Innovative approaches and future trends discussed at Brokers’ meet

Business Bureau, Gulf Today

Bayut, UAE’s largest property portal, highlighted some of the innovative approaches that can aid real estate agents and brokers to maximise their outreach and achieve optimal sales results at the Bayut Big Broker event, held in Dubai.

The one-day educational summit brought together senior Bayut executives, industry leaders, key decision makers and councillors, to spearhead a discussion on evolving trends in the property market and ways to overcome challenges using technology and other innovations.

According to data released by the Dubai Land Department (DLD), real estate brokers’ commissions in Dubai saw a decrease of 35% in the first nine months of last year compared to the same period in 2017.

The Bayut Big Broker Event also featured interactive panel discussions with CEOs of UAE’s top real estate agencies, focusing on customer behaviour and its impact on future trends. Speakers in the event delved into how emerging technologies such as artificial intelligence (AI) would influence the real estate industry. Experts also presented creative solutions to the current challenges faced in the real estate market.

Commenting on his participation as one of the speakers at the Bayut Big Broker Event, Mahmoud El Burai, Chairman of the Middle East Sustainable Development Institute, Vice President of International Real Estate Federation and Advisor in Dubai Government said: “Over the past few years, we have seen a series of efforts by the UAE Government spearhead innovation in the property sector with the adoption of smart services and applications and the launch of several innovative projects. We are glad to be a part of an innovative platform such as Bayut that enables real estate customers and service providers to connect and outline the future of the sector through trusted approaches. Technology is the way forward and it will impact the way we buy, sell, rent, design, construct and manage real estate.”

Echoing the need for a technology-driven approach to the real estate industry, Google Frontier Markets Country Manager, Farhan S Qureshi also shared his thoughts on being a part of the Bayut Big Broker Event 2019. “It has been a pleasure to participate in the Bayut Big Broker event as a guest speaker. This event has been a great opportunity to explore three major global trends that are impacting the world today: rapid and widespread consumer acceptance of technology, artificial intelligence and machine learning and finally the disruption of traditional industries. For several years we have been working together with Bayut to drive a digital transformation of the real estate industry in UAE; from leveraging the power of machine learning in order to better understand a smarter consumer base to using cutting edge technologies like Progressive Web App to deliver the best possible user experience on their digital platform. We look forward to working even more closely with Bayut in the future to further support this critical transformation.”

In an effort to drive this positive growth of the industry, Bayut has also announced the launch of four new products, along with a dedicated app exclusively for real estate brokers called ‘Bayut Pro’. These new launches will attempt to tackle some of the leading challenges faced by consumers and real estate agents. Detailed 2D and 3D floor plans, SmartLeads helping brokers with a well-informed approach to consumers’ requirements in their search for a property, reviews of agents and extensive checks to ensure the validity and availability of listings through TruCheck, will be some of the new things to look forward to on Bayut.com.

“We are thrilled to launch the inaugural real estate summit of the region with the Bayut Big Broker Event 2019 which feature experts from government bodies and market leaders as well as key stakeholders such as Google who can add valuable perspective to the ongoing dialogue. By providing this platform we can raise the bar high and discuss strategies to overcome our challenges and emerge as winners.

At Bayut, we take pride in solving local problems, whether it is penetrating every emirate in the UAE with equal efficiency or creating assets to best serve the needs of the local population, our effort has always been to know the pulse of the people and work towards improving their lives in this digital age,” said Haider Ali Khan, Bayut’s CEO.

“Being part of the real estate fraternity in Dubai, we have received tremendous support from the government in terms of bringing in new laws and regulations which have been instrumental in increasing interest in this sector. Similarly, Google has led the way in digital transformation across the world. At this point of time, when UAE is experiencing the impact of the digital wave in all segments including real estate, it’s important that we engage with all relevant stakeholders and identify the best ways to maximise productivity in the real estate industry. We truly believe that if we all ideate and innovate to operate at an optimum level, the outcomes will be positive for all of us.”