How Middle East Realty Entrepreneurs Can Bring About A Change In The Sector
In a business community like that of the Middle East, it’s always hard for entrepreneurs to make their way and build new startups, especially in the real estate arena.
Real estate society in most Arab countries is a classic and conventional one built on a series of traditional norms, and protected by a number of leading figures. Penetrating such a society with a brand new idea could be disturbing for this often stagnant community. Entrepreneurship and new ideas could be intimidating for some members of this society, who have been used to perform and interact within a traditional strict framework.
That’s why we are going to provide here a number of important tips for young entrepreneurs who want to bring about change in the real estate sector:
1. Be prepared to ruffle some people’s feathers
Who said being an entrepreneur is a simple task? In order to earn money and turn your startup into a profitable business, you should prepare yourself to ruffle some people’s feathers. Your competitors won’t make way for you to grab a share in the market; you must have enough courage to earn it.
2. Define your goals
Before starting with the specific details of your new venture, you should first list your financial goals. Take time to understand your goals and ponder each step you take toward reaching them. You could also meet with financial advisors, consultants, real estate experts, and business developers to help you with your launching phase.
3. Study the market
Real estate is not an easy field; it’s always fluctuating between ups and downs and has many interweaving details that should be considered. The market status is the most significant issue to start with- collect as much information as you can to build a clear image about the market. Having a brisk idea will make the business actions more comprehendible and will enable you to predict its future. The real estate business could now be slow in the GCC area, mainly due to the plunge in oil prices; however, some experts say that now is the best time to get engaged in some specific areas like Dubai real estate or Bahrain real estate market. With differing sentiments like these, that’s why it’s always better to undertake a thorough research of the market, check all of the available real estate studies, and ask experts, instead of sufficing with just media reports.
You should set a certain budget for yourself before starting with anything. The budget of each expense point should be defined. Estimate the value of return on your investments. Also, be wary of the exceptional circumstances that could meet you while working on your project. A special budget should be kept for exceptional events like technical problems or any other issue.
5. Check users’ preferences
For a project like the one you are working on, be it a mobile application, website, or any other sort of service, you have to make sure it’s mainly designed to be at the users’ convenience. So, to make sure that each feature you provide meet a certain need, you should check first your users’ preferences and find out what they really want. The easiest way to do so is by finding out the identity of your target audience. Then, address this specific niche to know exactly their questions, challenges, and what they are looking for.
6. Be mission-oriented
Starting a personal business in the Arab world is a tough mission, and in order to stay motivated, you should keep your mission and vision very clear. Set a plan, set a time schedule as well, and keep planning for the future. You should also reward yourself for any success, ask others for motivation, and get engaged with inspirational activities. Above all that, you should always stay positive.
Bahraini entrepreneur Ali Al Awadhi is a real estate expert and Managing Director of a Bahrain-based real estate startup.