The State of Real Estate: Highlights from the third Bayut Webinar

Our weekly webinar series, The State of Real Estate, has been a phenomenal success, recording close to 100% engagement from attendees, over the course of three exciting sessions. For our third session, the highly-awaited panel discussion focused on how real estate agents in Dubai can build a compelling professional profile during this challenging time. There was also an engaging 30-minute training session during the webinar from our amazing host Spencer Lodge! Read on to learn more about the third session of The State of Real Estate with Bayut.

PANELLISTS FOR BAYUT’S THIRD WEBINAR

Spencer Lodge the highly influential entrepreneur, author and business expert, who has been the life of these sessions, returned as the host for third our webinar session as well.

Joining Spencer for the panel discussion, CEO of Bayut and dubizzle, CEO of Dubizzle Group MENA, and board member of the Dubai Chamber of Digital Economy, Haider Ali Khan and industry experts Loai Al Fakir, CEO of Provident Real Estate and Kiran Uttamchandani, Director at Rocky Real Estate, shared their insights on how property agents can stay relevant and enhance their reputation during this difficult time. If you’d like to hear what our distinguished panellists said, watch the video of the third Bayut Webinar, held on 21 April 2020.

BAYUT WEBINAR III: PANEL DISCUSSION 

Haider Khan, Loai Al Fakir and Kiran Uttamchanandi began the Bayut Webinar by sharing strategies their companies have been adopting to connect with clients while the lockdown is in place. 

Loai talked about how his team quickly rose to the challenges posed by social distancing by using video calling apps such as Zoom to communicate with clients and assist them with their property needs.

He urged his peers to make the most of this situation and embrace new ideas and ways of working, which may even come in handy once the environment stabilises.

“Even though Zoom has been around for a long time, it’s never occurred to us to actually use it. Now that we’re using it, it’s actually really good!” he said. 

Loai shared his thoughts about how property agents in Dubai are still able to create that much needed emotional connection with clients using such video conferencing tools. He also talked about the importance of using resources like Bayut’s Floor Plans to facilitate the needs of users.

Kiran highlighted that his company, which has been in the UAE real estate industry for over 40 years, went through their own learning curve when the social distancing measures were introduced. However, they could quickly return to normalcy by adopting video calling on Zoom as well.

All of the panellists also stressed the importance of digital marketing while operating virtually. Our CEO Haider Ali Khan reiterated some of the points he had highlighted during the second Bayut Webinar on the importance of implementing a holistic approach to digital marketing.

BUILDING TRUST WITH CLIENTS

One of the key elements that agents need to work on, is building trust with their clients. By improving their visibility and credibility online, agents can create the right first impression with users. Our CEO, Haider Ali Khan emphasised the importance of using digital avenues to build this crucial element of trust with clients. He talked about how an agent’s social profile is a reflection of their commitment and qualities. A well maintained social profile can steer clients towards a broker and help build trust.

“Real estate is a very specialised sector. It’s very important to be visible and talk based on facts and knowledge. The more you know and the more visible you are, you’ll be able to build trust quicker.”

Kiran added that testimonials and feedback on social media also play an important role in building a good relationship with clients.

“Testimonials, reviews and comments on social media are very important for an agent. People see how others have interacted with an agent and based on that, they make their own decisions.”

A SESSION WITH SPENCER

For the second half of the Bayut Webinar, Spencer hosted an insightful 30-minute training session where he shared his expertise and advice on how brokers can build trust with buyers and tenants in the current market. Here are some of the main points Spencer touched upon during his session. 

CHANGE IS IMPORTANT 

Spencer began his training with a positive message, encouraging agents to embrace the opportunities this situation has created. In order to stay relevant in the market, evolution is important. Brokers have to adapt to the changing market conditions by adopting new ways of doing business and engaging with people. The pandemic has pushed everyone to their homes, completely changing the way real estate companies conduct business. However, within these changes lies opportunities and agents who are quick to pivot and adapt will be able to stay ahead of the curve. 

CREATING VALUABLE CONTENT FOR YOUR USERS 

Having credibility is essential for brokers to be successful in the real estate market. At a time when physically meeting meet clients is impossible, agents can establish credibility by sharing valuable content online.

Spencer talked about how buyers and tenants turn to digital platforms like Bayut to gather information. Being featured as an expert on Bayut is a great way to gain a client’s trust.

Brokers can also utilise social media platforms such as LinkedIn, Twitter, Facebook and Instagram to easily connect with clients. Posting a mix of content like podcasts, live videos and images across these platforms is a great way to strengthen social media presence. This content then acts as a valuable resource which can be shared with new and existing clients. 

CAPITALISE ON THE OPPORTUNITIES IN THE MARKET 

Spencer also talked about how Dubai’s real estate market, when compared to other cities in the world, is fairly affordable. As seen in our recently published report of Dubai property prices in Q1 2020, the return on investment offered is also quite high, making this a great opportunity for those who want to diversify their investments.

Spencer also elaborated on how the increase in loan-to-value ratios (LTVs) for mortgages, which was launched as part of the stimulus packages in the UAE has made it easier for first-time buyers.

He stressed on the importance of staying open to opportunities even in this scenario. As an example, he talked about how some companies may consider scaling down or outsourcing their services at this time. They might be looking for an alternative or smaller facilities than they had before. This is yet another opportunity for agents in the commercial leasing sectors. In order to capitalise on these opportunities within the different market segments, it’s essential for brokers to build a strong base online by sharing valuable information. 

Real estate agents can also find opportunities by proactively calling clients they’ve previously worked with. This exercise will help agents to identify people who may be willing to consider buying or renting in the immediate future, concluded Spencer. 

As you can see from the comments of the panellists on this week’s session, there are still plenty of opportunities in the UAE real estate market that brokers can take advantage of. The power of social media and digital marketing should be utilised to build a compelling professional profile during this period. If you are an agent who needs some help getting started with social media for real estate, here are some Instagram tips for UAE brokers that may come in handy. Bayut’s guides to texting like a professional realtor or improving your real estate vocabulary can also help you when creating content online.