As tech becomes faster, more reliable and secure, businesses are finding new and exciting ways to buy and sell properties.
A recent announcement by Abu Dhabi City Municipality (ADM) and Abu Dhabi Islamic Bank (ADIB) brings the first, global, digital mortgage certificate, making the UAE the first in the world to offer online real estate services through a smart services hub.
Is (buying) e-mortgages the future?
Eisa Omair Al Mansouri, Head of Lands and Real Estate Sector at ADM, said the municipality had fitted the system with highly secure and protective systems to sustain confidentiality and information privacy.
Once registered, the client can smoothly log into the system and process transactions in a highly secure manner, he said.
The e-mortgage system can also be used for housing loans, commercial funding, security mortgage, mortgage redemption and others.
The new platform, part of DLD’s contribution to the Dubai 10X initiative, enables the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage fees.
So far, ADM has attracted six leading banks as partners in the system, while calling for more to join.
Preceding the latest launches, in May this year, the Dubai Land Department (DLD) had announced plans for the Real Estate Self Transaction (REST), a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime.
(REST) with ease
Real Estate Self Transaction or REST for short was launched in late May, this year, in hopes of “enabling customers to directly manage all elements of the real estate transaction process online, the platform helps them save considerable time and effort.”
REST covers all real estate transactions such as buying and selling as well as real estate market services including a mortgage.
By linking the owner directly to the bank through a smart application, customers can more easily access mortgage services. Neither party will need to be physically present at all property data is available online.
These projects will be fully developed by the first quarter of 2020 and will cover all real estate transactions such as buying and selling as well as real estate market services including a mortgage.
Another announcement came just seconds later from Allsopp & Allsopp and it will allow sellers to post their properties with ease and in just under a minute whereas before it would take 30 min at least.
(Selling) your property has never been easier
Allsopp & Allsopp (A&A) is launching a new technology which will allow house sellers to list their property on the go.
This latest technology means you can now fill out the ‘Form A’ property listing document in as little as 30 seconds (on any device; whether phone or laptop).
Form A is a required document that needs to be signed before a real estate agent can bring a property to the market.
CEO Lewis Allsopp says: “The Form A is a fairly detailed three-page document that currently needs to be printed off, signed, scanned and sent back to us. In this day and age, we realized that this process is too cumbersome and lengthy, and doesn’t fit in with the speed and ease at which most people live their lives.”
However, with A&A, you can click a few buttons to complete the form virtually. The document no longer needs to be printed, scanned or signed – so the process can take just a minute (or less).
Allsopp said that this is in favor of “saving people time in our fast-moving city” and that A&A is the first agency to make this move towards easing real estate seller’s hassle.
“We’re turning the biggest hurdle in coming to the market into a simple process, allowing property owners to get their property listed and online quicker with us than anyone else in the market that we know of,” concluded Allsopp.
We know of someone.
Called SellAnyHome, although not as robust and fast as A&A, it offers a different service: Sellers visit the website and enter general information about their property, such as the location, number of bedrooms and size. They are then issued an estimated value for their property using SellAnyHome.com’s proprietary technology and algorithm, as well as real-time market data.
Following this, they schedule a free home evaluation with one of SellAnyHome.com’s offer consultants, who makes the visit and begins the process termed “picks and ticks,” where they carry out a more than a 100-point check of the property and detail every stage with pictures and selected references.
The information is then uploaded onto the app, whereby a formal binding offer is generated for the seller within a 30-minute window. Once the offer is accepted, the SellAnyHome team works alongside the seller to ensure the transfer is smooth.
AMEinfo asked Chihane about this, starting with the process itself.
“It takes ten seconds to issue an approximate value of the property after basic information about the home is received. After that, the owner can schedule a free home visit,” he tells AMEinfo.