Reinvent the real estate sector
Published: 10/04/2017 12:00 pm
Fahad Al Ismaili
Founder & CEO , Tibiaan Properties
No economy can be constant or in a state of continuous growth. However, while the going is good, no one wants to upset the apple cart and we normally get comfortable and continue to do what we are doing so far we get return on investments. But when the market gets tough, it provides an opportunity to review how we can reinvent ourselves and bring about change rather than wait for change to happen in due course. In other words, this is about accepting change as a positive necessity, using the new tools of marketing and technology to further growth and to incorporate more aspects in existing business; not changing the way of business.
To deliver positive results as well as increase value for clients, the real estate agents in Oman need to offer a variety of services through a combination of expert analysis, market knowledge, professional talent and collaboration. They need to reorganise themselves into professional corporate structures so that customers can get a 360 degree outlook by approaching one company instead of just brokerage or rental services.
Expert analysis would incorporate, but not be limited to, market surveys, evaluation reports, property surveys, comparative market analysis, best usage analysis and feasibility studies. In addition, investment in human capital and talent is imperative. If professionals cannot be hired, they should be trained as they are the points-of-contact who will guide the customer and play a prominent role of turning them into ‘repeat customers’.
In addition, collaboration with financial institutions and architects provides the vital data essential to making wise investment decisions. It also cuts down on time to close the deal that is beneficial both to the realtor and the buyer. To give an example, there are individuals and institutions that have lands in strategic locations but need guidance on what would get them the maximum dividends. This presents an opportunity for realtors to go into professional advisory services and if they can tie up with a financial advisor and an architect, they can offer a complete set of services under one roof – gaining the trust and confidence of a customer. There are many benefits real estate companies can come to enjoy if they reorganise themselves into professional corporate structures.
While we try to do our part, the government can support by creating demand and increasing the purchasing power. One of the ways to do so is to open the doors to foreign investments. As capital goes to whatever businesses have best growth prospects anywhere in the world, the government will need to take steps to ease the rules and regulations for foreign investment. Opening the doors in a controlled manner will introduce new ideas and skill-sets to the country as well as bring in new technologies and services. It will enhance existing industries, boost infrastructure, productivity and create employment opportunities, not to mention supplement domestic savings. This will also bring in mid to high quality expat families that in turn will increase the buying power and inject much needed capital into the economy. It will be a win-win situation for all.