Yulia Neicovcean34:39
Where do I start. They don't know the product. They don't specialize. It's very important for a broker to be specialized in a certain area, because if you try to cover all of Dubai, it's impossible to know everything about every area. But this is not the main thing. The main thing is that you need to have an inventory for your client to offer. You need three to five similar properties to offer them. And if you have one in JVC, another one in Sports City, another one on the Palm, and then in Jebel Ali — he doesn't have anything alternative to choose from your inventory, and he'll go somewhere else. Then, listings — they have to actually invest in these things. It has to be, same as social media, qualitative content. Nice pictures, right description, right pricing. As a real estate broker, you're selling to two people: you're selling to the customer, the buyer, the property; and to the landlord, the price. If their price is exaggerated, you have to convince them. Through another PropTech thing that I like — the data stuff. We have DXB Interact, and we have one in Abu Dhabi called Quanta, there's a bunch of different ones here. They're very useful, and I'm glad that real estate brokers are actually using them. So when you try to talk to a landlord and he's telling you that he wants 20 million for his villa, you justify it by showing that the last 20 transactions on the same kind of villa were at 15 million. So he'll be more talkative, more flexible — okay, maybe we can drop it down. Otherwise he'll be like, 'Mine is the best, I have the Versace tiles.' Sentiment premium.
When I was a real estate broker, we didn't have that. You had to keep bringing them clients so they would see that the clients weren't ready to pay that much, and then they would slowly go down on the price. Now you have data that comes from DLD that is very nicely arranged and filtered. So that's another tool that is good. The main mistake is that they don't listen. They don't try to understand what you want from them. You're a bag of money and the commission that comes. They also kind of filter people by the way they look — 'This guy will not buy.' They start understanding straight away who will buy and who will not. And usually it's wrong. Usually people who are not going to buy, they pretend like they are very interested and very rich. And the other ones, they don't show how wealthy they are. So it's interesting when you have that pattern recognition in your head — your brain is just like an algorithm, 'Okay, this guy works at this job, which means he probably can't buy this.' Disqualify. And they don't even try.