In a recent episode of the "Situation Today" podcast hosted by Golf Business, Gareth Fencell sat down with Firas Al-Msaddi, founder and CEO of fäm Properties, to discuss the impressive growth and innovation of Dubai's largest real estate brokerage.
From Humble Beginnings to Industry Leadership
Firas Al-Msaddi's journey to founding fäm Properties is a classic tale of ambition and resilience. Originally from Syria, Al-Msaddi moved to Dubai in December 2005 after securing a job in the fashion retail sector. "I came here, worked in a retail shop selling clothes, and after a year and a half, I took a 25-day vacation to explore real estate," he recounted. The allure of the real estate industry, combined with the vibrant architectural landscape of Dubai, convinced him to switch careers. By 2009, amid the global financial crisis, he founded fäm Properties, determined to make a mark in the challenging market.
Scaling New Heights
Under Al-Msaddi's leadership, fäm Properties has grown exponentially. The company now boasts 26 branches across Dubai, with a sales force of 650 real estate agents, which is set to double by the end of next year. This rapid expansion is a testament to Al-Msaddi's strategic vision and his commitment to leveraging technology to stay ahead of the curve.
Pioneering Transparency with DXB Interact
One of fäm Properties' standout achievements is the development of DXB Interact, a platform designed to enhance transparency in Dubai's real estate market. "It shows all the transaction history for rent and sales, allowing anyone to see how much any property was sold or rented for," Al-Msaddi explained. This innovation has revolutionized how real estate business is conducted in Dubai, providing invaluable data to buyers, sellers, and industry professionals.
Embracing Technology for Sustainable Growth
Al-Msaddi attributes much of the company's success to its technological advancements, largely driven by his brother, who heads the tech department. "Our tech capabilities have enabled us to scale, manage 26 branches efficiently, and offer top-notch ERP and CRM systems," he noted. Using an Oracle-based platform has been instrumental in fäm Properties' ability to expand and manage its extensive operations.
Collaborative Efforts with the Dubai Government
DXB Interact's and other initiatives' success has been bolstered by strong collaboration with the Dubai government and the Dubai Land Department. Al-Msaddi praised the government's proactive approach and willingness to listen to the private sector, highlighting their support in regulatory matters, especially in improving advertising permits and eliminating fake listings from real estate portals.
The Road Ahead
As Dubai's real estate market continues to evolve, Al-Msaddi remains optimistic. He believes that the city's global positioning and ability to attract new residents and investors will sustain its growth. "Dubai has proven its long-term ability to turn challenges into opportunities," he said, reflecting on the city's resilience and agility.