Egypt's Aqarmap.com adds feature to share real estate listings
New feature in popular real estate app will allow brokers to share standardised listings
Egyptian real estate portal Aqarmap.com has launched a new feature which it says will match the Multiple Listing System (MLS) widely used by US real estate brokers.
The Exchange feature will allow brokers to share standardized listings of properties, to improve efficiency in the market. Exchange has been added to Aqarmap Live, a mobile-only CRM solution that is used by many real estate brokerages in Egypt. It allows brokers to exchange buyer requests and listings securely within a network of vetted brokers without sharing any sensitive data that do not want to reveal.
Amad Almsaodi, CEO and Founder of Aqarmap stated: “Unlike the US market where Real Estate brokers and agents exchange listings information via the MLS databases, developing markets suffer from extreme inefficiencies due to the lack of collaboration between brokers. This typically results in missed opportunities and properties remaining offered on the market for longer periods of time. Brokers in markets like Egypt protect their listings information due to the lack of exclusivity contracts, which are the standard in markets like the US. This challenge was the source of inspiration behind Aqarmap Exchange.”
“We basically automated a process that was typically done manually by most brokers, and then we helped our customers scale their network to all the brokers that are already using our CRM solution” said Maice Zekry, Product Manager at Aqarmap.
Aqarmap started in Egypt in 2011 and expanded to Saudi Arabia in 2014.
The company says it is currently in advanced talks with several investors as it plans to raise capital for further expansion to other MENA region markets.