Property Finder President, Ari Kesisoglu, highlights the importance of trust and transparency in the real estate market, driven by cutting-edge technology
Choosing a property is high on the list of significant life events and amongst the biggest decisions, most of us will ever have to make, especially when considering ownership. Our intuitive market understanding, backed by consumer research, highlights that both sides in any property transaction need assurance that they can trust the data, the people and the processes involved. So, how do we earn this trust and encourage transparency across the real estate ecosystem in our markets to bridge potential disconnects? By ensuring key players have all the information to hand, they are guaranteed it is accurate, up-to-date, and reliable. Most importantly, it is unbiased.
By nature, property transactions have the potential to create a conflict of interest. The buyer needs to feel confident they are getting a good deal and not being overcharged. The seller, on the other hand, needs to feel they are getting a fair price for their property, and not underselling. This is where trust and transparency make a difference – access to clear, impartial data, not only fosters trust but also empowers both sides to make the right decision with confidence and control.
Naturally, home seekers look to family and friends as trusted sources; in many cases, word of mouth is a popular means of advice. Is this a solid base, though? I would say not. When looking for my own property, I recall finding myself explaining the valuation concept to the seller due to limited awareness of how the bank would value the property to issue a mortgage. For this reason, I see this process as an art. While sellers may know what their property is worth – it is important to remember that where one might see value, another may not.
On the other hand, for the bank, it’s a simple case of a price-per-square-foot formula with no emotional connection to the property involved. Should there be a disparity between the asking price and the bank valuation, this can breed mistrust – causing deals to fall through. Giving both sides relevant and accurate information encourages trust, and this is where platforms such as Property Finder come in. As the “unbiased support”, if you will.
“Don’t give the man a fish. Teach him how to fish by himself.” That is the rationale powering our separation from transactions. We remain behind the scenes, ensuring customers and consumers have all the information they need to make the right decision. The information we provide ranges from broad market insights and historical transactions to specific community trends and patterns. In addition to platforms like DataGuru, a recent example is the White Paper we commissioned, highlighting the increased desire for community living.
This is where technology is indispensable. We integrate state-of-the-art technology like machine learning and artificial intelligence to share detailed and accurate insights. By offering insights not previously available or those hard to access or interpret, we enable far greater transparency throughout the real estate market. It is a ripple effect.
Our approach involves leveraging technology to draw from the advanced data points available to us and offer insightful guidance on our platform. This not only creates an impact but also ensures that our audience feels informed and knowledgeable. The Property Finder UAE Community Living Survey, which was commissioned to inform our white paper and explore consumer aspirations in 2023, found that respondents feel “data-driven indices can help increase trust, gauge consumer confidence, and inform better pricing decisions”.
Constant innovation is key here, given the dynamic nature of the market. For instance, we launched SuperAgent two years ago – MENA’s first agent ranking status that spotlights and provides access to trusted agents, promoting higher quality service and faster responses. This is a prime example of technology feeding into trust. We have since identified the need for a 360-degree insight platform – enter Data Guru, delivering easily digestible, reliable insights for each listing, community and historic transaction. In this case, we wanted to empower consumers with the data they needed, in an engaging format, to ease the decision-making process in their home-seeking journey. Our commitment to constant innovation should reassure our audience of the adaptability and confidence in our system.
In our field, however, we see demand as highly volatile, with changes happening by the day. Technology needs to evolve at the same rate to, in turn, inform consumers. This is why we continue studying market trends to innovate and integrate tools and features that offer in-depth insights for home-seekers and agents. In under a year, we’ve seen a shift in attitudes to property seeking, and part of this is due to the greater levels of insights available – and the resulting trust in the market. Another driving factor towards this shift is the alignment of the Dubai Land Department in this endeavour and the willingness to work closely with private sector players to elevate the industry.
Technology and insights are only possible if they are in safe hands. The constant evolution of technology – and the resulting availability of data – creates a need for agents who are not just technically proficient but agile, versatile and future-oriented. Our recently launched PF Academy will ensure the industry is staffed by people who can keep pace with the progress and confidently serve consumers in the rapidly changing prop-tech landscape.
With a milestone such as investing in a home, which happens once in a lifetime for most people, there is no room for building trust through recurrence. Trust needs to be established through knowledge. We want people to feel confident enough to take control of their decision-making now and in the future. By providing the right insights and educating our customers and consumers through innovative technology – we are on the right track to contributing to the creation of ever-greater trust and transparency in our ecosystem.