In this edition of Industry Eye, Kunal Puri, the founder and Managing Director of La Capitale Real Estate, shares insights about being an off-plan agent, working with clients effectively and creating a USP list.
I am Kunal Puri, founder of La Capitale Real Estate. We specialise in transforming residential real estate into lucrative capital gain investments. At the heart of my success is the groundbreaking ‘product exit cycle strategy’ – an innovative strategy that is deliberately designed to analyse the entry and exit points of each property investment, ensuring maximum returns. I believe this strategy sets me apart from other agents and helps me cultivate a robust clientele – propelling both myself and my agency, La Capitale Real Estate, to the zenith of industry success.
My track record showcases how well I have been able to adapt to the complexities of real estate acquisitions and asset repositioning for both national and international clients. Overseeing the operations of three offices, I have consistently closed transactions exceeding a staggering AED 400M – which won La Capitale recognition from Emaar, along with the prestigious Platinum Agency award from developers like Nshama and Dubai Properties. This has cemented our status as an industry luminary.
The diverse spectrum of clients, including institutional and individual investors, as well as end-users, served during the course of my career has helped me elevate my skills. My expertise spans residential capital gain investments, mid to high-income housing, and intricate financial and legal structuring of developments.
I am one of the first realtors in Dubai to be accredited by the National Association of Realtors in the US, which I achieved with RERA’s support in 2018. In addition, I received the prestigious Golden Visa from the Dubai government in 2021, solidifying my stance as an entrepreneur in the field.
Why Off-Plan
Off-plan has been the most profitable investment strategy in the Dubai freehold market since its inception. No doubt, buying off-plan comes with its risks and rewards, and that’s why it’s crucial for any investor to consult an experienced realtor while pursuing this option.
Due to the absence of physical property in off-plan sales, it is challenging and difficult for both buyer and realtor to make an accurate and educated decision to eventually reach a profitable property purchase.
The off-plan market generally moves at a faster pace compared to ready property; it’s essential for a realtor to be on top of the market knowledge so they are able to guide their clients accurately and ethically.
Off-plan property is a leveraged business, where a buyer generally pays a certain amount of property value before handover. Once the property generates a self-demand, investors tend to exit the property by materialising profit.
So, it is crucial for any off-plan investor to start with the end goal in mind. Everything has to be calculated and planned backwards. Only then does the investment become profitable.
The process of acquisition of the right off-plan property becomes smoother and more rewarding for both the investor and realtor when the latter does their due diligence in prior.
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Creating a USP list
Before working on any off-plan project, a realtor must make a USP (unique selling point) list for it. To make these USPs effective, ensure you have a minimum of 10 USPs per project. You can base your USPs on factors such as:
- Proximity to the nearest highway
- Proximity to public transport
- Proximity to different schools in the neighbourhood
- Proximity to the nearest mall
- Proximity to nearest kids’ activity area
- Additional amenities in the project as compared to other projects in the same area.
- Why would there be a demand for this project on handover (apart from market pick-up)
- Delivery track record and previous project quality of developer
- How many similar properties (within a 3 km radius) will be delivered when this project is handed over?
- What is the focus of a project – investors or end users?
- How much value of the property will be paid to the developer before the handover?
Once USPs are generated, it will help the realtor match properties with clients’ requirements or end goals. If a client is still not clear, then it’s always advisable to take them for a tour of at least three developers’ offices, as that’s when the client can visualise the property (rather than seeing it on brochures). This enables the client to work with a realtor to narrow down the options available in the market.
As realtors, we should always keep in mind that clients might not have in-depth knowledge of the projects or the market. So it becomes our utmost ethical responsibility to assist them in this journey, irrespective of the pressure of losing an opportunity.
Predictions for 2024
2024 will be another extremely active year for all realtors in Dubai, where we will see many new projects launched. It’s essential for realtors to work on their pipeline with either the USP or location so they are ready in advance before the project is launched.
In the year 2023, we saw developers moving from a normal property launch to asking for Expression of Interest from all the clients. This helped to regulate the market better and streamline the sales process, as well as the experience of purchasing a property.
In 2024, most of the developers are already moving towards pre-launch sales – this is where any client gets the opportunity to decide on the best property based on their preferences in price, view, size and location.
So, to be a successful realtor in 2024 and an off-plan agent, one must work on their pipelines and use a logical approach to capitalise on the in-demand opportunities.
About Kunal Puri
Kunal Puri is the founder and Managing Director of La Capitale Real Estate. He has been ranked 6th Most Trusted Realtor in 2017 and 5th Most Influential Real Estate Professional in 2016 in Dubai by Property Times. He holds more than seven years of experience as a business leader involved in the real estate and construction industry, specialising in capital gain investments in residential real estate.
Even with three offices in different countries. Kunal Puri has personally closed primary sales transactions valued over AED 80M, consistently earning La Capitale the Platinum Agency award both in Nshama & Dubai Properties for two consecutive years (2015 & 2016).
About La Capitale Real Estate
La Capitale Real Estate is a real estate brokerage that prides itself in offering innovative real estate solutions to both individuals and institutional sellers and buyers. They specialise in leases and sales in residential areas. They currently focus on premium villas and apartments in Dubai’s high-end locations, including Al Barsha, Palm Jumeirah and the Springs,
Their diverse team of professional real estate consultants offer exceptional services tailored to client needs, with an in-depth knowledge of the market and RERA regulations.