Watch: Daniel Hart, CEO, Masterkey Cityscape Global Conference, Dubai. September 5, 2015.
Speaking at the recent Real Estate Brokers programme at Dubai's annual Cityscape Global conference, CEO of Masterkey, the leading UAE real estate management software, discussed the huge amount of time, money and resources wasted from duplicate listings.
Let's start with a quick definition. Listings are considered to be duplicates when a single property is listed more than once by multiple brokers or agencies. These and other online listings whose physical locations match but the agent details vary, are considered duplicates. Every year, at least US $272 million (AED 1 billion) is lost within the UAE’s online real estate market due to duplicate listings.
Daniel and our team at Masterkey calculated this figure using data from the Land Department and guesstimates from several brokers and agencies. Keep in mind that the number also takes into consideration the amount of time, office overheads, and extra marketing expenses that firms waste as a result of duplicate listings.
“It is a major headache in our industry, and evidence suggests that the AED 1 billion our team has calculated is likely a conservative figure,” he said.
To combat these issues, we've created a centralized location within Masterkey where agents have access to the MLS and to over 75 different property portals, both within the UAE and internationally. This portal zone is a place where users can create one listing, publish it to multiple portals (both free and paid) as well as manage their individual accounts with each respective portal. Masterkey users can also monitor and maintain theirs and their colleague's listings as well as search the entire public database (owners details are kept private).
We've recently made this dream a reality when we launched the region's first Multi Listing System (MLS) in 2014 and it is now fully integrated for Masterkey users to use to full advantage. The platform allows agents and admins to easily distribute and share listings, increase visibility of advertisements and helps manage agents’ expansive portfolio of properties and contacts.
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