This article was originally published in propertyfinder Trends Report 2017 – click here to read online (Adobe Flash required) or click here to download PDF instead. To request a printed Report, please email us on email@example.com
What are the latest trends in the industry?
We have officially surpassed an important threshold: our traffic is now predominantly mobile in all our markets, which can be as high as 74% in Saudi Arabia.
These trends can also be observed among our advertisers. More and more agents are spending less time at the office and more time on-the-go, meeting vendors and home seekers. They have thus ditched their laptop and are managing their entire activity directly from their smartphone.
What’s propertyfinder’s response to these trends?
We introduced many mobile tools for brokers and real estate agents in the last quarter and have made it a strategic priority to continue doing so in the months to come.
This focus on mobile products has facilitated the growth of our spectrum of customers and resulted in a huge escalation in the number of listings.
What objectives drive propertyfinder’s new products?
As a real estate marketplace, what we care about first and foremost is to match end users’ demand with genuine supply that will result in real estate transactions. In order to be as efficient as possible in doing so, it is our job to make sure that the listings displayed on our portal are accurate, genuine and available. Verified Listings launched almost 2 years ago and has been a massive success. The Trakheesi initiative launched by the Land Department this year is another great step in the right direction that will bring more market transparency and eradicate duplicate, fake or bait listings.
The new “Transactions” section on Find Agent page highlights the number of sale and rental deals completed.
What do you think is next for the real estate market?
I believe that the next steps will be the gradual movement towards exclusivity. Although we have seen an increase in landlords signing exclusive mandates with real estate brokers, it is not a common practice in the MENA region yet. In that sense, we are convinced that with today’s market configuration, finding the right real estate professional is at least as important as looking for the right listing.
How is propertyfinder developing its products to continue driving transparency in the market?
Following that thought, we are heavily investing into developing a brand new Verified Agent section. Our objective is to connect the best agents directly to a home buyer, seeker and seller. In the continuity of Verified Agents, we have started to collect transaction data. This is also a big step for us that will help us promote the best operators, bring more transparency to the market and reduce the expectation gap between asking and transaction prices.
Chief Product Officer, Propertyfinder GROUP
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