UAE

UAE: Local proptech seeks to do away with commissions – Khaleej Times

6 minutes, 41 seconds Read
Arijit Sen, co-founder of Gllit

Arijit Sen, co-founder of Gllit

Published: Wed 27 Mar 2024, 9:25 PM


Buy/sell, rent/lease residential &
commercials real estate properties.

As the real estate sector in the UAE reaches unprecendented highs, Gllit, a local protech firm, is pioneering a commission-free platform for real estate transactions in Dubai and provide a comprehensive property search platform that empowers both house hunters and property sellers/landlords to bypass costly commission fees during property transactions.

Gllit seeks to simplify real estate transactions by directly connecting homebuyers and tenants with home sellers and landlords on a commission-free platform. By eliminating traditional commission fees entirely, Gllit unlocks a huge untapped potential as real estate transactions become more affordable and accessible for everyone. “We believe it is the perfect time to introduce a disruptive force in the market that empowers consumers with more choices, greater flexibility, and big cost savings,” said Arijit Sen, co-founder.

Exceprts from an interview

The agent/broker has always been the key player in the real estate industry. How does Gllit plan to replace him?

It is all about providing real estate consumers with a viable alternative that meets new expectations, while ultimately benefiting all parties.

The real estate market’s customer profile has evolved and we’re seeing a shift towards younger, tech-savvy consumers who value autonomy, efficiency, and transparency. Gllit’s commission-free platform fills a void in the existing market by offering direct control with a do-it-yourself approach that incentivises all parties involved by making transactions much more cost-effective.

In what ways do property sellers and landlords benefit from using Gllit?

Gllit allows property owners to list their properties on the platform directly without the need for intermediaries. The user-friendly interface is quick and easy to use. Sellers and landlords can easily add one or multiple properties and provide detailed information, upload high-quality images, write comprehensive descriptions, and even set up site-viewing availability.

Gllit is a powerful and convenient solution that speeds up the process and gives greater control over the entire transaction, without the burden of costly commission and listing fees. The substantially enhanced returns make the commission-free model a compelling alternative.

How does Gllit’s model facilitate a more cost-effective and transparent process for its users?

Gllit’s commission-free model provides an alternative platform that eliminates costly commission fees and allows homebuyers and tenants to transact directly with home sellers and landlords. As a result, properties on Gllit are more affordable for both buyers and tenants, while the transaction process is straightforward and much more convenient.

Moreover, security and transparency are part of Gllit’s core values and principles. We safeguard the interests of buyers and tenants by ensuring that each property listing goes through a two-tier verification process. Sellers are required to provide proof of identity and proof of ownership through a title deed, which is then verified with the Dubai Land Department (DLD).

What is Gllit’s approach on privacy of contact information?

For us at Gllit, the user’s privacy is paramount. The user’s private contact information is not visible to other users and we have ensured that only they themselves can share their contact details with any interested party.

Multiple channels are built into the Gllit platform for ease of communication – chat messaging, video calls as well as setting up site viewing – taking away the need of exchanging numbers at an early stage. This ensures that all interactions are private and secure.

Gllit prioritises data privacy of users by incorporating compliance checks and balances at each stage of the transaction process, including stringent data protection to safeguard user information. We also provide guidance and resources to our users to help them understand their rights and responsibilities.

How does Gllit support users who are unfamiliar with the digital aspects of real estate transactions?

By and large, on Gllit’s platform, the entire process of listing a property or searching for a house and connecting with the owner is simple and intuitive. The subsequent process of sale deed and rent deed registration is also now done online at the DLD.

Gllit supports users by offering a wealth of resources, including an informative blog, various educational materials, and free tools to demystify real estate transactions and give users the confidence to initiate and conduct real estate transactions from the comfort of their homes.

For users uncomfortable with managing the brass tacks of the deal closure on their own, they can optionally reach out to our panel of experts on the platform and seek their services for real estate documentation, tax and legal matters for a nominal fee.

How do you see Gllit influencing the dynamics of the real estate market in Dubai?

We believe that Dubai, through the Dubai Land Department and the Real Estate Regulatory Agency, has done amazing work in terms of digitising their services and making real estate transactions more accessible to all. It is now time for the rest of the stakeholders to step up, and this is exactly what Gllit is doing in the market.

By offering a commission-free platform that directly connects homebuyers and tenants with sellers and landlords, Gllit offers a more accessible and streamlined real estate transaction gateway that aligns with Dubai’s vision of an innovative and user-friendly property market. This approach reinforces consumer confidence by offering greater control and choice, complementing the DLD and RERA’s efforts to modernise the market.

As Dubai’s first commission-free platform, Gllit is proud to be a pioneer in supporting the emirate’s transformation and setting a new standard for real estate transactions.

How does Gllit’s approach to real estate transactions align with the UAE’s vision for economic diversification and smart city development?

Gllit’s commission-free model unlocks a largely untapped segment of the real estate market, supporting the UAE’s vision for economic diversification. Moreover, by leveraging technology to facilitate direct, commission-free transactions between property stakeholders, Gllit supports the UAE’s strategic move towards a knowledge-based economy and smart city development.

One of our main goals is to reinforce Dubai’s reputation as a world-class real estate destination. This is in line with the emirate’s ambitious Urban Master Plan 2040, which aims to make Dubai the best city for living and investing in property.

What is the way forward for Gllit in terms of its relationship with other stake-holders in the industry?

A key pillar of our business model is our commitment to building relationships and collaborative efforts with other stakeholders in the industry, particularly developers and property management companies (PMCs). Gllit aims to work closely with developers and PMCs to streamline the property listing and transaction processes, making it more efficient for these entities to reach potential homebuyers and tenants directly.

By integrating their offerings on the platform, developers and PMCs can leverage Gllit’s technology to engage with a wider audience and facilitate smoother transactions without the burden of commission or listing fees. Furthermore, these partnerships will enable Gllit to offer more comprehensive solutions and data analytics services, helping developers and PMCs make informed decisions based on market trends and consumer preferences.

What are Gllit’s future plans for expansion, both geographically and in terms of service offerings?

Our mission has always been to empower consumers by giving them the freedom to choose a cost-effective and user-friendly platform to rent, sell, or buy their dream home. Gllit users can look forward to more value-added features that will make real estate transactions more budget-friendly and straightforward for any customer profile.

We have received a tremendous positive response since we initially launched in Dubai, with inquiries coming from all over the UAE. Gllit is now focused on expanding our reach geographically to include the other emirates and later the rest of the GCC. We will also continue to broaden our range of service offerings. This expansion strategy taps into new markets and allows a much wider audience to benefit from Gllit’s unique, commission-free real estate transaction model.

Gllit introduces a disruptive force in the market that we hope will generate excitement for the opportunities that lie ahead for all stakeholders in the real estate industry.

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