BIZ BAHRAIN MARCH-APRIL 2018

Focus Feature | Property Sector Review
Office automation," says Naser Shahrour,
CEO of Al Safar Group, parent company
of MECOS, a pioneer of home and
commercial automation in the country.
“MECOS is a system integrator engaged
in providing highly advanced, state of
the art automation systems and security
solutions within the workplace and home.
Home automation puts control of basic
systems and appliances into the hands of
the homeowner and provides access from
a remote point - like a smartphone app, or
at a centralized unit inside the home.”
The commercial real estate world
is in fact undergoing a promising
metamorphosis today as technology is
assuming the role of a catalyst churning
up more benefits for the sector. The new
‘real’ factor in the business is serving
to capture and hold the attention of all
those who are keen to find a property that
is nothing less than their dream home,
work, leisure or office space. For realtors
and developers, showcasing the property
under construction is not just a smart way
for them to kick-start their business but it
is also easy for them to monitor each and
every step in the construction process.
DIGITAL FOOTPRINT
Likewise for house-hunters, now more
than ever before, starting the search for
a new home begins online. As Mohamed
Araiqat says, “More than 75% of investors
search for available properties online.
Property websites are spreading and
turning to applications in our phones. I
truly believe that the process of buying
a property in Bahrain will significantly
transform in the coming years.”
All well-known property portals
today have a listing of properties that
covers a gamut of requirements and
budgets and a growing number of
property agents are justifiably spending
a greater share of their total marketing
budget on the Internet.
“We need to constantly update and
stay on top of every trend,” says Shada
Judeh, Regional Manager of YourAmlak,
popular B2B real estate portal that links
the real estate industry by creating a
platform for brokers, developers, and
end users. “We are deeply committed in
the ‘match-making process’ that links
buyers and tenants to the brokers and
developers.”
Earlier, one had to invest considerable
time in steps such as exploring the
proprieties physically, short listing based
on the experience he or she gathered
at the locations and then reaching the
final decision of buying a property.
However, now the new technologies i.e.,
virtual reality and augmented reality are
paving way for much more time-efficient
solutions and are revolutionising the real
estate sector to a very large extent.
“We are basically a property
management agency that provides all
kind of solutions - a one-stop property
solution that gives market research,
valuations, sales, rental, real estate
activation…everything under one
umbrella, “ says Ali Al Shuwaikh, CEO and
Founder of HomeSeekers, a consolidated
property solution provider that services
landlords, owners and tenants.
With just few clicks, these sites allow
buyers to filter properties as per their
preferred budget, unit type, locality etc.,
see 3D walkthroughs, read about pros
and cons of localities, market trends,
compare properties, show locality videos,
property reviews, financing options, legal
assistance, interior décor options and
many more.
ENHANCED EXPERIENCE
All these additional features have
enhanced the property search experience
and transformed online websites from
being a mere classified site to the most
popular online destinations for property
needs. In November 2017 approximately
30,000 real estate consumers visited
YourAmlak in search of their next home
or investment opportunity; when these
users interact with the website and its
search engine they provide valuable
insight as to what today's real estate
consumers are looking for.
From mobile devices to software as a
service (SaaS) platforms for marketing,
customer relationship management, and
market research, cloud technology has
become a ubiquitous part of commercial
real estate. Professionals travelling
around with a heavy briefcase filled
with all their important documents are
a thing of the past. Today contracts,
client information, and other important
data are all stored remotely and synced
across platforms to be accessed through
cloud servers by smartphones, tablets,
and laptops.
A BRIEFING ON PROPTECH
CRE firms have benefitted strongly
from their recent investments in widely
available technology solutions helping to
drive cost and operational efficiencies.
The Internet of Things: The
Internet now connects sensors and
other computing devices embedded in
everyday items, from home washing
machines to commercial HVAC
systems. Many of these devices can be
programmed to send and/or receive data
daily hourly or even continuously.
Big Data: The IoT is enabling the
collection and storage of extremely
large data sets, which can be collected
and analyzed, both independently and
in conjunction with other data sets, to
reveal patterns, trends and associations.
Cloud Computing: Many companies
and individuals now use a network of
remote severs connected via the internet
to store, manage and process data, rather
than storing it all on their own local
servers or personal computers.
Virtual and Augmented Reality:
Computer-generated 3-D simulations
and 3-D videos enable people to
virtually “tour” properties remotely
and even “visit” and “feel” projects
still in the early stages of design or
construction, using equipment such as
3-D cameras, goggles and gloves.
Artificial Intelligence and Machine
Learning: Computer systems can now
perform many tasks that in the past
would have required intervention from
a human programmer. Some can learn
to make adjustments to changing
circumstances, based on experience,
without being explicitly programmed
to do so.
Blockchain: This public digital
ledger is similar to a relational database
that stores transaction records in a
series of chronologically connected
“blocks.” This process creates verified
transactions with a clear timeline that
cannot be pulled apart.
March-April 2018
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