Property Weekly Profile: Building a brand

Property WeeklySkyview Tower is 32-storey residential building in Dubai Marina l Image Credit: Courtesy of Raine & Home

The story of Raine & Horne dates back to 1883, when property pioneers Tom Raine and Joseph Horne opened for business in Wentworth Court, Sydney. In 2015 the group celebrated 132 years in business, making it one of the oldest privately-owned firms in the southern hemisphere and Australia’s oldest family-owned real estate firm. The brand has more than 350 offices worldwide. Last year the Australian real estate group also opened its first office in Dubai. Due to its strategic position, tax-free living and strong economic outlook, Dubai was the most logical place to do business in the Middle East and it made sense for the company to establish its presence here.

Raine & Horne, UAE provides a comprehensive range of real estate services with separate commercial and residential divisions for sales, leasing, management and consulting. Sanjay Chimnani, CEO of Raine & Horne UAE, says the resources available in the company’s network ensure clients on-the-spot knowledge of local trends and market conditions. He says the team has 24 professionals from all over the world, which is crucial to the success of the business model.

After completing a year in Dubai, Chimnani believes the “market is now well-poised with the additional supply that has entered in the last three years and the projection for the next three”. He adds there is a good balance between buyers and sellers of real estate in Dubai.

“In late January, we saw the US dollar at an all-time high and oil at a low in a decade. This trend has begun to change in the past few weeks, and if the trend continues, it will bolster the general investor/end user sentiment in the real estate market,” says Chimnani. “Even in the off-plan market we have seen developers get creative with payment plans and guarantee of yields and market forces will make the developers continue on this path. With the yields at an all-time high in a now matured market, smart buyers are bucking the trend and snapping up properties at favourable prices.”

Anantara Residences
Raine & Horne, Dubai started operations with a bang when it was appointed as the exclusive agent to market the freehold luxury five-star hospitality property, Anantara Residences, on the Palm Jumeirah, worth Dh1.4 billion. The signing ceremony was attended by Abdulla Bin Sulayem, CEO of Seven Tides, and Angus Raine, Executive Chairman and CEO of Raine and Horne.

Nurol Reit
Raine & Horne, Dubai has also been assigned to sell three key Istanbul-based projects from Nurol valued Dh3 billion — Nurol Park — Mixed-Used Community; Nurol Life — Luxury Residential Tower and Nurol Tower — Home Office. “Nurol Life, Nurol Park and Nurol Tower will be Raine & Horne’s first foray into Europe, so this is a historic partnership for us,” says Chimnani.

Skyview Tower
Raine & Horne is also handling sales of a completed project, Skyview Tower, in Dubai Marina. The 32-storey residential building towers over many other buildings, offering exquisite views of the Palm Jumeirah and Dubai Marina.

According to Chimnani, the company stands out for its track record in four key areas: research, financial modelling, marketing strategy and effective sales plan.

“Agents have the local and international experience to provide clients with an in-depth analysis of current market conditions along with detailed studies of the feasibility of any project,” says Chimnani, explaining the company’s research expertise.

He says the company’s expertise in financial modelling is driven by vast knowledge of the market, which gives Raine & Horne a very good idea of financial expectations and “helps design financial projections that take the client’s requirement as well as the market conditions into account”.

Being able to develop a potent marketing strategy is another strength that allows the company to maintain its competitive edge. “Our media buying experience, coupled with partnerships across various digital and conventional marketing vendors, allows the company to execute sales plan with great efficiency,” he says.

Chimnani adds that having a realistic sales plan that can be implemented professionally and proficiently is an essential element in the company’s business philosophy. Another core focus area of the company is project marketing. Chimnani says: “Financial modeling of projects with information we gather on a daily basis and aggressive marketing to get our message out makes us stand out in the crowd.”

Chimnani says Raine & Horne, Dubai will soon establish a division for hotels and hotel apartments with a focus on the entire GCC. The services will cover a wide range of hospitality segments, from luxury to budget hotels, mixed-use developments and other hospitality features. The company is also addition short-term rentals into its bouquet of undertakings. The company will also broaden its horizons by establishing an office in Abu Dhabi by the end of this year.

Source: Property WeeklyPW


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