEO talked about how the entire world had been impacted by these unfortunate circumstances and stressed the importance of staying positive and working together to overcome these challenging times. He added that Bayut, like everyone else in the region, was keeping a close eye on the situation and its implications on the real estate market. While he confirmed that there was an impact on the consumer interest as a result of mobility restrictions, he also said that there were signs of recovery towards the end of March.

“When the routine is disrupted, it takes a little while for people to understand the new temporary reality, and then they go back to doing the things they were doing before the changes happened. ”

He then spoke at length about Bayut’s commitment to our partners, the UAE government’s proactive measures and the need for the industry to come together and stay resilient.

“We have also kept a keen eye on the industry. We have been listening to what you all have been going through. Based on this, we have been able to identify two main challenges. The first challenge is around liquidity, and the second challenge is around duration or planning. While some of you have an immediate liquidity need, some of you have reserves but are trying to do more prudent planning for the future. My personal opinion is that the UAE government has done a fantastic job and put a lot of measures into place in a proactive and fast manner. So I hope we can also come out of the situation equally fast. But no one can say for sure at this point, how long this is going to persist.”

He then highlighted the finer details of Bayut’s relief package for partners which was launched to support all the real estate agencies in the UAE working with us.

“We all at Bayut are aware that limited mobility does impact our industry. While we keep furnishing leads, if there are fewer viewings taking place, that is going to reflect in the number of transactions. “

“Taking all of this into consideration, we have decided to offer relief to all of our partners during these testing times. The relief is going to come in the form of us completely waiving off the dues for the month of April. We are also discounting the dues for the months of May and June by 50%. We have done this with the utmost sincerity and commitment towards you. We understand that all of us are going through a tough time, so we are stepping up and doing our part to help you.”

Reiterating Bayut’s commitment to helping our partners, he shared his thoughts on how we should see this as an opportunity to give back and add value.

“When I moved to the UAE a little over six years ago, I wanted to help build a company that can give back and adds value back into the system. I believe this is our opportunity to really step up. Let me assure you that we are 200% committed to making sure that we are there with you, hand in hand, as we all walk through this situation together.

“I would also like to emphasise that we already have a large digital marketing footprint, and we are not going to hold back on our digital marketing efforts. In fact, we are going to ensure this remains strong, so we can keep sourcing leads for you even during this period, with the hope that when things turn around soon, you will have healthy pipelines to start closing business.”

“I thank all of you for being very valuable partners all these years and I look forward to working with you. I wish you and your loved ones a very safe future. Take care of yourselves!”

Additional Support for Smaller Brokerages from Bayut

In the follow-up message on April 19, 2020, Haider Ali Khan shared details of the additional support that Bayut would be extending to smaller real estate companies. He also applauded the efforts of the government and urged the community to stay optimistic and come out stronger, together. Promising Bayut’s support to partners across the region he said:

“We all should be grateful to the UAE Government and the members of our society who are on the frontlines, working tirelessly and selflessly for the greater good of humanity. The UAE Government has put a lot of good measures in place to make sure we recover quickly from this pandemic, and I continue to believe and have faith that not in the too distant future, we all can look back at this as a tough phase in our history, but one we all overcame together.”

“We have also been looking at how things are progressing for our industry and talking and listening to all of you to understand what challenges you all continue to face. While I am very hopeful that the mobility situation will start to improve soon and we all can start returning to a more regular schedule, even if it is in a limited fashion, we have observed that brokerages which run smaller operations are the most impacted ones right now. “

“Most of these businesses run on a limited cash flow window and can suffer immensely when things slow down like they have now. This is true regardless of whether these brokerages are partners of Bayut or not. In difficult times, it is incumbent upon those who are in a position to lend a hand to come out and help those who are going through a rough patch. This is not a time to differentiate but rather it is a time where barriers and walls should fall and people and communities should come closer to provide support to each other. Keeping this in mind, we at Bayut have decided that we are going to offer relief to all agencies in the UAE who are not with Bayut by offering a free package of 20 listings for the months of May and June with no questions asked. We are not asking for anything in return, but to those who gain benefit from this, please pass on as much of this as you can to individuals who are most impacted by this situation. For anyone who wants to avail this, please email us at list@bayut.com and we will be able to assist you further.”

He ended his positive message with words of hope and reassured everyone that Bayut would continue to stand with the real estate community during this difficult time.

“I sincerely hope that we all come out of this situation safe and healthy and pick our professional lives up from where they went into a pause not too long ago. Social distancing is the need of the hour to help build a safer future for us, our loved ones, and everyone who inhabits this home of ours. We are all contributing equally as individuals to this effort and Bayut stands with the entire real estate community of UAE as one family to play an equal part in contributing to the professional well-being of our community and our industry. Stay inside, stay safe, and stay blessed.”

If you need to know more about Bayut’s relief package for partners, don’t hesitate to reach out to your account managers. Along with the new COVID-19 relief initiatives, Bayut has also been working hard to facilitate virtual property search in the UAE to cater to the needs of our users in the current situation.

Similar to how Bayut has announced fee relief to support our partners during COVID-19, many efforts have also been introduced by the UAE government to help the residents of the country. To find out more about this, you can take a look at our detailed overview of the financial stimulus packages announced by the UAE government.