07 January 2022 – Khaleej Times – www.khaleejtimes.com
Newly-launched start-up in Dubai hopes to widen their choice using advanced technology built around artificial intelligence.
Ask any real estate broker in the UAE and they will tell you about the daily challenges they face while assisting clients with their requirements.
Finding the right property through an agent is no less daunting for home-buyers and tenants. The reason is not far to seek. Hundreds of new properties are listed in the market every few days, but brokers have no access to them.
Consequently, they offer clients only the limited ones they have in their portfolio.
A newly-launched start-up in Dubai hopes to widen their choice using advanced technology built around artificial intelligence (AI) in a bid to help tenants and buyers don’t miss out on their dream home.
Khaleej Times caught up with Mahmoud Khalil, founder and chief executive officer (CEO) of PropMatch, a user-friendly business-to-business (B2B) application (app) that enables real estate brokers in the UAE to work together on a single-platform.
Edited excerpts from the interview:
What is PropMatch and what does it do?
PropMatch is an innovative tech solution that helps brokers find your perfect property match. The app compares listings, initiates digital contracts and even schedules a viewing appointment. The B2B app is built specifically for real estate brokers and enables them to work in tandem so that they could address the requirements of their clients more effectively.
How does the app work?
As soon as a broker registers with PropMatch, their property listings get automatically uploaded to the app. All they need to do is enter the requirements of their client. The app does the rest by trawling through various property listings the ones that best match their preference.
What prompted you to come up with this app?
Working in the real estate business in New York, Chicago and Dubai for more than two decades has taught me the value of collaborations between different agents. Agent-to-agent deals have a success rate of nearly 50 per cent but their relationship is not structured. I saw a gap in a market and thought something like PropMatch could bridge it.
How will PropMatch benefit the real estate sector?
It will enhance the real estate experience for home buyers and sellers alike. It will similarly help landlords and tenants. At the same time, it will ensure efficiency and transparency. Real estate brokers will benefit the most from the app. The complicities of working with another broker often causes them to lose time and business. PropMatch overcomes these problems with features like Prop Wall which allows them to share their listings and inquiries with other brokers by location. We have created rental and sales groups for every area in Dubai to make their job easy. The app also helps agents step up their game and keep up to date with the latest marketing trends in the real estate industry.
What has been the response so far?
We launched PropMatch in early October and have already got a tremendous engagement from Dubai’s real estate community. We rolled out the app’s 1.0 beta version with more than 1,000 brokers and about 20,000 listings. We hope the numbers will shot up dramatically once we open registrations to all UAE brokers.
How much would it cost to use PropMatch?
RERA registered brokers can enjoy access to the application for free. They only need to register their real estate company with us. This will give their company full access to the admin panel and agency dashboard.
Do you plan to expand to other countries in the region?
Yes, this is just the beginning. We started from Dubai as it’s the most sought-after city among real estate investors. Our mission is to empower UAE brokers and give them the opportunity to cooperate with brokers in other countries.