Aqarmap.com, the leading Online Real Estate marketplace in Egypt has successfully sold properties online by allowing consumers to pay a reservation fee with their credit cards to lock up exclusively discounted properties. .
Amad Almsaodi, CEO and Founder of Aqarmap stated: “Real Estate portals across the globe are attempting to expand their role in the consumer search journey beyond just generating leads. Our team decided to leapfrog these attempts that are happening in more developed markets as we saw an opportunity to take the transaction completely inline. Obviously, this approach cannot work for all use-cases; however, we found it very applicable in new home off plan sales where buyers typically cannot see the property they are buying, and are willing to reserve a unit online by paying a small reservation fee with their credit card.”
The inspiration came from existing offline behavior that happens in the Egyptian market. Real Estate developers typically collect reservation fees from buyers during their new projects launch event, and Aqarmap successfully replicated this experience online, by allowing the developers to collect the same reservation fee online. Three Developers have used this new service and Aqarmap was able to sell their assigned properties within 48 hours.
Aqarmap presented this successful new model at PPW conference in Madrid, an event that connects the leading Real Estate marketplaces from all global markets. This was the first time any real estate classifieds website have successfully conducted sales online and collected commissions, and it is expected that this model will evolve and improve with time.
Aqarmap has more than 1.5 million registered users and 5,000 brokers listing properties on the platform. The marketplace generates 200,000 leads every month, and has helped sell more than 15,000 properties in 2017 worth 12 Billion Egyptian Pounds.