29 August 2023, Khaleej Times
Amidst strong levels of demand, the sizzling real estate sector in the UAE continues its amazing revival to become a pillar of the country’s current economic growth. Operating in a land of superlatives, property developers in the UAE naturally strive to raise the bar for their projects and enhance the quality of life for their residents. From infinity pools and sprawling greenscapes to resort-quality spa and fitness facilities, today’s property developments have it all.
But a stellar line of amenities is only one of many factors essential to a successful real estate project. More than glitzy facilities, residents today seek a sense of belonging when they choose to invest in a home of their own – and that’s why developers in the UAE must pivot to this idea of nurturing communities with a clear management strategy. Indeed, the vital role of community management extends beyond the acquisition of properties, to generating long-term benefits for both property owners and tenants – thereby increasing the return on investment (ROI) over time.
Ultimately, it is the ideas and the community itself that create the maximum impact when it comes to a legacy real estate project: the right sense of community can help its members thrive and relate in a much more positive way to their habitat, bring people together to create beautiful memories and exchange ideas, and be a resilient source of collective strength for everyone in their journey of life. A tight-knit community is therefore the ultimate X-factor of a real estate project – whether for homeowners or tenants.
But how do we go about nurturing an impactful and loyal community?
One of the key starting points is well-planned and effective community management – an aspect of the industry that has evolved a great deal in the UAE, driven by the rapid advances of the sector and the desire for developers to create sustainable and vibrant neighbourhoods. That is reflected in the sheer growth in the number of professional property management companies in the country, as well as the development of integrated master-planned communities today that offer a wide range of services and amenities.
At master-planned mixed-use developments such as Midtown by Deyaar, an integral part of building a loyal community of owners and tenants is by creating a unique culture that complements the project’s future-proof physical amenities – such as sustainable and eco-friendly practices, including waste management systems, energy-efficient infrastructure, and water conservation measures.
Indeed, many developers and even property owners are swiftly realising the exponential benefits of engaging residents more actively and thereby looking to curate unique lifestyle experiences that cater to the post-pandemic longing to forge and rekindle relationships. Whether a quick chat at the gym or swimming pool or an intense evening at the tennis court, or even a neighbourhood birthday gathering – effective community conversations can transform any development into a magical and authentic residential experience. In combination with enhanced technology platforms, communication channels and digital payment solutions to facilitate quick and efficient interactions and transactions, such dimensions of development make them stand out from the rest as exemplars of an effective community.
Along with the intangible dimension, adroit community management also comes with immense tactical and strategic benefits. By implementing the best practices and leveraging the latest technologies, properties can not only help increase their value but also build deep conversations between tenants and landlords to understand each other’s needs and concerns in a more transparent way – which eventually allows effective problem-solving and proactive decision-making and leads to greater tenant satisfaction and retention.
For landlords and property owners, there’s much-vested interest in supporting effective community management – it can attract higher-quality tenants, reduce tenant turnover rates, and improve overall impressions of the community. This would eventually translate into reduced downtime between tenancies, ensuring a steady rental income stream for property owners and a happy and vibrant community for tenants. This sense of spaces – where residents can connect and engage with one another – brings immense value to tenants, uplifting their well-being, improving their quality of life, and making them feel valued, secure, and connected.
Fostering a welcoming community and adopting a well-thought-out community management strategy is thus no longer an afterthought for property developers – it needs to be an integral part of the development playbook for everyone. As the engaged community at Midtown successfully demonstrates, building bonds that transcend the transactional aspect of any real estate project is what ultimately brings the community to life.