Key Factors that can Hurt Developer’s Reputation

The real estate developers in Dubai face fierce competition. The sector has the presence of some of the most prominent and mammoth developers like Emaar Properties, Damac properties, Nakheel Properties, Dubai Properties Group,  Select Group, BinGhatti, and Sobha Realty to name a few. UAE’s favorable and business-friendly policies, rising investments in infrastructure, and low-tax environment is attracting the world to invest, live, and work in the city. There has been an exponential growth in transaction value and investment in UAE’s real estate sector in 2020, resulting in an increase in new development projects. This is also encouraging several international developers to develop new properties in Dubai which is further making the market more competitive.

As the business environment becomes more competitive, the developers must lay special emphasis on building their favorable brand image and must avoid making these 5 costly mistakes which can have a detrimental impact on their reputation –

1. Oversupply

It is of paramount importance for the developers to perform a critical and well-thought analysis of the current property demand as the oversupply results in downward pressure on the sales prices & rental returns. Furthermore, if the demand is low, oversupply leads to a large number of unsold units, which not only hurts the developer’s revenue but also dents its reputation. The supply for the property outpaced the demand in Dubai between 2014 and 2019. This widening gap between demand & supply has resulted in a large number of unsold units and developers cutting back on the new projects. The problem of oversupply has resulted in a 40-50% decline in property prices with a 5-10% decline in rents since 2014.

2. Lack of Financial Planning

Another pressing challenge faced by the property developers which can significantly impact their reputation is lack of financial management.  It is no secret that developers of all sizes face budget & cost constraints. Non-availability of funds can put a hold on the work at the construction site and leads to a delay in the possession of the property to the homeowners. In many cases, it has been witnessed that developers have failed to release funds to the contractor as their clients defaulted on monthly installments. This can seriously hurt the reputation of the developer. Effective management of finances determines the triumph of the developer. They must come up with a plan to ensure all their related parties pay on time. 

In the last few years, financial institutions in Dubai have revised their flexible lending policies related to loans, mortgages, etc., making it much more difficult for the developers to secure funding. Focusing on effective and efficient financial planning will enhance developers’ abilities to secure hassle-free business loans from financial institutions.

3. Operational Challenges 

Engineering problems or other technical issues can dramatically impact the performance as well as the brand image of the developer. Some of the most common technical issues faced by the developers during the construction process are related to civil, mechanical, and electrical works, etc. If these technical issues persist, they can adversely impact the overall quality of the building.

The most common root cause of quality constraints is the usage of poor quality raw materials and low-cost alternatives by the contractor due to insufficient budget. This often results in frequent breakdowns, leakages, and faults at construction sites.

4. Project Delays

It is pivotal for the developers to ensure better time management and achieve every task on time. There can be delays in procuring materials and equipment, allocating manpower, drafting change order requests, and resolving numerous issues pertaining to contractors, sub-contractors, and consultants within the internal management of the developer, shortage of materials on-site; unrealistic project scheduling; late delivery of material; lack of skilled labour; the complexity of the project; labour absenteeism; delay in payments, poor site management; and delay by a subcontractor are some of the top reasons for the delay in the project completion.

Better planning for these issues will allow developers to complete the construction work before the due date.  

5. Considering Hiring an Owners’ Association Firm as a Cost

It is a common adage amongst several small developers that they will save a substantial amount of money if they manage all the tasks themselves. However, that’s not true. Hiring the right owners’ association firm will allow the developers to save costs.

It is indeed very important for developers of all sizes to work on their public perception and the way people perceive them and their properties. Timely and professional resolution of tiny issues can have a positive effect on their reputation and vice-versa. It’s always a wise choice to invest money in the effective maintenance of the property at the right time rather than losing big on rental opportunities in the future.

A professional asset management firm can play a crucial role in building a positive brand image for the developer. This will attract more tenants and will have a favourable impact on the occupancy rate of the property as well as on the revenues of the developer from the rental income. A positive brand image will also empower the developers in accomplishing their mission & vision and long-term goals. 

Kaizen AMSa top 5 property management company in Dubai with over 15+ years of experience in serving some of the biggest real estate developers in Dubai can play a pivotal role in boosting the reputation of the developer by ensuring utmost tenant or resident satisfaction, finding out tenants to occupy the vacant units, ensuring rents are collected on time, and property value of the asset is preserved. 

Kaizen AMS also emphasizes maximizing the supplemental income of the property by generating additional sources of income from the building. We do that by leasing the parking space, terrace space,  Vending Machines, Marketplace, and storage room on an annual basis which resulted in more than 2% of the additional annual revenue for the building. 

Here is the case study titledCurtailing Costs & Boosting Occupancy for Commercial Buildings which talks about how Kaizen AMS has boosted the occupancy rate for a Grade A office building in Dubai Internet City by maximizing the supplemental income and focusing on keeping the rents & service charges minimal for the tenants. We have also invested in several energy-saving technologies to ensure lower energy bills for the tenants living in our managed communities. 

Undoubtedly, all the efforts laid by Kaizen AMS’ have resulted in a substantial increase in tenant satisfaction, a surge in the occupancy rate of the property by happy tenants, an increase in income from the property, and above all enhanced reputation for the developers of our managed communities. 

Why Should Investors Buy Land in Metaverse?

‘Metaverse’ has become one of the biggest buzzwords of the 21st century. The rising popularity of blockchain applications has been one of the major reasons behind the conquest of Metaverse.  The term has become so popular that Facebook’s CEO –  Mark Zuckerberg changed Facebook to Meta–which is an attempt to usher in the metaverse, a new world of built-in virtual reality. Many wonder about the origin of the ‘Metaverse’. The terms first came into the limelight in Snow Crash – a book by famous author Neal Stephenson in 1992. The book was a science fiction which turned out to be a cornerstone in the development of digital platforms.

There has been an exponential surge in the number of blue-chip & Fortune 500 companies buying property in Metaverse as it empowers them in reaching out to new customers. 

Some of the examples of top-notch companies that have bought virtual land at metaverse are as follows –

What is the Metaverse?

For those who are hearing this term for the first time, the metaverse is a digital space where users can communicate and move virtually in their three-dimensional avatars or digital representations. It is expected to be the future of business and human interaction. 

Metaverse is composed of virtual worlds which consist of real estate segments called parcels. The platform allows users to purchase and sell parcels using the Metaverse platform’s currency. Metaverse is based on the principles of augmented reality and merges physical and virtual existences in a shared online space.  The rising popularity of Metaverse has encouraged global corporations from Microsoft to GUCCI to invest in these platforms to elevate the user experience and foster sales.

How do Real Estate Investors Buy Land in the Metaverse?

The most effective way to buy land on the metaverse is through cryptocurrencies. Some of the popular cryptocurrencies used by the investors include – Ethereum, the Sandbox (SAND), and MANA (connected to the community-based Decentraland platform). SAND & MANA have always been the preferred choice of the investors when it comes to owning online land and property due to its established infrastructure. Investors can purchase land directly on these platforms. The sales & ownership of metaverse land are maintained via. transfer of non-fungible tokens (NFTs) in a wallet capable of storing these. Some of the most preferred wallets today include – Binance and Metamask. Investors can either buy them directly from the platform or they can choose to purchase them from third-party resellers’ markets.  Opensea.io and nonfungible.com are some of the most popular third-party reseller platforms who act as decentralized estate agents for the digital domain. These platforms allow sellers to list their property & prices and facilitate buyers in negotiating. 

According to an article by CNBC, the last few years have witnessed an exponential rise in investors buying land in Metaverse. Metaverse has completely revolutionized the way real estate used to operate. Not only real estate investors, but lenders and mortgage providers are lining up to make the most of this opportunity and buy digital real estate.

Top Reasons to Buy Land in Metaverse

Here are the top 7 reasons for the real estate investors to invest in virtual property in the metaverse

1. Allows a Large Number of Buyers to Invest

Unlike the actual real estate world, Metaverse allows everyone to invest in Metaverse land. The land parcels are available on various platforms at different prices based on their size, shape, and location. Metaverse allows buyers to set up a cryptocurrency wallet based on their preferences and start investing in global real estate. Metaverse also makes it possible for small investors to buy land by allowing them to purchase micro land parcels based on their affordability.

2. Higher Returns 

 Buying virtual land on metaverse might cost exactly like real land however returns on investments are multifold higher than in the real world. There are instances where investors have enjoyed returns up to 1000% in a very short period of time.

3. Countering Real estate Malpractices 

Metaverse is powered by blockchain technology which makes it impossible for any third party to occupy the land illegally or perform any type of land scam.  Every transaction at metaverse is recorded in a blockchain ledger which makes the entire process of buying land and registry more transparent. This overcomes any possibility of common real estate frauds such as – delays in possession, forced cancellation of land, selling land without authorization, and making fake promises to name a few.

4. Stable Source of Investment

Stability is the most important factor which makes Metaverse an ‘apple of an eye’ of global real estate investors. Buying land in Metaverse allows the investors to use it for multiple purposes such as: constructing a house or an office space. Investors can also buy land in the metaverse for investment purposes as well. However, like any other investment, investing in the metaverse is also subjected to risks. There is no assurance that the value of the land will only go up. However, the data suggests that prices of a parcel of land in the metaverse have increased at an exponential pace. When Decentraland held its first LAND auction at the Terraform Event in December 2017, a parcel of land cost merely US $20. Those parcels sold for an average of over US $6,000 in 2021. By the start of 2022, the prices have skyrocketed to approximately US $15,000 per LAND token. The average prices have increased by a factor of 10 over the past year. There has been a huge proliferation in the interest of the investors in buying digital land as they consider it a stable source of investment which won’t lose its value drastically anytime soon like any other investment despite current economic downturns such as – the Covid-19 or the Russia-Ukraine war. Investors are also banking on buying-to-let options as well to take advantage of the thriving rental market.

5. Size & Location of Land Holds the Upper Edge over Utility

In the ideal scenario, the investors prioritize the utility factor of the land over its size or location. However, in the case of digital real estate, it’s another way round. The real utility is the least priority of the investors as they will never inhabit the land or visit it in person. The primary objectives of buying land in Metaverse are either to develop it or to lease it out to a third-party entity. Thus, size & location become key factors compared to utility. In the last few years, there has been a surge in the number of real estate developers and tech developers looking to build master communities which are equipped with ultra-modern facilities such as – clubs, schools, and high-end restaurants whilst living in the metaverse. Taking it to a new level, a list of real estate developers in the US have unveiled a one-to-one metaverse replica on an augmented reality platform to complement the physical town

Technology companies and real estate developers are joining hands to build virtual cities. Recently, an Indian firm – Lepasa created virtual cities in Metaverse and plans to create 15-20 different cities over 416 sq km, with each city having a different theme.

6. Easy to Secure Loans

Another reason to embrace buying land in the metaverse is it is easy to secure loans. Loans are given easily through a multi-blockchain network which facilitates faster liquidity deployment at a far lower cost. Decentralized finance (DeFi) is the only entity which facilitates money lending or borrowing of a cryptocurrency against collateral. In the metaverse, the collateral is a Non-fungible token (NFT). DeFi allows anyone to borrow crypto assets without requiring KYC documents or performing a credit check. It is highly secured and is automated through smart contracts.

7. Convenient to Host Community Events and Commercial Activities

Buying a digital land at metaverse also opens an opportunity to host real-world events such as: community events, workshops, exhibitions, trade shows, and social gatherings. Attendees can attend these events from the comfort of their homes. Several companies have used metaverse to host events. DAMAC Properties is also in the process to build a novel Metaverse project, featuring numerous brand collaborators such as Paramount Hotels and Resorts, Fendi Casa, Cavalli, Radisson, Versace Home, The Trump Organization, and Rotana. Dubai has also hosted the world’s first-ever economic summit on Metaverse in March 2022.

Summary

Here is a short recap of the top 7 reasons for real estate investors to invest in Metaverse

  • Allows a Large Number of Buyers to Invest
  • Higher Returns 
  • Countering Real estate Malpractices 
  • Stable Source of Investment
  • Size & Location of Land Holds the Upper Edge over Utility
  • Easy to Secure Loans
  • Convenient to Host Community Events and Commercial Activities

A Quick Analysis of the Real estate sector’s performance in Q1, 2022

Dubai’s real estate sector is alluring the attention of global investors and surpassing its previous milestone every year. This is very evident from the substantial rise in property prices and primarily rental value. Expo 2020, Masterplan 2040, and the successful handling of Covid-19 have resulted in an influx of expats investing in Dubai’s real estate or starting a business in the city which led to an increase in the rental value of both residential and commercial property. 

Successful handling of Covid-19 has attracted the world to Dubai which is very evident from the latest report by the Dubai Statistics Centre which confirms that Dubai’s population crossed the 3.5 million mark as of April 2022.

Substantial Increase in Rents for Apartments & Villas 

According to a report by CBRE titledDubai Residential Market Snapshot April 2022’, the average rent for the property in Dubai has increased by 13.1% in the last 12 months. The average rent for apartments as of April 2022 surged 11.7% compared to the previous year. Villas surpassed apartments in terms of rent increase and witnessed a rise of 22.5% compared to 2021. The average annual rent for an apartment is AED 80,000 and the rents for Villas stood at AED 238,441.

In Downtown Dubai and Palm Jumeirah, in the year to March 2022, the average rent for an apartment increased by 29.4% and 39.6% respectively. Over this period, average villa rents in Emirates Hills, Jumeirah Islands, and Palm Jumeirah increased by 9.3%, 31.3%, and 36.7% respectively. In the year to date to March 2022, new supply delivered in Dubai totaled 7,812 units, with an additional 56,871 units scheduled to be delivered in the remaining three quarters of the year

According to the CBRE Report, Palm Jumeirah and Al Barari were at the pinnacle in terms of an increase in the rents. The average asking rent at Palm Jumeirah was AED 197,482 and AED 801,940 at Al Barari.

Which Areas Witnessed Increase in Rents? 

Apartments

According to the CBRE Q1, 2022 report, the areas where the rents for the apartments increased at the fastest pace in the first quarter of 2022 include Business Bay (4.9%), International City (4.2%), Dubai Marina (4.1%), Damac Hills (4.1%), Palm Jumeirah (3.9%), The Old Town (4%), Jumeirah Beach Residence (3.5%), Downtown Dubai (3.3%), Sports City (3.2%), and Jumeirah (3.1%). 

The areas where the rents for the apartments witnessed a steep decline include Liwan (-0.9%), Bur Dubai (-0.6%), and Arjan (-0.4%).

Villas

In terms of Villas, the areas where rents increased the most in Q1, 2022 include Jumeirah (4.8%), Sustainable City (4.8%), Emirates Hills (4.7%), Arabian Ranches (4.5%), and Damac Hills (4.5%). 

The areas where rents for the villas witnessed a decline include – Deira (-1.9%), Jumeirah Park (-1.6%), Reem (-1.2%), and Al Furjan (-0.4%).

Upswing in the Property Prices

The CBRE Q1, 2022 report reveals that the average prices for the property increased by 11.3% in the year to March 2022. Over this period, the average prices for the apartment increased by 10% and 20.2% for villas. As of March 2022, the average prices for an apartment were AED 1,118 per square foot and the average price for a villa was AED 1,267 per square foot. 2014 was one of the best years for the real estate sector. Compared to 2014, these rates per square foot are 26.2% and 12.3% below the peak, for both apartments and villas respectively.

In the apartment segment, Downtown Dubai witnessed the highest average sales rate per square foot of AED 2,021 while Palm Jumeirah was at the top in terms of villas segment where the highest average sales rate per square foot stood at AED 2,910.

Transaction volumes in Q1 2022

Dubai’s residential market is breaking records everywhere and transaction volumes are not an exception.  According to the CBRE Q1, 2022 report, the total volume of transactions reached 19,009 in the first quarter of 2022 which was the highest figure ever recorded in the first quarter of the year.

Only in the month of March 2022, Dubai’s residential market witnessed a total volume of transactions reaching 7,865 which was an 83.4% increase from the previous year. Over this period, off-plan sales increased by 94.6 % and sales in the secondary market increased by 76.1 %.

Forecast

The rents in mid-market and affordable segments are expected to rise in the coming quarters while rents in luxury or premium real estate will consolidate and they have reached their highest mark since 2020. Expo 2020 has played a decisive role in fostering the demand for luxury real estate however as the grand event is over now most of the Expo-related demand has ended. 

Dubai witnessed a colossal increase in the number of expats moving to the city due to strict Covid-19 related restrictions in their home countries. However, as the pandemic situation is normalizing, Dubai is likely to witness a large number of affluent expat buyers moving out of the city to their home nations which can adversely impact the demand for luxury real estate. However, overall Dubai real estate will benefit from an increase in the number of new expats taking jobs in Dubai which will boost the demand for affordable residential property. The current and upcoming free zones in Dubai will attract several new entrepreneurs to start new businesses in the city. Dubai issued 72,152 new business licenses in 2021 and in Q1, 2022; the new business licenses already reached 24,662 which is an increase of 58% y-o-y. The upcoming new businesses have created more demand for office space which will boost the demand for commercial real estate. At Business Bay, average rents have increased from AED 76 per square foot to AED 101 in these last 12 months. The rents for Grade-A offices in Dubai have increased 30-40%. The establishment of new businesses will create more demand for accommodation and will further boost the demand for apartments and villas in the coming months. This is indeed ‘a glad tidings’ for Dubai’s residential real estate.

 7Ps of Fadi Nwilati’s Leadership

Author: Aditya Rawat

Once said by Mahatma Gandhi – ‘Be the change you want to see in the world’.  The first thought which comes to my mind whenever I think of this quote is of Mr. Fadi Nwilati – CEO of Kaizen Asset Management Services.  Fadi truly exemplifies the Japanese term – ‘KAIZEN’ which means “continuous improvement.” His approach to continuously improving things has encouraged him to come up with the idea of laying the foundation of Kaizen Asset Management Services in the year 2006 to overcome the pressing challenges faced by the real estate sector in managing their properties at minimal cost by leveraging innovative technologies to maintain utmost residents’ delight. It is a matter of pride for me to say that Fadi’s brainchild – Kaizen AMS, is among the top 5 property management firms in Dubai today.

Fadi Nwilati has been instrumental in driving a vast list of transformational changes not only within Kaizen AMS but across the industry. This is one of the several reasons he has been recognized as one of the “Most Trusted Real Estate Professionals of Dubai” by Property Times. Fadi’s unparalleled leadership followed by the utmost dedication of ‘Kaizeners’ has earned Kaizen AMS almost every prestigious industry award.

This exhaustive list includes – 

Let’s find out the 7Ps of Fadi’s leadership which makes him a truly world-class leader and a well-known figure in the Dubai Property Management industry today –

1. Passion

People who know Fadi will agree with me that the statement he emphasizes the most is ‘Hiring passionate people and growing them’. It is just not a statement but his core ideology. Fadi always strives to drive performance by empowering employees and acting as a mentor. I firmly believe that no monetary incentive can be a substitute for passion. It only comes from within and the people around you. ‘People with great passion can make the impossible happen’. He encourages everyone to put their heart into their job role and give the best effort to drive results. In my opinion, the biggest secret behind the triumph of Kaizen AMS as the most successful property management firm today is Fadi’s approach to encouraging employees to be passionate and nurturing a culture of strategic thinking, innovation, and creativity. 

In this context – I remember a quote by famous American author, Business Coach, and CEO of SnuggwuggLisa Cash Hanson: Leadership is the ability to guide others without force into a direction or decision that leaves them feeling empowered and accomplished.”  

2. Purpose

As rightly said by Vince Lombardi, Success demands singleness of purpose’. One of the many reasons behind the ascendancy of Fadi is he does everything with a purpose attached to it. His core purpose is to serve, develop, and inspire people and perform his responsibilities to the best of his ability every day. 

Fadi always strives to consistently achieve greater results, to be able to stand strong for those who need him, to inspire young adults that they can achieve what they want by continuously advancing themselves and improving, all the while without forgetting to have fun, disconnect, and enjoy life. By continuously improving his life and the life of everyone who surrounds him, Fadi collectively elevates everyone to greater levels. His mission is to make the property management industry enjoyable and contribute to human sustainability. By fulfilling his purpose of life every day, Fadi takes Kaizen one step closer to its mission ‘To Create Memorable Experiences and Communities’.

3. Patience

We live in a world where the corporate head honchos expect faster results under rigid timelines which requires working under immense pressure. However, in this journey, corporate bosses forget that working under pressure not only limits the creativity of the employees but also puts their physical & mental health in jeopardy. I have been a part of a similar work environment which had always limited my creativity. Fortunately, that’s not the case with Kaizen AMS.  

‘Good things come to those who wait’. I can say this with utmost confidence that I am a very big admirer of Fadi Nwilati’s patience. He truly understands ‘Rome can’t be built in a day and gives sufficient time to every initiative to reap the results. Employees working with Kaizen AMS for a long say, Fadi has not always been like that. After receiving continuous feedback from the team members, he learned to grow and accept the virtue of performance. I feel the Greek Poet Solon has rightly said – ‘He who has learned how to obey will know how to command’. Fadi obeyed the feedback of his fellow Kaizeners which has made him more patient than he was before. His patience has led to several projects which started at a slow pace initially, gained significant momentum in a few months, and became a major success for the company in the later stages. The lesson I learned from Fadi is patience is indeed a cornerstone for being a successful entrepreneur.  

4. Priority

The first step to success is prioritising the priorities of your stakeholders.  I feel this is one of the many qualities of Fadi that he always ensure he lives up to the expectations of Kaizen’s stakeholders in terms of both quality and the timeline. He always continues to improve his efficiency and encourages Kaizeners to dedicate more time to understanding and analyzing the expectations of the stakeholders to stay one step ahead in the competition. Fadi leverages his decades of experience working on unconventional technologies and his passion for innovation to meet the dynamic expectations of the clients. His approach of leveraging the technology to make the company’s operations swift has empowered Kaizen in becoming ‘Your Technology-Enabled Property Management Company’.

5. Principles

Fadi’s persona is highly driven by the great value system he inherits. He encourages everyone to maintain strict compliance with the rules & regulations not only within Kaizen AMS premises and the communities we manage but in personal life as well. Fadi’s high ethics, treating every person with the utmost respect, and the attitude of keeping the promises and living up to the expectation of Kaizen AMS’ stakeholders and earning the trust vote of most notable real-estate clients in the UAE such as – Emirates REIT, Dubai South, Meydan, Meraas, Select Group, and Al Futtaim, to name a few. Once said by Raymond Thomas Dalio – “You don’t achieve happiness by getting rid of your problems – you achieve it by learning from them.” 

6. Personal Touch

One of the biggest hindrances to the success of any organization is when its leader fails to establish personal touch with his employees and customers. This discourages several employees from sharing any incredible ideas they have or speaking out their minds for the betterment of the organization. According to an article by Harvard Business Review titled – Can Your Employees Really Speak Freely? several employees fear conveying their distinctive ideas to the management because they fear the consequences of speaking their minds. Such a type of culture not only makes the employee feel demotivated but also results in the organization missing out on unique business opportunities. 

Like every great leader, Fadi understands it. Thus, he has fostered a culture of open-door policy by maintaining a close relationship with every employee which makes them comfortable to communicate any ideas or concerns they have in mind with him. Mr. Fadi Nwilati organizes brainstorming sessions on a bi-weekly basis to listen to the ideas of team members as well as his expert opinion on how to go about it.  This makes employees feel more inclusive and privileged that their opinion really matters and also establishes the personal touch which makes it easier for them to convey any distinctive idea they have in mind which could impact Kaizen AMS’ customers & employees.

Fadi’s philosophy of building personal touch not only with employees but with everyone he meets has encouraged him and Kaizen AMS to come up with the most innovative communication tool – the Whatsapp Chat platform to provide a personal touch to the residents of our managed communities by bringing personalization to our conversation instead of apps. Kaizen AMS’ WhatsApp platform provides 24×7 personalized support to over 30,000 residents in our 100+ managed communities. Once said by Elizabeth Mccormick – “take the time for the personal touch else how will you stand out from the crowd”.  Fadi understands the meaning of this quote and truly exemplifies it.

7. Persistence

Persistence is the seventh ‘P’ of Fadi’s incredible leadership. His ‘Never Give Up’ attitude and making efforts to thrive under critical situations is what make him a true leader in my eyes. Something I have learned in my professional career spanning over 13+ years is the quality that distinguishes great leaders is that ‘FAIL’ is not a word in their dictionary but it is an abbreviation which stands for ‘First Attempt in Learning’. Great leaders possess dogged perseverance, even in the face of overwhelming odds. Fadi is among those leaders. His persistence always motivates me and every Kaizener to strive until they achieve the best results in their job roles. Fadi never loses the sense of purpose or direction and creates a reliable compass setting for those around him. His personality sets strong examples for the employees to do something different from the previous day and drives them To Create Memorable Experiences and Communities’ (a vision statement of Kaizen AMS). 

Fadi’s persistence and continuous support drove me to come up with a list of unconventional initiatives which had a significant positive impact on the company’s stakeholders, business, and its most valuable asset – employees. And the ‘Employee Talks’ initiative (this blog is part of) is one of them. 

How is Dubai Planning to Use the Expo Site?

As the biggest grand event is coming to an end there is curiosity in the mind of everyone about the future of the Expo 2020 site and how Dubai will use it post March 31, 2022. Being a frontrunner in business, the Dubai government has well-thought plans to use every component of the Expo site for the greater good of Dubai and the UAE. 

The UAE government is in the process of converting the Expo site into a city for the next generation of entrepreneurs.  It is working on developing a strategic innovation policy to offer a wide gamut of Free Zone incentives and attract the best talent from across the globe to start a business. Commenting on the future of Expo site, Tala Al Ansari, Director, and Head – Innovation ecosystem & Scale2Dubai, Expo 2020 said – it offers entrepreneurs and start-ups a platform for ease of set up and scale. Its pro-business regulatory environment and global logistics power mean entrepreneurs can go from licensing to launch, at pace with a strong network of incubators and accelerators ready to support.”

Let’s find out how Dubai is planning to use each component of the Expo site post-March 31, 2022:

1. ‘Temporary Pavilions’ to be transformed into Word-class Infrastructure

There are two types of pavilions at Expo 2020 – Temporary pavilions and Legacy pavilions. A large number of countries like the US, Russia, and China have temporary pavilions at Expo 2020. Temporary pavilions are the pavilions created by those nations who have leased them on an ad-hoc basis. Post-completion of Expo on March 31, 2022, the government will tear them down and use the space to develop – District 2020 – an area studded with world-class & unconventional offices, commercial complexes, and residential properties. 

2. The Legacy of the ‘Legacy Pavilions’ Will Last for Long

The lifetime of the Legacy pavilions will be extended post-completion of the Expo. According to Anoosha Al Marzouqi, Director at the Opportunity Pavilion – “Nearly 80% of what the Expo has built will remain in legacy,”. The ownership of Legacy pavilions will either be in the hands of the nations who have established them or with the Expo 2020 organizers. Legacy pavilions will always have a place on the Expo site even as a new satellite township begins taking shape. Some of the popular Legacy pavilions at Expo 2020 include – The Mobility, Sustainability, and Opportunity pavilion. Countries which have legacy pavilions include – the UAE, Saudi Arabia, and India.

3. Legacy Structures

Legacy structures are buildings different from pavilions and were constructed to fulfill the utility and commercial requirements of the Expo. The government has plans to make them serve as a way for the new offices and homes. Some of the popular legacy structures which will stay permanently include – Saudi Arabia’s pavilion and Al Wasl Dome. To meet the entertainment requirements, AR Rahman’s brand-new musical project in Dubai, the Firdaus Studio will continue to remain the legacy structure. Expo’s Rove Hotel will cater to the hospitality needs of the area post-completion of Expo 2020.  One of the biggest tourist attractions of the Expo 2020 – ‘Gardens in the Sky’ will also continue to remain as a legacy structure.

4. Construction of ‘District 2020’ to Boost Employment

District 2020 is referred to as ‘the future of Expo 2020 site’. This ‘one-of-its-kind’ area will be developed to support the future of working and living and facilitate connection and collaboration. District 2020’s master plan reveals the plans to build a vibrant urban environment with 100s of residential areas, co-working hubs, and green spaces to accommodate over 145,000 people at full capacity.

District 2020 will be the home to Fortune 500s, SMEs, start-ups, entrepreneurs, and innovators. It will play a decisive role in supporting businesses of all kinds. Around 80 % of the Expo-built structures at the 4.38 sq km site will be repurposed to transform it into a 15-minute futuristic, human-centric city where people can work, live and explore. While District 2020 is the name of the Expo site, it will be transformed into a residential and commercial community called the 15-minute city’.

According to Tala Al Ansari we have received over 3200 applications for startups from 129 countries around the world. 628 (companies) have been shortlisted, and the first cohort of 85 scaleups from 27 countries around the world will join us at District 2020,”  She further said – ‘These 85 startups will receive a soft landing at District 2020 and will become part of our innovation ecosystem,” 

District 2020 will be a boon in supporting Dubai’s current and future growth ambitions and has been identified as the fifth urban center in the Dubai 2040 Urban Masterplan. As of now, District 2020 has already attracted some of the world’s leading industrial, tech and logistics giants, including Siemens, Siemens Energy, Terminus Technologies, and DP World.

5. ‘Scale2Dubai’ Initiative to Accelerate the Growth of District 2020

Scale2Dubai initiative is launched to provide an incredible opportunity to start-ups & small businesses from across the globe to expand within the District 2020’s ecosystem. It is a beguiling opportunity for the companies to scale their business in Dubai by capitalizing on the partnerships formed during the six-month Expo 2020 Dubai. 

Scale2Dubai is launched to carry forward the Expo 2020 vision of gathering global minds and promoting diversity, innovation, and knowledge-sharing within District 2020. This programme is focused on attracting startups or businesses in the early stages of growth from key industries such as: Travel & tourism, transport & logistics, education, and construction.

Focus on Technological Development

Scale2Dubai programme will lay special emphasis on the technological development of Dubai and target businesses focused on disruptive technologies like – the Internet of Things (IoT), Big data, 3D printing, Artificial Intelligence (AI), Robotics, Blockchain, and any other advanced technologies to ensure Dubai thrive in the area of technology & innovation. Scale2Dubai initiative will focus on key sectors like – Smart Cities, Smart logistics, Smart mobility, and Industry 4.0.

‘Scale2Dubai’: Key highlights

  1. Two years Free Workspace
  2. Two years visa
  3. Business Set-up
  4. Community Lifestyle
  5. Two years of subsidized urban living
  6. Access to special rates for service providers
  7. Equity free programme
  8. Opportunity to attend Social & Networking events
  9. Opportunity for small businesses to connect with big corporations operating in District 2020 who can assist them in their growth and lead their business

The Role of PropTech in KAIZEN AMS’ Success Story

Property Technology or “PropTech” is a buzzword in the global residential or commercial real estate world. It has been instrumental in revolutionizing its operations and empowering the real estate sector to conduct its operations smoothly during the Covid-19. In simple terms, PropTech refers to the implementation of information and disruptive technologies in simplifying the management & performance of real estate projects. 

Property Technology is playing a vital role in every function of the real estate sector. It is making its presence felt everywhere – right from processing the financial transactions through blockchain to managing lead pipelines on CRM software. 

PropTech is facilitating the real estate developers in – 

  • Using more energy-saving and environment-friendly materials during the construction process to optimize the operational cost of the building
  • Simplifying their bulky organizational work
  • Bringing more transparency to the financial transactions
  • Better marketing & promotion of the properties

Until the benefits of PropTech were explored, the real estate sector was practicing the traditional methods of interacting with sellers, buyers, and lending institutions. However, with the advent of emerging real estate technologies, the sector is changing the way it is used to conduct business.  Investors are keen to invest in those technological platforms which allow them to manage multiple activities from the comfort of their homes. Certainly, this is the biggest reason for the dawn of Property Technology or PropTech. 

PropTech – An Integral Part of KAIZEN AMS’ Operations  

Being a tech-enabled property management firm in the UAE, Kaizen AMS  invests significantly in exploring and implementing unconventional technologies into its operations to stay ahead of the competition. Since its inception in 2006, Kaizen AMS has innovated a vast range of distinctive Proptech applications using Virtual Reality (VR) and Augmented Reality (AR). These applications have gained even more prominence since 2020 due to Covid-19 and have empowered Kaizen AMS in exercising social distancing norms in its managed communities as per the government directive.

The implementation of Property Technology has worked wonders for Kaizen AMS in streamlining its vast operations and has touched every aspect of our business.  Right from lead generation to funnel optimization, property inspection, brand awareness, tenant satisfaction to advertising & promotion of the property, communication, and sales assistance – PropTech has always been an integral part of Kaizen AMS’ success story.

PropTech has empowered ‘Kaizeners’ – (a term used for our most valuable asset – Our Employees)  in launching a list of unwonted mobile applications to serve the residents living at Kaizen-managed properties in their day-to-day activities and in Creating Memorable Experiences & Communities – which is our vision.

Role of Technology in Making Kaizen AMS a Top Choice for the Developers

Kaizen AMS’ innovative tech. applications play a key role in the management of our communities in the most efficient manner. Effective management has a pivotal impact in reducing the cost of operations and improving the resident’s experience which results in better occupancy rate, revenues, and reputation for the real estate developers. 

To know more about how Kaizen AMS reduces cost and boost occupancy at its managed communities, go through our case studyCurtailing Costs & Boosting Occupancy for Commercial Buildings’.

Here are the highlights of how Kaizen AMS delivers first-rate property management services using its unconventional PropTech applications –

1. Snag Report

Snag Report is a comprehensive site monitoring tool to identify the snags in a unit. Once the snag is identified, they are assigned digitally to the various contractors through a phone application. Snag report provides live updates to all the relevant parties on the progress of snags and ensures that Kaizen AMS teams hand over a flawless property to the homeowner or tenant. The delivery of snag-free property makes the property attractive among potential homeowners or tenants. This not only improves the homeowners’ experience but is also a big boost to the reputation and brand image of the developer. 

2. Building Management Softwares’ (BMS)

Kaizen AMS deploys advanced Building Management Softwares’ (BMS) to reduce the operational cost of the building. Reduced operational cost maximizes the net profits margins of the developers and minimizes the need for a substantial increase in rents and service charges. Minimal increases in rent & service charges also have a profound impact on resident satisfaction and boost the occupancy rate of the community – a win-win situation for residents, developers, and Kaizen AMS.

Kaizen AMS’ Building Management Softwares facilitates our property managers in keeping a birds-eye control on the total energy consumption of the building in a specific time period and in comparing it with the same month’s usage of the previous year to identify the difference and take corrective actions on time. Our idiosyncratic building management software is crucial in reducing the overall operational and maintenance cost of the building and in designing an effective and predictable maintenance plan. Furthermore, Building automation systems allow our property managers to remotely control the air quality, cooling, heating, and ventilation of the building through timely notifications and alerts which further reduces the operational cost of the building.

Kaizen’s technology team plays a pivotal role in this journey by: –

  • Improving property performance through operational and financial insights
  • Minimizing the cost per unit by automating most of the repeated operational tasks
  • Reducing the efforts of the developers and residents through automation of requests and by offering curated services. 
  • Analyzing the property data based on algorithms designed on the principle of minimizing operating costs and maximizing the revenue of properties.

3. Comprehensive Dashboards to Provide 360-degree Visibility

Kaizen AMS deploys revolutionary dashboards to provide 360-degree visibility to the developers as well as to our Property Managers on the status of our managed communities. This assists them in making informed decisions pertaining to the operational cost, building’s performance, resident retention, site monitoring, and effective budgeting & financial management.

The Implementation of Technology at Kaizen AMS Office

Being a Technology-Enabled Property Management Company, Kaizen AMS makes the best use of technology in every operation to stay ahead of the competition. Each team at Kaizen uses highly-advanced and ingenious technological applications to serve our stakeholders in the most efficient, effective, and professional manner.

Let’s take a look at how each team at Kaizen AMS leverages advanced technological tools developed inhouse to stay a forerunner in the industry –

Marketing Team

Technology is widely used by Kaizen’s marketing team in publishing the listings for leasing of managed units online, simplifying the communication process, offering 3D virtual tours, and conducting online inspections. With the implementation of technology, every team & department at Kaizen AMS stay connected with each other as well as with their current or prospective client. Technology has also facilitated Kaizen AMS’ Marketing team in arranging quick property tours for the potential tenants through virtual and augmented reality.

Client Experience Team

Technology has allowed Kaizen’s client-experience team to resolve queries received from tenants, developers, investors, etc. at a much faster pace through Chatbots. It has also improved the communication among the developers, tenants, and property managers at Kaizen-managed properties.

Business Development Team

Advanced cloud-based software and applications empower our Business Development team in keeping the track of the status of projects and in onboarding new clients and sending them relevant content to keep them updated on the key industry updates. Technology also facilitates Kaizen AMS’ top leadership in better strategic planning, revenue forecast, and financial management.

Client Relationship Team

Technology has enabled our Client Relationship Team in offering unparalleled and outstanding services to the stakeholders through instant gratification. The role of technology has been instrumental in keeping Kaizen AMS in touch with both existing & potential clients and keeping the track of emails.

Property Management Team

Technology assists our Property Managers in swiftly communicating useful & desired information with the landlords, tenants, owners, and all our stakeholders. It also assists the Property Management team in providing faster responses to the resident’s queries & requests.

In the last few years, Kaizen AMS has come up with some of the most advanced applications. This includes the WhatsApp Chat feature, Online forms, Chatbots, to name a few to assist our Property managers in managing a wide range of functions while maintaining utmost resident satisfaction through personalization and human touch.

To know more about how Kaizen AMS leverages PropTech to provide a truly world-class experience to the residents at its managed properties, read our case study – “5 Ways to Achieve Resident Satisfaction with Personalization through Technology”.

Conclusion

Property Technology or PropTech is taking the real estate sector to an all-new level and making it more technologically advanced and equipped to serve its stakeholders. PropTech has become a necessity for the sector in the Covid-19 era in conducting its operations while maintaining social distancing for the safety of its employees. 

PropTech has touched every aspect of the real estate sector and has made its operations faster, transparent, systematic, and above all environment-friendly. PropTech has allowed the real estate and property management sector to conduct digital inspections of the properties. It has facilitated builders in project development, support sales agents in researching & analyzing the prospective leads, and property managers in better management and control of assets. PropTech is beneficial for the residents in paying their rent and in registering their visitor details.  It also assists real estate consultancy firms in preparing industry reports on future market trends and real-estate leaders or top management in making informed decisions. Proptech application allows real estate agents and executives in storing their documents on external servers & accesses the data from anywhere, leading to more transparent operations and cost savings.

Technology – in all forms has always been a key factor in the success of Kaizen AMS. It has simplified every aspect of our business and has empowered our employees to serve residents at our managed properties in the most efficient manner. 

Technology has acted as a blessing for our:

  • Kaizen AMS’ Marketing team in easily marketing & promoting our managed properties through 3D virtual tours and in conducting online inspections to boost its charm and occupancy rate. 
  • Client Experience Team in providing faster responses to the queries of our stakeholders using Chatbots and Whatsapp Chat features. 
  • Business Development team in tracking the progress of the projects and in analyzing bulky data to provide better insights to our stakeholders. 
  • Client Relationship Team in providing great services to the stakeholders through instant gratification, staying in touch with the potential clients, and keeping a track of emails. 
  • Property Managers in communicating with the landlords, tenants, owners, and all our stakeholders and in providing faster responses to their queries & requests.
  • Technology team to develop a newfangled Whatsapp Chat feature, Online forms,  that empowers our Property managers in managing diverse functions across Kaizen AMS’ managed properties. 

Hope you liked the article. For more informative articles related to UAE real estate industry, please visit https://www.kaizenams.com/blogs/. Follow Kaizen AMS  on LinkedIn, Facebook, Twitter, and Instagram.

Summarizing my Two-years as ‘Kaizener’

Author: Aditya Rawat

As they say, all good things start with a decision to try. Applying for the job of Author & Client Nurturing Officer at Kaizen AMS was one of those things for me. It is a decision which I have always cherished and will cherish in years to come.

The term Kaizen is derived from two Japanese words ‘Kai’ & ‘Zen’ which means ‘continuous improvement’. It is something which is clearly evident in each of its processes & functions. This approach of continuous improvement is the reason why Kaizen has some of the biggest brands in its clientele. The vast amount of credit of this success goes to its expertise, excellence, credibility, trust, and above all efforts to achieve.

So let me share my experiences with Kaizen AMS and what makes it so great.

1. Efficient Interview Process

At several top-notch consulting and management firms’, the interview process is very lengthy and lasts between 6 to 12 months. The primary reason for such a lengthy interview is every single stakeholder wants to evaluate the candidate on all the required skills. However, I can say from my experience, when organizations follow such a lengthy interview process they run a risk of losing many potential candidates as they get hired by some other company during the interview process. Thus, it’s always wise to have a shorter interview process. 

My entire interview process at Kaizen AMS lasted for just 7 days. 3 rounds of interviews and I got an invitation in the form of an ‘Appointment letter’ to be a part of the thriving Kaizen Family.

I firmly believe that the interview process is not only the test of the skills of the interviewee but the interviewer too. The interview process also puts the skills of an interviewer to test on how quickly he/she can judge whether a candidate is a right fit for the organization. Undoubtedly, Kaizen AMS gets a ‘perfect ten’ on this parameter.

2. Employee First Approach

To build a happy clientele, you must have happy employees first as they are the ones who serve your clients. Until the employees are satisfied with what they are doing, they can never make the clients happy. 

The ‘Employee First’ approach is embedded in the culture of Kaizen AMS. The company always puts its best foot forward when it comes to employee satisfaction. The best example I can share is even at the time of economic slowdown in 2020 due to Covid-19,  when companies of all sizes were performing layoffs at a vast scale, Kaizen AMS didn’t lay off any employees due to poor business climate. The company forecasted the economic slowdown well in advance and was well-prepared for it even before the first lockdown was exercised. Thanks to the wisdom and expertise of its visionary leadership.

Unfortunately, it is a common adage of the global corporate sector that layoffs are the easiest way to cut costs, however, that’s not true. The companies spend millions of dollars in the name of Corporate Social Responsibility (CSR), building brand image, marketing, etc. to look ethical in the eyes of the clients, investors, and all stakeholders, however, they lose it all in no time when they perform layoffs as it spreads a bad name about the company in the industry. Furthermore, when the market returns to normal, these companies find it challenging to attract fresh talent as no employee will be interested in making a career with a company with an unstable future. 

From my experience, I can say, trust is the foundation of every relationship, be it personal or professional. Layoffs also hurt the confidence and productivity of the entire workforce as they also work in the fear of losing their job which is detrimental for the productivity and the business of a company. Kaizen AMS’ leadership understands the value of the employees and tries to save the cost through automation, implementing innovative techniques, and adopting the best industry practices rather than resorting to layoffs.

3. Strategy is not Confined to the Head honchos

In most of the world’s leading corporations, the strategy revolves around only the C-level executives, VPs, and Directors. However, that’s not the case with Kaizen AMS. The company firmly believes that talent has no boundaries and a good idea can come from any part of the organization. Kaizen involves each employee while designing the company’s strategy. 

When I joined Kaizen AMS, I was excited to learn that the company encourages all good ideas and practices coming from every part of the organization. Mr. Fadi Nwilati organizes brainstorming sessions on a bi-weekly basis to listen to the ideas of every team member and provides quick approval as well as his expert opinion on how to go about it.  This makes employees feel more inclusive and privileged that their opinion really matters. This approach also makes ‘Kaizeners’ more dedicated towards their role. 

From my experiences, I can say with utmost confidence that one of the biggest secrets behind Kaizen’s monumental success in a very short span is its culture of welcoming new ideas. Unlike many top corporations where work is more or less repetitive and pre-decided, Kaizen says an absolute “No” to the repetitive tasks and automates them to let technology take care of them. Kaizen’s top leadership always encourages employees to come up with creative deliverables and ideas every day which can have a profound impact on business. This culture always keeps employees continuously engaged and makes the work fun which an employee always cherishes. I have a long list of deliverables which I proposed to the Kaizen’s leadership and explained to them the reason why they are important for the company and their business impact and got immediate approval to work on it. This culture of encouraging creative ideas has not only worked well for the employees and the company but also for the residents living at Kaizen-managed communities. 

4. Transparency

Every company makes a last-ditch effort to build a transparent environment with no scope of politics, negativity, red-tapism, or any sort of discrimination. However, it’s a no-brainer that usually the reality is completely opposite at the ground level. It is always a hard nut to crack for many companies to execute the best practices in every department or team. Furthermore, things become worse as most of the employees hesitate to complain about discrimination or intolerant behavior with the leadership due to the fear of repercussions or losing the job. 

It was exciting & overwhelming for me to learn that Kaizen has a very open & transparent system of Townhall meetings where all employees can raise their problems or challenges they are facing directly with Fadi Nwilati, and Sara Nwilati – Head of Talent. One best practice which I have learned from these town hall meetings, something every organization can practice, is to keep the identity of the grievance raisers secret to foster the culture of transparency.

Being an industry leader with over three decades of management experience, Fadi understands it’s not always a cakewalk for the employees to raise their issues or complaint. Many fear that it can backfire. To overcome this situation, Fadi asks every employee to submit their queries & concerns through an anonymous platform before the town hall meetings begin and answer them accordingly. This way the identity of the employee remains discrete and their grievances get resolved without any hassles. I think this is the best way many organizations can practice to build a transparent and discrimination-free environment. This practice also discourages the wrong-doers as they know the leadership is just a Slack or mail away from the employee.

5. Teamwork

In today’s corporate environment of remote working, the concept of teamwork is losing its ground. Thankfully that’s not the case with Kaizen. Every employee at Kaizen is strongly committed to the betterment of the team. I can share one example. 

Last month, I had to write a Whitepaper on how each team at Kaizen uses PropTech to the best of their advantage. Writing this Whitepaper required coordination from eight different teams at Kaizen which looked like a ‘mountain to climb’ to me at the first sight due to their busy schedule. However, when I pinged the mentors of these eight teams on Slack to schedule a call with me, I got an immediate appointment for a meeting.  The entire process of meeting and capturing the required information took less than 2 hours and I was ready to write my next Whitepaper. Now, that’s what I call True Teamwork. The task which was a ‘mountain to climb’ for me earlier became a ‘walk in the park’ due to the support I received from every ‘Kaizener’. This reflects the robust commitment of every ‘Kaizener’ towards the company’s growth & progression.

6. Loyalty

Many employers perceive monetary benefits, financial incentives, etc. as a viable tool to drive the performance of an employee; however, I believe that non-monetary incentives have far-reaching effects. A simple gesture of cooperating with an employee whenever he/she needs assistance, providing a platform to the employee to use creativity, and having faith in his/her capabilities, continuously motivates the employee to strive for better results. This approach has been more successful in driving optimum performance of the employee at Kaizen. I can vouch for my Line Manager – Mr. Jatin Babla as well as my teammates Mr. Eyad Alsaidy and Miss. Rim Salman for continuously supporting me whenever I approached them for any sort of assistance. The team’s continuous support and faith in my work drive my optimum performance at Kaizen.  

Final Words

This blog is just a small summary of my ‘memorable experiences’ with Kaizen AMS as an employee. In short, having faith in its mission & vision, having faith in the employees, continuously innovating and implementing the best practices to create a WOW experience for the employees, clients, and tenants, persistence &  problem-solving attitude and always working for the betterment of employees and stakeholders have been the real secret behind Kaizen success story. The adage holds true in the context of Kaizen that, – ‘Real-world doesn’t reward perfectionists, it rewards people who get things done’ and Kaizen has always been a pioneer in getting things done for each stakeholder.

Top 5 Ways Owner’s Committee Adds Value to a Community

It is the law of nature that with the passage of time the value of most things degrades and property is not an exception. Rising pollution levels and climatic conditions such as: heat and rainfall are also playing a key role in minimizing the life-cycle of a building. Thus, it is widely important for real estate developers as well as homeowners to ensure the property is well-managed to maintain its value. This creates an urge to hire an Owners’ association (OA) firm to manage your property to ensure it remains at peak performance and increases asset lifecycle.

What is an Owner’s Committee?

An owner’s committee consists of a group of individuals who act as the elected representatives of the property owners. As per  Law No. (6) of 2019 Concerning Ownership of Jointly Owned Real Property in the Emirate of Dubai, concerning the ownership of the jointly owned real estate in the Emirate of Dubai (the “JORE Law“), Owner’s Committees’ are responsible for overseeing the interests of the jointly owned property (JOP). 

Appointment and Eligibility

The Real Estate Regulatory Agency or RERA oversees the nomination of the Owner’s Committee Members for each JOP with up to nine owners as committee members who act as representatives for all the owners in the building or community. Each member has one vote while voting on the decisions of the Owners’ Committee. OC members come in odd numbers to ensure fair voting.

According to Article 22(c) of the New JOP Law, to become a member of the Owners’ Committee, an owner must have a full legal capacity and should be a resident of the project. He/she must have good conduct and have paid all of the service charges owing in respect of its unit. The owner must regularly attend and actively participate in the meetings of the Owners’ Committee. If the member of the Owners’ Committee fails to meet the criteria, he/she will not be eligible to be on the Owners’ Committee and the membership may be revoked by RERA. The New JOP Law directs the Owners’ Committee to meet on a quarterly basis with the first meeting to be held within the month from the date of formation.

As per the law, the developer can also be a part of the Owner’s Committee provided he owns unsold units in the project subject to RERA’s approval. 

Why Should you have an Owner’s Committee?

The Owners’ Committee plays a pivotal role in ensuring the highest standards of excellence in the maintenance and management of the building or community to drive the utmost satisfaction of the residents and owners.

Here are the top 5 ways Owners’ Committee Adds Value to a Community

1. Advisory

The owner’s committee offers recommendations to the Managing Agent on the best ways to manage and operate a building and ensure timely maintenance and upkeep of the common areas to optimize the value of the building. The owner’s committee is also responsible for reviewing the annual maintenance budgets of the JOP and provide their valuable suggestions.

2. Effective Complaint Management to Boost Resident’s Experience

The Owners’ Committee plays a key role in addressing the resident’s grievances by professionally handling the complaints in the JOP to the managing body. In case the managing body is unable to resolve the complaint within 14 days of being notified, the owner’s committee submits it to RERA. Thus, they assist in maintaining residents’ happiness.

3. Oversight and Compliance

The owners’ committee is also responsible for notifying the Managing Body or RERA of any defects or imperfections in the structural parts of the JOP or any gap in the jointly owned areas which requires immediate attention. Owners’ committee liaison with the management company to maintain utmost compliance with environmental laws and government guidelines pertaining to the maintenance of the JOP.

4. Appointment & Replacement of the Managing Company/Agent

The owners’ committee plays an important role in the selection, and appointment of the Managing Agent.  In case the Managing Agent’s performance is not in line with the expectations of owners or doesn’t meet a set standard benchmark, the Owners’ committee can submit a request for the replacement of the Managing Company to RERA. 

The key questions asked by the Owners’ Committee during the replacement process and prior to appointment:

Q1. Can you resolve the biggest issues faced by the Owners’ Committee? 

Q2. How can you reduce the annual service charges?

Q3. What are the actions taken against the owners for non-payment of service charges?

Q4. What differentiates you from other owners association management companies?

Q5. How can you add value to the building?

Q6. How can you enhance the Owners’ / Tenants’ experience?

5. Reporting

The role of the Owners’ committee is crucial in the process of overseeing the reports and verifying the work being carried out by the Owners’ Association Management (OAM) company as initially promised. They are the cornerstone in ensuring the work is being done in line with the standards to ensure utmost resident delight. 

Summary

Top 5 ways Owner’s Committee adds value to a community are –  

  • Recommending  the best ways to manage and operate a building to the Managing Agent
  • Complaint Management to Boost Resident’s Experience
  • Liaisoning with the management company to maintain utmost compliance with environmental laws and government guidelines
  • Appointment & Replacement of the Managing Agent  
  • Overseeing the reports and verifying the work being carried out by the Owners’ Association Management (OAM) company

Top 5 ways RentTech applications are Simplifying the Real estate Operations

With rising awareness, increase in technology, and smartphone adoption, there has been a surge in the demand for RentTech (rent technology) applications. The last five years have witnessed a vast majority of landlords across the UAE realizing the significance of RentTeCh applications to maintain better control over the rentals.

RentTech applications have proved to be a remedy during the time of Covid-19 in maintaining social distancing and safeguarding the landlords from the pandemic. RentTech has completely digitalized the landlord-tenant relationship. The process of showing rentals, collecting rent cheques, lease signings has now been done through RentTech applications from face-to-face earlier.

Here are the Top 5 ways RentTech applications are simplifying the Real estate Operations –

1. Targeting the Potential Tenant

RentTech platforms & applications are empowering the landlords in initiating a well-planned and appealing online rental advertisement to effectively target tenants for their vacant properties. RentTech is also making it easier for the tenants to get in touch with their potential landlords and show their interest in moving to the particular property by just providing their details on the online rental application in a few clicks.

2. Easing the Tenant onboarding Process

Completing a tenant onboarding process is indeed an uphill battle for both landlords as well as tenants. This complex process involves – conducting pre-screening of the tenants, background checks, filling tons of forms & leasing documents, and several face-to-face meetings. RentTech has simplified this bulky and cumbersome tenant onboarding process.

Using RentTech platforms, landlords can perform the onboarding process, background checks, electronic signing of the lease documents, and other necessary tasks, in a matter of a few clicks on their computer or smartphones. Once the potential tenant rental application is submitted, landlords can view it and approve or reject it and can also maintain the tenant screening reports for their future reference. RentTech platforms are also equipped with advanced video conferencing features to facilitate easy face-to-face communication among all the parties involved to ensure a swift & hassle-free onboarding process for the tenants.

3. Facilitating Contactless Rent Collection

The last few years have witnessed several landlords in the UAE moving away from the traditional methods of collecting the rents (such as: cheques) to more unconventional and contactless ways such as via. mobile apps or web applications. This trend gained momentum in the UAE as well as across the globe during the coronavirus lockdown phase to maintain social distancing. Contactless Rent collection not only allows landlords to receive the payments in a few clicks from the tenants but also overcomes their frequent trips to the bank to deposit the cheque.

4. Minimizing Physical Trips by Virtually Identifying the Snags

RentTech is playing an instrumental role in minimizing the number of visits for the maintenance team at the resident’s properties. It allows the maintenance team to identify & resolve a vast majority of snags virtually based on the images or videos uploaded by the resident in the service/complaint request. RentTech significantly minimizes the visits of the maintenance teams which has a major impact on the efficiency of the team resulting in faster resolution of residents’ complaints.

5. Managing the Lease Agreements

The economic downturns and job losses in 2020 have resulted in a proliferation in the number of landlords switching to month-to-month leases to support the tenants going through a tough phase. Landlords are largely embracing the flexibility offered by month-to-month leases due to the suspension of evictions as it facilitates them to terminate the lease at the end of the month if required. RentTech applications are facilitating the landlords in managing the entire process of sending and signing lease agreements virtually. The role of RentTech is also pivotal in empowering landlords in monitoring the expiry dates of the leases on their computers from the comfort of their homes.

Summary

There has been a surge in the demand for RentTech (rent technology) applications among landlords to maintain better control over the rentals. The role of RentTech has been more crucial in the Covid-19 era to maintain social distancing in the communities. RentTech has completely digitized the process of showing rentals, collecting rent cheques, lease signings.

The top 5 ways RentTech applications are simplifying the Real-estate Operations are as follows –

  • Targeting the Potential Tenant
  • Easing the Tenant onboarding Process
  • Facilitating Contactless Rent Collection
  • Minimizing Physical Trips by Virtually Identifying the Snags
  • Managing the Lease Agreements

Hope you liked the blog. For more informative blogs like this, please visit – https://www.kaizenams.com/blogs/. Follow Kaizen AMS on Social media – LinkedIn, Twitter, Facebook & Instagram

8 Tips for Minimizing the Impact of Poor Air Quality on Buildings

In the last two decades, Dubai has emerged as an epitome of elegance and a symbol of the elite metropolitan lifestyle. It has become a place where every person in the world wishes to be in. The vast credit of this monumental success goes to the city’s real estate sector for constructing world-class skyscrapers. Dubai is at the 4th spot in terms of the highest number of skyscrapers with 232 buildings above 150 meters and 102 buildings above 200 meters tall, according to the skyscraper center. Due to its exponential development pace, Dubai has also witnessed a huge rise in the number of people from across the globe moving to the city in search of a better lifestyle. Undoubtedly, the success achieved by Dubai has been impressive; however, this epic success has come at the hefty price of degraded air quality.

Where Does Dubai Stand Globally in Air Pollution?

Dubai is at 51 th place globally in the list of most polluted cities with a score of 60 US AQI (US -Air Quality Index) and UAE is amongst the top 20 most polluted countries in the world in 2020 in ‘Air quality and pollution city ranking’ – a global list released every year by the Swiss air quality technology company, IQ Air. Along with residents’ health, the degrading air quality is also taking a toll on the health of the city’s skyscrapers. The increase in air pollution also makes the natural & passive ventilation techniques unsuitable and opens the doors for several health risks. To overcome these issues, many building owners use air filtration. An increase in air pollution also has an adverse impact on the building’s performance and increases its energy usage which can later result in the pollution multiplier effect. 

How Does Poor Air Quality Deteriorate Your Building?

Air pollutants cause significant degradation on the surfaces of the buildings. The adverse effect of these pollutants on building materials is often irreversible. 

Here are the adverse effects of poor air quality on your building

1. Higher Usage of Air Conditioning

The rise in air pollution increases the humidity level and creates an urge for an increasing need for air conditioning. This increases the electricity bills and maintenance costs of the building. Furthermore, an increase in the usage of air conditioning also creates local microclimatic warming impacts basically due to the expulsion of hot air and aggravates the urban heat island effect. This process generates equipment noise which can decrease the practicality of natural ventilation.

According to research conducted by International Energy Agency (IEA), the global energy demand from air conditioners is expected to triple from 1.6 billion in 2018 to 5.6 billion by 2050. This is indeed scary news for the real estate sector as the buildings will face the brunt of deteriorating air quality. The impact of air pollution will also damage the indoor air quality which is damaging for both buildings and people inside it. The research by World Green Building Council (WorldGBC) reveals that most of our exposure to outdoor air pollutants occurs when we are inside buildings, due to infiltration through windows, apertures, or cracks in the building fabric.

2. Increased Need for Cleaning & Repairs

The smoke released by the industries contains carbon monoxide which is produced due to the combustion of fossil fuels. This results in the emission of a vast gamut of dangerous pollutants in the air such as: Nitrogen oxides (NOx) Sulfur oxides (SOx) and Carbon monoxide (CO). Exhaust fumes released by devices and smoke are the biggest sources of carbon monoxide which have a retarding impact on the exteriors of the building and makes them look dirty due to the deposit of dust, soot, and fumes. This increases the need for cleaning, repairs, and retrofitting resulting in a surge in the operational cost of the building.

3. Poor relationships & Reputation

Poor air quality adversely affects the building’s performance and also increases its cost of operations. Higher cost of operations results in rising in the service charges for the residents and often result in higher dissatisfaction. It also has a negative impact on the occupancy rate of the building, relations between building owners, management, staff, and occupants, and above all on the revenues and reputation of the asset manager.

Here are the 8 Tips for Minimizing the Impact of Poor Air Quality on Buildings:

Some of the best ways to minimize the impact of degrading air quality on the buildings are as follows:

  • It is always advisable to use surface treatments on all metals to protect them from airborne pollutants and minimize the impact of air quality on buildings to prevent corrosion. Furthermore, galvanizing all the building metal products will make them resistant to corrosion and will reduce the increased need for repairs.
  • Installing highly efficient air filters will assist in improving indoor air quality and eliminate the harmful pollutants which cause corrosion. 
  • Installing Specialized Filtration Equipment can play an instrumental role in protecting the building exterior from the aftermath of poor air quality by trapping the particles in the outdoor supply air. Furthermore, it also controls the adverse effects of gaseous and chemical pollutants. Specialized filtration equipment also protects the building’s indoor environment from the negative effect of poor outdoor air quality.
  • Installing Green Roofs can provide shade and remove the heat from the air through evapotranspiration to minimize the temperature of the building’s surface and the surrounding air. A green roof is a vegetative layer grown on a rooftop of the building to absorb the heat of the building and it acts as an insulator. The green roof also minimizes the energy consumption of the building by performing cooling of the building which has a deep impact on the energy bill. Furthermore, a green roof also reduces the heat stress which arises due to heat waves and improves indoor comfort.
  • Installing Cool roofs or reflective roofs on the building will reflect sunlight and heat away and minimize the overall roof temperature. This allows the building to stay cooler and also curtails the energy bills by minimizing the amount of air conditioning. Installing cool roofs also leads to higher energy savings which can be further invested in minimizing the impact of greenhouse gases on the building.
  • In scorching humid climates like Dubai, reflective roofs & walls, low emissivity window coatings or films, exterior shades can be instrumental in reducing the energy consumption & costs involved in cooling the building. 
  • The temperature of the building’s surface can reduce substantially if the neighboring buildings implement Bio-inspired Retro-reflective Façade, as it minimizes the energy required for cooling the building.
  • Another best practice to minimize the impact of poor air quality is Air Sealing. It restricts the passage of air through the building envelope and enhances its energy efficiency. This leads to better management of heat transfer.

Summary

  • The pollution level in Dubai is rising every day which is very damaging for its skyscrapers.
  • Some of the adverse impacts of poor air quality on your building & business include – corrosion, the higher need for air conditioning due to increased humidity, higher need for repairs increasing the operational cost, poor relations with the stakeholders, increase in service charges, higher tenant turnover, lower occupancy, the decline in developer’s reputation, poor building’s performance, lawsuits, and decrease in the lifespan of the building.
  • Using surface treatments on all metals to protect them from airborne pollutants and prevent corrosion
  • Installing highly efficient air filters to improve indoor air quality & prevent corrosion
  • Installing specialized filtration equipment to protect the building’s exterior from poor air quality
  • Installing Green roofs to remove heat from the air and reduce the temperature of the building
  • Installing Cool roofs or reflective roofs on the building to reflect sunlight and heat away and minimize the overall roof temperature. This allows the building to stay cooler and also curtails the energy bills by minimizing the amount of air conditioning.
  • Installing reflective roofs & walls, low emissivity window coatings or films, exterior shades can minimize the energy consumption & costs involved in cooling the building.
  • The temperature of the building’s surface can reduce substantially if the neighboring buildings are implementing Bio-inspired Retro-reflective Façade, as it minimizes the energy required for cooling the building.
  • Performing Air sealing in the building to restrict the passage of air through the building envelope and improve its energy efficiency. 

Hope you liked the Blog. For more informative content related to UAE real estate industry, please visit https://www.kaizenams.com/blogs/. Follow Kaizen AMS  on LinkedIn, Facebook, Twitter, and Instagram.