Asaas, Saudi Arabia’s leading cloud solution for full-suite real estate management, has recently launched Mazad Aqari, an online real estate auction platform with multiple prime property auctions across the Kingdom.
Abdullah Alghadouni, a successful entrepreneur who has led several firms in Saudi Arabia, founded Asaas in 2018. Over 500 real estate businesses in Saudi Arabia have trusted the platform, which has processed over 1 billion Saudi riyals in transactions in just a few years.
Asaas provides real estate owners and managers with tools to manage maintenance, Customer Relationship Management, and promote their properties.
“The platform comes as part of our mission at Asaas to help streamline transactions in the real estate marketplace”, Alghadouni told TRENDS adding that a market with the size and diversity like the KSA market needs such a solution.
“We are determined to learn from our customers and provide solutions to their pain points,” the entrepreneur added, pointing out that the auction creates a wider reach for sellers such as property owners and auctioneers while providing comprehensive information about the property to be sold. Sellers, buyers, agents, and sometimes court directives are all stakeholders in the process.
Benefits of the Platform
Alghadouni says that the real estate auctions have limited geographic coverage and are difficult to set up. By using Mazdad Aqari, you will reach the right customers more easily. The platform reduces the cost of setting up a traditional auction by at least 75 percent, which is a fraction of the cost of logistics for auctioneers.
Property owners and auctioneers can list their property on the platform and the platform will do the rest in terms of evaluating the property, marketing – sales, and closing the deal. Usually, these steps are done manually and take a longer time to execute. However Mazad Aqari streamlines these steps in a faster and hassle-free approach.
The platform currently has a big customer base and processes tens of thousands of transactions per day.
From marketing properties to collecting payments and staffing, Asaas has been a vital partner in the digital transformation journey of many companies, including Jeddha-based real estate company Lavida realty. Lavida operates on the platform and has launched over 10,000 property listings and conducted over 1200 transactions, making it one of our most efficient sales channels.
Alghadouni, believes that the platform is the future of auctions in the Saudi Arabian real estate business, and property transaction players value what they do. The goal is to be the go-to hub for real estate transactions for auctioneers, foreclosure orders, investors, and regulators.
Digital transformation in real estate
Saudi Vision 2030 is a transformational plan that includes technology as one of the development drivers. It promotes transparency, good governance, and efficiency.
The real estate industry now employs over 60,000 people, and the government’s goal is to expand job opportunities in this important sector for Saudis. As a result, as part of the sector’s new aims and procedures, new personnel must be tech-savvy.
Digital transformation is polarized around three pillars: people, process, and technology, Alghadouni added, pointing out that the first step is to have the determination to change and embrace the new reality in everyday activities
Asaas platform provides these three factors to make the process work. It can be used to prepare the road for a change. There’s no need to reinvent the wheel because everything is well-managed and aligned with new government regulations and instructions. Furthermore, marketing, sales, tenant experience, and performance management are all tools available through Asaas services which puts the real estate player on top of its game right away.
Competitive market
The real estate sector in Saudi Arabia is estimated to be worth US$150 bn and is expected to increase at a 12 percent CAGR from 2021 to 2026, according to Statista.
More innovative players will use data and technology to deliver attractive solutions, making the Saudi real estate market more competitive. When demand exceeds supply in the housing market, opportunities for improved service quality and efficiency arise.