by Wael M. Kabrit, Danat Qatar
I frequently get asked; based on today’s real estate market, ‘how do you maintain such a high level of occupancy and avoid price reductions to meet other players in the market’? Well, as Jeff Bezos said: “The common question that gets asked in business is, why? That’s a good question, but an equally valid question is, “why not?”
There is no doubt that the real estate market gets affected by almost any turbulence that might occur, whether its related to the global economic status or regional political circumstances, at such times a price war flame starts to glow between investors, especially when it comes to small investors in most real estate markets.
Such price wars result in a long list of undesired consequences for businesses, where some investors’ biggest ambitions are to break even. To reach that point, there are some serious moves that need to be taken such as, dropping revenues by rate adjustment, reducing services by layoffs, extending response time in tending to maintenance issues, and the list goes on until your standards become your biggest enemy! And from my perspective, once you lose your business identity which was set based on your standards in the first place, then you are no longer a threat in the market.
Only a select few are willing to take the initiative to prioritise their adaptive business mentality, client’s expectations, customer loyalty, brand identity, and raise the standards bar whenever a challenge pops up.
Starting from our confidence in Qatar’s leadership under H.H Sheikh Tamim Bin Hamad and our trust in the strength of our economy, we at Danat Qatar adopted a business mentality to move forward and against all odds, we know there will be a lot of waves to ride, but we are confident that at the end, we will reach our goal, which falls in line with Qatar’s vision 2030, where we aim to being an efficient contributor in our country’s story of success and legacy.
A key element to keep our company on the right track of success is having the right people in the right positions. My colleagues from all different levels in the company are the heart of this company, and the management ensures that they are aware that their efforts are appreciated, and that they work with us and not for us.
Finally, we segmented our target market needs and then enhanced the tools to present them in the best way possible, because when you are already providing a high-end service it comes down to the minor details that make the difference, and that’s what we do best!
This article was first published in Trends Vol. 2