The JRD Group has launched the U.A.E.’s first private Multiple Listing Service. This pioneering new feature is one among several new modules in its industry leading real estate software PropSpace, a critical enterprise tool for the majority of the nation’s real estate agents and brokerages.
An industry standard in Europe and North America, a Multiple Listing Service (typically referred to as MLS) is a central repository of properties listed for rent or sale, accessible only by agents that subscribe to the service. MLS is geared solely towards real estate professionals (i.e. brokers and agents) and facilitates collaboration among real estate professionals by offering a new source for lead generation and credible information.
Alex Nicholas, co-founder of JRD Group commented on the occasion: “For close to a decade, JRD Group has passionately and unceasingly sought to innovate the real estate and property market in the U.A.E. and the greater MENA region through our online property portals JustProperty.com and JustRentals.com and our industry software PropSpace. The PropSpace Multiple Listing System reflects our commitment to revolutionize the region’s real-estate industry through technology, elevating trust and transparency and delivering value to every stakeholder: from agents and brokers to the individuals who rely on them in their search for the perfect home or office.”
The MLS feature enables agents who use PropSpace to easily share leads and listings with fellow agents with full disclosure of the commission rates available, enabling agents to collaborate more effectively and serve their customers better. “PropSpace MLS is the result of extensive efforts to deliver a world-class technology, conceptualized and created right here in Dubai. Our customers and their critical business needs are at the heart and soul of what we do. We are constantly enhancing our products to deliver best-in-class consumer usability and intuitive design, so that we can ensure real value creation for our users,” shares Nicholas.
According to Nicholas, the U.A.E. real estate sector, while steadily maturing post the adoption of a series of regulatory reforms, still faces a massive challenge in terms of the availability, accuracy and quality of core data that agents, investors and tenants use to make decisions. “In the United States for instance, data on transaction prices is easily accessible and is reliable, which helps stabilize the real estate market. The UAE, on the other hand, is prone to biased and often conflicting data from multiple interested sources,” he explains. “Prospective renters and aspiring homeowners continue to contend with a market where duplicate listings with varying prices exist on multiple channels or listings may not be verified. These lapses compromise an agent’s ability to competitively close on a property, often working against as opposed to with fellow agents who may be able to partner on a deal, in stark contrast to established and mature markets in the West.”
A market frontrunner in real estate CRM software, PropSpace was created in 2011 by Nicholas and fellow co-founder Sid Singh and serves nearly 500 subscribers in the U.A.E., comprising brokerages, agents, and landlords. Together with its signature property portals JustProperty.com and JustRentals.com, JRD Group powers the majority of the nation’s real estate listings--close to 250,000 across the U.A.E.--on virtually all major property portals and listing sites in the U.A.E.
In addition to MLS, PropSpace offers a host of new features and enhancements that cater to the rapidly evolving needs of the industry, including the Reporting Suite, which can accelerate and improve the capture and analysis of data insights, enabling businesses to easily monitor the pulse of their performance.
Nicholas emphasized the impact that PropSpace MLS portends for the region’s real estate sector: “The launch of PropSpace MLS is a notable step in the evolution of this region’s property market and substantially augments efforts by a range of regulatory bodies and stakeholders to ensure quality, growth and transparency.”