More than AED 1 billion is wasted on duplicating real estate listings in the UAE

24.09.2015
Masterkey has developed the first Middle East unified online database for real estate listings in the UAE.

Daniel Hart, CEO, Masterkey: “Duplicate real estate listings cost the industry over AED1 billion per year in the UAE alone.” That’s why this analytical company has developed a unified online platform to integrate all this on one resource.

Internet technologies in the modern world are vital for any industry and manufacture thriving, and real estate market is no exception. And duplicating real estate listings in the UAE on dozens different online platforms takes a huge amount of time, money and resources annually and daily. Masterkey specialists analyzed the data based on official statistics from Dubai Land Department and presented the project of a unified system for processing information about the property in Dubai and other emirates.

Multi Listing System (MLS) was first launched last year, but has now been made accessible through both of Masterkey’s software applications, providing one convenient location for agents to add their ads, view others listings to avoid duplicate listings. "As the UAE moves towards a more regulated market, our MLS will bring agents together instead of competing against one another," said Hart.

"Duplicate listings are a major headache in our industry, and evidence suggests that the AED 1 billion our team has calculated is likely a conservative figure. The software we have built is designed to strengthen the relationship between the broker and the property seller by encouraging sellers to list with one agent and not several competing agencies."

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management