posted by akayhan @ 12:00am, Monday 22 August 2011.
I would like to share an incident w/ you happened this morning and link it to how much it makes sense where we are heading w/ the new REIDIN2.1 design
changes and REIDIN3.0 strategy.
I got a call this morning from a German friend/Thomas who lives in Dubai, works for a multinational company for the last 15 yrs â€“ fairly wealthy and owns
4 houses â€“ 1 villa and 3 apts in Dubai.
He has a problem w/ a Villa as he was not sure if he could buy another one as he had a good deal â€“ he thought he had a good deal b/f calling me. Basically
he had an offer for a Meadows 3 b/r villa for AED3.4m and he was ready to buy for cash. And he asked me my opinion.
Firstly I told him I am not an expert â€“ he should talk to an appraiser â€“ secondly I only can help him with what the REIDIN tells in based on unbiased data.
Thirdly it shouldnâ€™t be taken as an investment advice â€“ disclaimer ;))
I looked at listings, then transactions â€“ a 3 b/r villa/size range 3000-4000 sqft-last one month/3 months averages (we should calculate MEDIAN by the way) etc..
It we found out that the range for a 3 b/r is AED2.6-AED2.9mln â€“ so I told him if the house he is looking at doesnâ€™t have any unique features then itâ€™s overpriced.
His perception was the prices are going down in Meadows â€“ which is wrong info :
And we did the same for JLT where he owns apts.
He was very content with what he was hearing.
I also asked him how much would he pay for a report or a service like this â€“ he was hesitant to give me a number â€“ then I asked if he would pay aed100 (us$ 27)
he said definitely but also he said something interesting:
Â· â€œMy type of investors donâ€™t need this info an a single time point. We do our homework during a month or two months. We collect info, talk to people, sleep over it. So most likely I need this info for a month min and 3 months max if itâ€™s affordable and I can pay aed1000 easily. You have already save me aed400,000!!â€
So if our system was ready for individuals, agents to self subscribe there is quite chance we can sell individual:
Â· Market Reports
Â· Comparable Market Analysis
Â· Building Reports
Or short term subscriptions â€“ one month, 3 months, 6 months, etc.....
My point is it proved once more there is a big picture there â€“ there are people out there who needs this information and eager to pay for a good, reliable service.
That is REIDIN3.0 !!
Strategy wise â€“ main changes:
Â· Targeting both Individuals and Professionals
Â· Self Subscription â€“ credit card / online payment system integration
Â· Changing Pricing
Â· Integration of Advanced Analytics
Â· Improving sales model
o Subscription â€“ short term + long term
o Advertisement â€“ on free pages
o Pay Per Report
Â· Increasing Sales channels
o Listing Portals
o Mobile - iPad, iPhone, Blackberry etc.
Â· User Interface â€“ localized in 36 countries
Â· Integration of key data points and expending this level of data in all markets we cover
o Property Profiles
Â· Better online marketing
o Email Campaigns
Stay tuned â€“ we have a some work to do in the next weeks coming to execute the above strategy and
we need all of you to involve â€“ itâ€™s very important that we get all of us to engage and make it happen!