Last updated on May 10th, 2022
As the world restores itself from the damage caused by COVID-19, a state of normalcy can be felt. Social gatherings can take place. The offices are reopening. For many economies, it is business as usual. One particular country that has felt a huge boom in real estate in the UAE.
One critical lesson that has been learned in the wake of the pandemic is that technology is an absolute necessity. The world would have come to a complete standstill had it not been for technology.
More and more sectors of the economy, like real estate, have sped up the use of technologies. Among these is CRM for real estate. CRM for real estate promises to transform the industry and make it more streamlined and efficient.
Also Read: 10 Reasons to Invest in Dubai Real Estate
UAE’s Real Estate Boom
Real estate has always been an industry of major importance for the UAE. In Dubai alone, the property prices shot up due to a year-on-year increase from 2002 to 2008. This boom reached an all-time high in 2014 after which the prices started falling.
Real estate was already in a state of decline pre-COVID for the UAE. The pandemic was just another setback that adversely affected the sector.
It seems, however, the tide is turning. In terms of residential transactions in Dubai, the volume was 57,043 in 2021. This marked an increase of 73.6% from the amount recorded in 2020. Experts predict that this is just the beginning. The UAE real estate market is expected to make a major comeback.
Real Estate Business Ideas for UAE
To stay ahead of the game, it is better to start right now. Here are some great real estate business ideas for investors in the UAE:
1. Real Estate Broker
A real estate agent acts as a middleman between the buyers and the sellers. Since the market is hot right now becoming a broker can prove very profitable.
Aside from the legal requirements, real estate agents must have a deep understanding of the market. This includes the prices of different properties in various locations.
2. An Investor
If you have the money then directly investing in the real estate market is an option. Property prices in UAE are rising fast. If you get into the market before prices go too high, there is room for huge profits. All of this with doing just a little bit of market research.
3. Renovating Property
Remodelling property is also another great option. UAE has already a country that has undergone a lot of change. The construction industry remains an integral part of the economy. Famous for their skyscrapers, old structures are constantly getting a facelift.
You can buy old property for much cheaper and sell it at a high profit after getting renovations done. Flipping property is much more work than simply buying and selling. However, it offers greater profitability.
4. Real Estate Content Creator
Even if you do not have the means to buy property, you can become a part of the market. Real estate content creators, like bloggers, are in high demand. Both buyers and sellers are always looking for new information and keeping up with the latest news that can influence their decisions.
As a real estate content creator, you must remain up-to-date with industry trends. To become successful, you must post content consistently.
5. Photographer for Real Estate Companies
All major real estate companies have an established online presence. To display the properties they have to offer professionally taken pictures play a key role.
As a photographer, you must have the skills to capture and edit images that pique customers’ interest in the property. A single image can make or break the deal, which is why real estate photographers are in such high demand.
Use of Technology in Real Estate
The real estate industry has been using technology at a break-neck speed. From large-scale data analysis to virtual reality tours of properties, it is hard to ignore the change.
CRM for real estate is another major step forward. CRM stands for Customer Relationship Management. It has become the most important tool for agents and investors in the world of real estate.
CRM for Real Estate
CRM, simply put is a data directory of the customers. The software allows information on actual and potential customers to be saved automatically. While this sounds basic, it has transformed how interactions with customers take place.
The automatization that CRM for real estate offers provides the following benefits:
- Allow data to be kept up-to-date and organized which saves time. Instead of having to deal with multiple spreadsheets, CRM software keeps all data in one place.
- CRM software keeps track of customer inquiries. It alerts agents when a customer query appears and posts timely notifications if it remains unanswered. No queries go unaddressed due to human error.
- The system alerts and keeps a track of customers this improves customer service immensely. Customers get timely responses.
- CRM also helps to understand the customers better. Not only does CRM improve customer service by making it more efficient, but it also reduces the need for customer service. This happens as customers’ preferences are tracked and a greater understanding of the customer wants is deduced.
- CRM makes customer service more intuitive.
- Automated tasks speed things up. Email-to-case creation is one such example in which an email by a customer is instantly logged in as a case that requires attention.
- Among other things, CRM makes it possible to store large amounts of data. This means contact information on past clients who can be reached out at any time.
- It improves customer satisfaction with improved customer service.
Overall, CRM for real estate is an excellent tool. Unlike other kinds of technologies, like VR or smart houses, CRM requires very little time and effort to incorporate.
Real estate is all about dealing with people and CRM makes it possible to improve customer service experience manifold. UAE is a modern country, from its infrastructure to the lifestyle it offers. It makes perfect sense to use CRM in UAE’s real estate market.