Brightfox responds with trust account solution for developers

With the issuance of Law No 8, it is now mandatory for developers in Dubai to place their clients' deposits in trust or 'escrow' accounts, rather than allowing them to release funds early. In accordance with this new law, Brightfox has developed an extensive sales trust accounting component to their sales & marketing software; foxEnterprise.

Brightfox director, Mr. Cameron Black, is confident that this will help ease what can be a difficult transition for local developers. "In other international markets, a sales trust is already imposed on developers. Our software embraces this functionality and has been modified for the Dubai market, making it very easy for developers to manage the whole trust accounting process."

While the new law has raised concerns over the ability of developers to use investors' money for new projects, it has been designed to protect the rights of the property investors and increase investor confidence.

"We've actually found that many developers that have a strong trust account and sales system in place achieve better sales rates through enhanced customer confidence," adds Mr. Black. "Using our leading software foxEnterprise, developers can track all deposits, issue receipts and print trust account balances for a project or for an individual purchaser at any time. They can also email this information and even provide it via a secure website, so that purchasers can view their own private trust account balance when they want to, anytime in the world. In this respect, it is much like internet banking."

In addition to trust accounting, foxEnterprise software is also designed to manage the complete prospect management, contract administration, sales and reporting needs of property developers and real estate agents.