Nurturing a powerful business idea is one thing and setting up the company of one’s dream is another. Not many people can turn their entrepreneurial aspirations into reality and even fewer can win over the fear of potential risks as well as carry out a thorough planning process to enjoy the taste of achievement eventually. In this blog post we look at the successful business model of JustProperty.com.
A business pioneered by co-founders Alex Nicholas (CEO) and Siddharth Singh (CTO), JustProperty.com is UAE’s leading online real estate portal operating as a member of the JRD Group. This group is a Dubai-based technology enterprise in the real estate arena in UAE and beyond renown for redefining the property search experience through innovative technology. The group has also expanded regionally too after receiving a growth-oriented investment capital from the iMENA Group.
According to the co-founders, the journey of JustProperty has been challenging but also full of learning. Since its incorporation in the year 2010, it now the region’s oldest and largest property search portal dedicated to delivering value to end-users in both residential as well as commercial real estate market. The secret to JustProperty’s grand success however lies in its highly sustainable business model. Like a lot of businesses it started via the big entrepreneurial dreams and burning desire of it’s co owners. They turned the idea to a commercially viable and profitable enterprise. Here are the traits of the business that have contributed to its rapid growth:
1. A ‘Lean And Mean’ Business Model
For any startup business, the first step towards success is having a ‘lean’ strategy in place.
JustProperty made it a point to satisfy the needs of their customers from the very first day while eliminating wastes in both processes and products. It was launched in a time when the real estate market in both the UAE and the MENA regions was experiencing a downturn. But instead of holding back, this pushed the business to adopt a lean model. The company adhered to its budget strictly and emphasized its product and value proposition in order to reach its end goal i.e. positive returns from customers. This was helpful for not only surviving the worst time of recession but also ensuring its success in the long run.
2. Leveraging The Dynamic Ecosystem
Change is the only constant and it is essential for every business to be agile in order to outperform the rest of this vastly competitive market. However, agility demands proper alignment with today’s dynamic ecosystem to make the business capable of formulating well-off strategies.
When JustProperty commenced, startup-hopefuls in UAE hardly had an environment to start, transform, and thrive. Now, the scenario has changed a lot. With the ever-increasing buzz about entrepreneurship, more and more opportunities are opening up for startups, small and medium-sized enterprises, and investors through events, meet-ups, and accelerators. The company took advantage of this optimistic and encouraging environment to the fullest extent possible. Aspiring entrepreneurs should learn from it and leave no stone unturned to capture endless possibilities offered by today’s dynamic ecosystem.
3. Blending Technology With Innovation
Technology makes businesses smarter while innovation makes them grow seamlessly. A perfect blend of these two can help a company meet ever-changing demands of the market in an efficient manner. Even though the initiative makes a business to drive the change, it should be considered as an amazing prospect.
Being the men of extraordinary vision, it was not tough for JustProperty co-founders to apprehend how adopting the power of ‘Internet’ can transform the whole property search market. They made innovative technology the backbone as well as the primary ‘defining factor’ of the JustProperty portal to offer unique customer experience. Apart from offering authentic, detailed, and high-quality listings through the web portal, the company has also developed an effective mobile app (for both Android and iOS) to deliver real-time listing access to buyers on the go. It also has made property shopping hassle-free by integrating an advanced mortgage calculator on the portal. Needless to say, such technological innovations can take any business to a whole new level.
4. Accelerating Regional Expansion Drive
Expanding beyond the local market should be a dream of every new business as it allows them to flourish extensively rather than leaving them buried in the competition. As regions are considered as a critical analytical unit for cross-border strategies, following a regionally oriented approach along with local initiatives can boost the performance of a company significantly.
With the evolution of the market as well as business,
JustProperty started thinking through its strategy at the regional level. The company has already scaled out of the MENA region with its bilingual online portals in seven countries (including Kingdom of Saudi Arabia, Qatar, Oman, Bahrain, Jordan, and Egypt), and it has been continuing the rapid expansion of its portfolio by exploiting its power of regionalized thinking. Being a forerunner in the online property search market inMiddle East, it has been capitalizing on its exceptional growth trajectory and building on the momentum perfectly.
The ideal entrepreneurial mindset and strong commitment to creating values have turned JustProperty into the industry leader over time. If you have a great idea and zeal to start up, the journey of the company will certainly motivate you to the core.
Just take the plunge. Your hard work will pay off, indeed!