MASTERKEY BLOG

The Big 5 - Dubai’s top five projects to watch out for

The Big 5 - Dubai’s top five projects to watch out for   Guest Blog Post - Written by Homely.ae There are so many projects out there that keeping track of all of them is likely to leave you feeling very overwhelmed. Here’s our list of five top developments to keep your eye on.More...

Deal Alert: EZHeights offers an exclusive deal for Masterkey clients

Is your competition killing your online listings by posting multiple listings a day for the same property? Sick of seeing four-bedroom villas being listed on Palm Jumeirah for AED 1? With EZHeights, UAE’s most reliable property listing portal, listings are manually approved so you’re guaranteed of quality listings. Take advantage of the two-month free trial with EZHeights and enjoy the following benefits: Posting of unlimited property listings Properties highlighted on the Recommended Property section 1 impact banner on the detail page 100 refreshes a day This free trial is valid until July 31, 2015.     For more information about this offer, simply email mm@ezheights.com or contact +971 50 911 8728.   Company Profile EZHeights is an innovative, one-stop online portal for buying and selling. It’s a dynamic destination for hundreds of new listings and thousands of red-hot buyers.       With an advanced, built-in technology and user-friendly design, EZHeights makes it simple for sellers and buyers to find exactly what they’re looking for. Ensuring the quality of listings, EZHeights manually approves its property listings making them one of UAE’s most reliable property portals.  

Deal Alert: Get started with PropertyWifi.com and sign up for a free trial!

Deal Alert:  Get started with PropertyWifi.com and sign up for a free trial!     Interested in listing on Propertywifi.com? Sign up now and enjoy the benefits. Propertywifi.com has just announced an exclusive deal for Masterkey customers. Discover how easy it is to post and promote your listings using Propertywifi.com proprietary professional terminal.  No monthly subscription.  No exit clauses to tie you in. Your free trial will include: Mobile listing display Bilingual listing display Secure login to your Professional Terminal (back end listing management system) Central listings dashboard Centralized leads activities Beta exclusive one additional language to your Professional Terminal     This free trial is valid for the Beta duration which is a minimum 3 month period from the sign-up date and is subject to terms and condition.  The free trial is only for the first 30 companies so hurry and sign up now. Please visit Propertywifi.com to register or send an email to info@propertywifi.com to know more about the promo.   Company Profile Propertywifi.com is an Arabic and English property search engine focused on the Residential, Commercial, Industrial and Agricultural sales and rental market in the United Arab Emirates. It is owned and operated by Property Wifi LLC a Limited Liability Company, a member of the Sheikh Khalifa Fund for Enterprise Development and Dubai SME. Launched in February 2015, the beta was developed by Propertywifi’s in-house talents, dedicated team of design, programming and business specialists, using the latest technology to enable a detailed and visually stunning showcase of property advertising.   Propertywifi.com will be announcing a series of innovative products over the next several months that will expand UAE real estate professionals reach and ability to communicate and sell into new markets.

Ejari Integration news around the web

Ejari Integration news around the webWith the news about Masterkey’s Ejari integration making it’s way around the media world we thought we’d collect some of the main points of the news stories for you to read. Summary of the news Masterkey is the first and only non-government software to have integrated with Ejari. You can create an Ejari certificate with one click. Masterkey can help you with mapping existing tenancy contract. The first live integration is already up and running, more are already in the pipeline. Property managers now find it easy to synchronize their data with Ejari. The main quotes H.E. Sultan Butti bin Mejren, Director General of Dubai's Land Department“This integration reduces the time and effort for users by electronically synchronizing both systems. Since Masterkey is linked with Ejari, you will be able to generate the Ejari barcode and registration number directly from Masterkey making it easier for the public to obtain Ejari contracts.” Daniel Hart, CEO of Masterkey"This is a fantastic time saver for property management companies that need to comply with RERA regulations and we fully support the government's drive to create more transparency in the market. Up until now registering tenancy contracts in Ejari has been a time consuming task for most of our customers." Mureed Mustafa, Director of Operations from ERES“We are very pleased that Masterkey has shown such dedication and has become the first non-governmental entity to integrate with our Ejari system. We reviewed the integration and found it to be a very thorough. It solves many problems for the Dubai property managers.” Ryan Mahoney, CEO of Better Homes"This integration drastically reduces our overhead. We were spending in the range of 2,000 hours a year to copy data into the Ejari system. Now we can simply update our information in Masterkey, which will then register new leases in Ejari at the click of a button." Media Coverage Daniel Hart, CEO of Masterkey was a guest on “This Morning with Andrew Hosie” Zawya - Announcing the Masterkey Ejari IntegrationFebruary 2, 2014 Trade Arabia - Masterkey completes integration with EjariFebruary 2, 2014 The Gulf Today - Masterkey completes integration with RERA’s EjariFebruary 4, 2014 Gulfbase - Masterkey completes integration with EjariFebruary 3, 2014

Ejari Integration now live in Beta!

Ejari Integration now live in Beta!          Masterkey is the first and only non-government software to integrate with RERA’s Ejari system, saving Dubai based Property Managers both time and tear-inducing ‘manual work’ to comply with regulations.   What is Ejari?   If you haven’t heard of Ejari before, it’s the online system that tracks lease agreements across the emirate of Dubai. You could say Ejari’s ultimate goal is to track the rental price of every single unit across Dubai and have them all registered in one system. That’s a lot of data entry, and someone has to do it! Property Managers (and some typing centers) are usually stuck with the job.   Why is Ejari important?   When filled with the rental data, Ejari allows the government to refine their real estate rent index. That index in turn protects both landlords and tenants from unfair rental rates. Rent escalations are restricted to government controlled percentages and landlords would also be able to ensure that their rent is not too far below market averages. Also when there’s a dispute, a full audit would be available inside the one system.   Up until now the supply of data to Ejari looked like this:   So what is the integration for?    At Masterkey we’ve now managed to take out the time consuming manual step in the middle.   We’ve essentially built a bridge between the two systems, allowing the data to flow seamlessly from one to the other. Along with this bridge we can assist with mapping existing data between the Masterkey and Ejari so that existing leases match up.    Does it work?   Yes. We’re already live with some existing customers and can create and terminate tenancy contracts in Ejari with the click of a button. Without even entering the Ejari interface Property Managers can print official Ejari Tenancy Contracts and Registration Certificates. These documents are the same ones used by the tenants to register for DEWA and other services.   Who gets the integration?   All Property Management clients who are using Masterkey can be upgraded with this new system integration. Contact us to learn how we can help you comply with the Ejari requirements and save yourself a lot of time. http://www.gomasterkey.com/contactus/index.aspx      

RERA: Fines to agents who flout brokerage rules

RERA: Fines to agents who flout brokerage rulesBy Gokhan Polat, Community Manager I recently read an article on The National about how Real Estate Regulatory Agency (RERA) is planning to fine individual agents who are passing on confidential information or handling transactions without the approval of their company. According to Sultan Al Suwaidi (RERA), the breaches range from ‘cooperating with unlicensed brokers’, ‘failing to keep brokerage and client information private’ and to ‘closing contracts without the brokerage’s knowledge’. I can definitely see how these breaches are problematic for brokerages, but I’m still stuck with a question is my mind: Why do we have these issues in the first place? I thought I’d ask Daniel who has been working in the Dubai real estate sector for more than 9 years. “There are a number of reasons for why an agent would feel compelled to do a deal outside the brokerage. Some agents feel that if their brokerage was not involved in the deal, why should they share the commission? The agent’s argument is often based on the fact that you can meet potential buyers/sellers who haven’t had any interaction with your head office, especially if it’s a close friend or a relative the agent has known for many years prior to joining the brokerage. Another factor is that many agents in their home country would have been able to do the transaction as a freelancer without the brokerage. In the UAE it’s near impossible to legally operate as a freelancer so many resort doing these deals well-knowing that it’s outside the rules.” - Daniel Hart, CEO @ Masterkey So would the threat of fines force agents to comply with the rules? It’s an attempt to solve the problem, but a very tough one to implement. The main issue is that non-registered freelancers are allowed to get away and close deals. Before RERA can start giving out penalties to individual agents, it needs to have all property listings registered with Simsari and make sure that only the agents who have been registered can sell the property. This assures that RERA know who’s allowed to do the transaction. In order for that to work, every advertising portal needs to have a Simsari number for each listing in the system and ensure that the Simsari number is verified. This will be difficult to enforce, because it requires getting the brokerages and advertising portals to collaborate with RERA much closer than they are today. RERA could start giving out penalties based on accusations of outside brokerage deals, however this will not stop these deals from happening and may even force agents to use more illicit methods. source: www.thenational.ae/business/property/brokers-to-take-heat-for-rules-breaches

Breaking News: Simsari.ae announced and what that means for brokers in Dubai

Simsari.ae has finally been officially announced, appearing today on the Emirates 24|7 website. [More]

RERA warning to Dubai's property brokerages

The Dubai Real Estate Regulatory Authority (RERA) has recently put in place conditions for the advertisement of real estate services and properties in mainstream media. As a real estate agency in the UAE this means that you must publish your RERA registration number on all published advertisements across all media channels.   As our customers regularly use Masterkey to publish their listings to portals on a daily basis we’ll be incorporating your agency’s registration number automatically into every listing you publish. We’ve started working on the changes and we'll let you know when they have been implemented.   At Masterkey we’re always following news that affects regulation closely and are prepared to help our customers comply with any regulatory framework.

Zavanti - how it works with Masterkey

Zavanti - how it works with MasterkeySimply put, Zavanti is an ERP built for the Real Estate industry. It’s extensive, covers in-depth project-based accounting for Property Developers, Builders, Contractors and Property Owners and it is, frankly, hard to grasp at first. It’s the sort of thing that if you dream about what an ERP could do for you as Property Developer, you might end up with Zavanti after 10 years of work. If you’re lucky. Zavanti was built in Australia, has been used for 20 years and has been continually revised and updated. It’s tried and tested, and Developers around the world swear by it. If we only focus on the Property Developer part of Zavanti, it will pleasantly fit in this simple flowchart. Feasibility If you don’t know what feasibility is, then you probably don’t need it! It’s what happens before the start of a project. You work out what the project will cost, what loans you will need to finance and how your cashflow will look like. Intuitive and well designed, Feasibility lets you play with several scenarios to explore your options. Budgeting, Funding and Forecasting Aptly named, this module can import from Zavanti Feasibility (or Excel) giving you a budget to work with. Variations from the budget require approval, so you’re protected from unknown cost overruns and can track the project down to the smallest expense. Tendering, Task & Contract Management Once you have the budget, you move forward to assigning contractors and consultants to manage your project. This can be done directly with the sub-contractors or you can set it up as a head contract - you can even set limits on who can approve what expenses. Construction This is where it all starts... at least visually! Zavanti dives into the minute details for managing the construction phase: Invoices from suppliers, variations management, progress claims, vouchers, budget to completion and much more. It’s all the essentials that you wish weren’t needed, but unfortunately are. Completion and Reporting Big spreadsheets with informative graphs, Zavanti has all of those reports. It will sum up the project for you and give you an understanding of how you can do it better next time. How it works with Masterkey For a Developer, Masterkey handles everything that Zavanti does not: Marketing, CRM, Leads and most importantly, working with external agencies. The only overlap between the two systems is at the point where data flows from Masterkey into Zavanti. Integration is done simply through the Masterkey API and feeds into the appropriate databases in Zavanti. Most companies love the fact that Zavanti, with all the financial data, can be stored on a local server, while Masterkey is hosted online, easily accessible and connected to other online resources. Masterkey is Zavanti’s Middle East partner, and Zavanti is Masterkey’s Australian partner. The bilateral partnership allows both companies to provide exceptional on-the-ground support for both applications, satisfying local requirements.

A first look at the new Property Finder! It goes live at 12:00!

A first look at the new Property Finder! It goes live at 12:00!A first look at the new property finder website! [More]