Jad Antoun believes the property industry globally, and especially in the MENA region is the least digitised segment. The lack of technology means several brokers and real estate agents simply rely on old-school methods and technology to do their daily
This problem then percolates down to the end customer as well, to solve for this Antoun co-founded Huspy a platform that makes both sides of the home buying experience easy.
“Our technology, coupled with AI, helps real estate agents and mortgage brokers through the entire journey, helping them to close transactions significantly faster. For example, we are building an AI solution where, based on a home buyer’s requirements, we can package a number of potentially suitable properties and automatically give this to the agent to share with their client,” said Antoun, in a conversation with edge/.
He explained the platform was launched to build a mortgage business in the MENA region. Historically, there was little technology involved with most of the process completed offline.
“We digitised several steps in the journey which helped buyers to secure the best financing option in a significantly reduced time. Everything that we do at Huspy is to empower our partners. This means we always give higher commissions and better technology. After becoming the UAE’s largest mortgage provider, Huspy’s ambitions grew, with a new goal, to build a super app for real estate focused on real estate agents, mortgage brokers and property buyers. We also expanded internationally into Spain, with further geographical expansion planned soon,” said Antoun.
Helping the brokers and agents
The platform acts as a super app where the real estate agents and mortgage brokers and the consumers can work towards one goal. The Huspy for Brokers app allows the mortgage broker partners to submit applications online eliminating the need for paperwork. They’ve also built an innovative proposal creation tool that equips brokers with market information and interest rates, allowing them to white-label offers just for their customers.
Plus, the ‘Client Vault’ is an AI-powered solution that allows real-time data validation by extracting key information from documents to quickly process applications within the app.
“We are also able to look at a customer’s historical financial record to speed up the approvals they need to buy a home. With these solutions, we are not just digitising the entire home-buying industry, but we are also equipping every stakeholder with the specific tools they need to transform the customer journey,” added Antoun.
From Spain to UAE
Recently the Huspy for Agents app was launched in Spain with significant adoption and will soon be rolled out in the UAE As well.
This app allows the agents to quickly onboard their clients. The agent then has one-stop shop solution for their day-to-day activity, including sharing properties and scheduling appointments. The app also has an AI-powered suggestion tool that ensures the right properties are matched to the buyer based on their needs and criteria.
Apart from allowing for virtual touring of properties, the app allows for transactions to be closed on it as well. It also allows agents to connect their clients to the financing they need, giving a complete end-to-end experience for the agents and their customers.
In December last year the UAE-headquartered startup announced that its mortgage unit in UAE processed AED 1 billion in home financing in November of the same year. What helped was when they realised that the problem happens during the financing stages, that is when they realised if the product helped with the pre-approvals at a faster speed, it would make the experience smoother for all involved.
Evolving for the consumer
“We listened to both our real estate agents and those in the wider market to create a technological solution to agent’s needs. Initially rolled out in Spain, our real estate app has been regularly updated and improved, including the introduction of an AI matching tool, to create an incredible product for real estate agents. Our product is also evolving beyond financing and buying a home to assisting those who wish to sell or rent a property, as well as offering various post-transaction services for homeowners,” said Antoun.
Real estate remains the largest asset class in the world. However, much of the sector is still offline with a large potential for transformation.
“We are already seeing how technology is making the entire process faster and more efficient. AI is helping us process data faster and qualify buyers for their new homes.
The potential for technology to disrupt real estate is significant and we are only at the early stages of this journey,” added Antoun.
In 2024, the team is aiming to double down on solving for inefficiencies in the overall experience for the ecosystem. This will include the use of AI and data to solve for everyday problems.
“This will drastically reduce the time and complexity of closing a deal, helping our clients to find and finance a home faster and with less stress. This is achieved by building a multitude of features focussed on better serving the needs of all stakeholders involved at each step of the transaction. The Huspy vision remains unchanged, to drastically simplify and speed up the process of buying a home,” said Antoun.
The team is now focussed on UAE and Spain, and is also looking to expand into new markets this year. The team is also investing in their technology to further build out a comprehensive solution.
