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Interesting Conversation with an Individual Investor and REIDIN2.1 [Internal]

posted by akayhan @ 12:00am, Monday 22 August 2011.

REIDINers,

 

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 – fairly wealthy and owns

4 houses – 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 – 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 – he should talk to an appraiser – secondly I only can help him with what the REIDIN tells in based on unbiased data.

Thirdly it shouldn’t be taken as an investment advice – disclaimer ;))

 

I looked at listings, then transactions – 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 – so I told him if the house he is looking at doesn’t have any unique features then it’s overpriced.

 

His perception was the prices are going down in Meadows – 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 – he was hesitant to give me a number – then I asked if he would pay aed100 (us$ 27)

he said definitely but also he said something interesting:

·         “My type of investors don’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 it’s affordable and I can pay aed1000 easily. You have already save me aed400,000!!”

 

So if our system was ready for individuals, agents to self subscribe there is quite chance we can sell individual:

·         Market Reports

·         Comparable Market Analysis

·         Building Reports

 

Or short term subscriptions – one month, 3 months, 6 months, etc.....

 

My point is it proved once more there is a big picture there – there are people out there who needs this information and eager to pay for a good, reliable service.

 

That is REIDIN3.0 !!

 

Strategy wise – main changes:

·         Targeting both Individuals and Professionals

·         Self Subscription – credit card / online payment system integration

·         Changing Pricing

·         Integration of Advanced Analytics

·         Improving sales model

o   Subscription – short term + long term

o   Advertisement – on free pages

o   Pay Per Report

·         Increasing Sales channels

o   Online

o   Listing Portals

o   Mobile - iPad, iPhone, Blackberry etc.

·         User Interface – localized in 36 countries

·         Integration of key data points and expending this level of data in all markets we cover

o   Listings

o   Transactions

o   Property Profiles

o   Indices

·         Better online marketing

o   SEO

o   Email Campaigns

 

Stay tuned – 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 – it’s very important that we get all of us to engage and make it happen!

 

AK

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Welcome!
Volkan..this is really coool [grin]
nida @ 1:26pm, 22 October 2008