Coldwell Banker-Egypt, a pioneer in real estate investment and marketing, has partnered with real estate startup, Sakneen. The startup will help it digitize the home buying experience for both buyers and sellers alike. The protocol signed between both entities comes as part of Coldwell Banker’s strategy to lead the digital transformation of the Egyptian real estate market, in line with Egypt’s 2030 Vision. The partnership between the two companies comes at a time where the advent of the Coronavirus pandemic has accelerated peoples’ need for digital solutions.
The platform, sakneen.com, will offer homebuyers a marketplace to explore and compare properties, and help users make the most informed purchase decision. Users will be equipped with the tools and information they will need to choose a home that matches their exact needs. They will be able to search through a wide range of commercial, residential and administrative units across the real estate market. Sakneen offers users the opportunity to search for homes based on features such as payment plans, delivery dates, NPV, finishing, as well as allowing users to calculate their potential commute and locating units on a map.
Karim Zain, CEO of Coldwell Banker – Egypt, confirmed that despite the challenges that the Egyptian real estate market has been encountering in 20202 with the repercussions of the Coronavirus crisis, the sector is still deemed as one of the strongest markets in the region, and is apt to lead the national economy and push it forward. According to Zain, the real estate sector is the first and preferred means for investment in Egypt. He also pointed out that his company’s strategy aims to develop real estate marketing services and make them be fully contingent upon the latest technologies, just to conform to the market’s development, together with Egypt’s 2030 vision for digital transformation.
Mohamed Saada, Executive Vice President and Vice Chairman of Coldwell Banker – Egypt, elucidated that the partnership with Sakneen aims to take real estate marketing to a new level of showing support to its customers, by providing them with prominent services. This comes in line with the company’s orientation towards focusing on underpinning the young cadres and offering new services for customers, in order to facilitate the selection process and help them make the appropriate purchase decision. All of the previous insinuates the company’s keenness to train and develop its manpower skills to be able to keep pace with the market’s development and provide efficient advice to its customers.
Ramy Khorshed, CEO of Sakneen”, stated: “We are proud to cooperate with a leading company in the field of real estate marketing such as Coldwell Banker. This will help us provide a unique service for the Egyptian market to the benefit of real estate buyers. The platform aims to reshape the real estate market by eliminating the obstacles that the customer might come across in terms of the lack of information and transparency around financial details.”
Coldwell Banker International was founded in 1906, and currently has more than 3000 offices worldwide. It has more than 86,000 employees, and began its operation in the Middle East in 2001. The company also owns a large network of offices nationwide to market more than 300 distinguished projects, in different regions, in cooperation with the most noticeable real estate developers. Next year, Coldwell Banker is planning to celebrate the 20th anniversary of its presence in Egypt.
In the summer, Sakneen raised $150,000 Pre-Seed Funding from Y-Combinator. Y-Combinator is Silicon Valley-based investor behind household names such as Airbnb, Dropbox, Reddit and Stripe. The total valuation of all companies Y Combinator has invested in is over $100 billion, and 18 of their companies are worth over $1B dollars. Sakneen is one of the first Egyptian companies to be financed by “Y Combinator”, as well as the first in the Middle East and Africa in the real estate sector.
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