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A Fledgling Start-Up In Dubai Is Poised To Shake Up The Lead-Generation Industry With Disruptive Strategies.
The real estate market in the GCC is about to undergo a massive transformation. Thanks to Artificial Intelligence, Web3, and ChatGPT. Web3 technology-powered start-ups are making their way into the property market, signaling a major shift. However, the industry has relied on traditional and age-old practices, with sales teams generating credible sales leads manually. While some firms use digital media to generate random leads, technology has not been leveraged effectively to generate sales leads.
Enter Tripler, an AI and ChatGPT-powered start-up, set to disrupt the lead-generating game. By generating genuine and credible real-time sales leads. The sales team must convert these leads into sales and close deals by getting Sales and Purchase Agreements (SPAs) signed.
Use of AI and ChatGPT-powered sales leads generated by platforms like Tripler.com could potentially force many brokers out of business. However, this move could streamline sales across the land and real estate sector. Real estate brokers in Dubai stand to benefit the most from these technological advancements. Tripler.com, created by Sam Singh, a UK-based British-Indian serial entrepreneur, is at the forefront of this development.
According to Singh, “The UAE is the perfect place for technology companies focused on the real estate sector to flourish. While the sector has seen tremendous growth, many of the property sector innovations are just now entering the UAE market.”
According to Kamco Invest’s report in December 2022, real estate sale transactions in the GCC from January to October 2022 amounted to $143.1 billion (Dh524.81 billion). Dubai and Abu Dhabi accounted for over 48 percent of the total value transacted. Surpassing the entire transaction value of 2021. Which reached $137.4 billion.
For property developers and brokers, the primary challenge is to generate sales. To achieve this, companies invest millions of dollars in traditional marketing methods. Including advertising, billboards, print media, public relations, cold calls, SMS marketing, email marketing, and digital and social media. However, the crucial factor is generating credible sales leads that can be converted into actual sales. The success or failure of a real estate project, whether it is residential, commercial, or retail, hinges on sales.
Singh stated that Tripler is the world’s first lead conversion platform powered by artificial intelligence. It has received funding from both the early investors of Uber and the BOOHOO group from the UK. Additionally, the UK government provided financial support for the platform’s research and development in AI.
Tripler is a cutting-edge technology that utilizes algorithmic matching to connect property buyers with the most suitable agents and properties. This method eliminates the traditional approach of searching for the right agent and visiting multiple properties before finalizing a transaction. With Tripler’s algorithms and machine learning, buyers are linked to property agents with whom they have a high likelihood of a successful transaction, streamlining the buying process.
By utilizing artificial intelligence, machine learning, and algorithmic matching, Tripler significantly increases the likelihood of a successful property transaction, effectively tripling the chances. This technology also plays a crucial role in streamlining the buying process and reducing any friction involved.
According to Dubai Land Department, the number of real estate transactions in Dubai surged by 44.7 percent. As compared to 122,700 in the previous year compared to 2021. Furthermore, in 2022, 80,216 investors registered 115,183 new real estate investments worth Dh264.15 billion. Indicating a growth of 59.5 percent in volume and 78.4 percent in value. All of these transactions were accomplished through referrals and sales leads.
Over a period of 26 years, Sam has established and successfully sold multiple companies. One such company is Candid Marketing, which he founded and transformed into a market leader in the marketing industry before selling it to an LSE-listed group in 2006. He also founded Milestone Hospitality Ltd, a hotel development company. Which he later sold to a US Private Equity Fund in 2012, and then successfully exited from another company a few years later.
In addition, Sam founded I-Homes, a real estate-focused technology company. Which he developed from scratch into a market leader in global emerging markets, including India and Dubai. During the company’s peak of success in 2014/2015, he relinquished control of the company to its principal PE investors and stepped down. Two years after his exit, the company underwent restructuring and was subsequently sold.
Sam Singh remarks that Dubai boasts itself as a city of the future and supports the growth of technology in all industries. The rapid progress in artificial intelligence and machine learning over the past 2 to 3 years has resulted in AI impacting nearly every sector.
With Prop-tech, investors in the Dubai market can improve their involvement in enhancing the property buying experience. By utilizing technology and artificial intelligence, the process of searching, shortlisting and assessing a potential property can be streamlined and expedited, thereby improving the overall experience for the investor.
Our company operates and maintains Triton, a highly specialized database. That utilizes advanced technology to maintain a master database of all properties available in the Dubai market, from all portals and agent websites. The use of technology and artificial intelligence in the property sector is rapidly expanding and can significantly enhance all aspects of property management, maintenance, construction, sales, purchases, and deal structuring.
The potential for technology and AI to revolutionize the property sector in Dubai is strong. Moreover, as Dubai’s popularity continues to rise, companies with the most innovative real estate technologies will find a perfect market to launch and develop their products.
Given the current geopolitical risks in various parts of the world, Dubai offers a secure haven for investors to park their assets in real estate. While generating high returns that, surpass those in other parts of the world. Dubai’s neutrality, high-quality real estate development, safety, and security create a unique property hotspot with advantages that are expected to persist in the next few years.
