It’s up to Estate Agents to reform Dubai’s real estate market. Here’s how.
By Ayman Alashkar – Founder & CEO – OVERWRITE.ai
Real estate is universal. It doesn’t matter where you are in the world. You cannot work, play, eat or sleep without it. Even lockdown would be impossible if not for property.
But Covid-19 has changed the real estate industry with a sudden, merciless force; one that can only be compared to a dormant volcano’s unforeseen eruption. It’s brought with it an economic uncertainty for which none of us were prepared. Markets don’t like uncertainty. It’s not good for business.
Dubai: The CEO of the UAE’s largest real estate website Property Finder has hit back at nearly 100 brokerages who have taken down 9,000 listings from the platform, calling them “emotional”.
In March, 260 brokerages in the UAE came together to form a united front in a bid to pressure portals to provide 6-3 months worth of advertising fee relief as Covid-19 lockdown measures hit the real estate sector.
This is not an article about facial hair preferences.
It’s no secret. The advent of property portals has been the single biggest gamechanger for the real estate industry in the 21st century. Every real estate market from the US to Australia has its established portals, all vying for market share. Most markets are either dominated by a single portal, or a duopoly.
Dubai: Over 150 real estate brokerages in the UAE have joined hands against the online portal Property Finder after it did not give in to demands for a three-month advertising fee waiver in wake of the coronavirus slowdown.
As a mark of protest, they have withdrawn around 20,000 property listings from the website. The numbers are rising as more brokerages join the campaign. The unprecedented move has send shock waves across the industry, already reeling from the pandemic.
by Ayman Alashkar – Co-Founder & CEO – OVERWRITE.ai
There’s an old saying about necessity being the mother of invention. COVID-19 has forced us to re-evaluate our lives and our livelihoods. It’s made businesses redefine Work, giving many people an opportunity to also redefine what kind of work, works for them. Estate Agents are no exception.
Every Estate Agent remembers what inspired them to join the game. Whether it was the opportunity to meet people. The flexibility of not being office bound. The ability to earn as much as your potential allows. Or the allure of beautiful, tangible properties. Now as you soldier through these tough times, draw from that inspiration.