New Dubai startup plans to disrupt the lead generation game
Tripler.com is the brainchild of Sam Singh, a UK-based British-Indian serial entrepreneur. – Photo provided
Artificial Intelligence, Web3 and ChatGPT will soon disrupt the real estate market in the GCC as start-ups using Web3 technology enter the real estate market in a big way.
The real estate market in the GCC runs in manual mode – as sales teams in all real estate companies – be they developers or brokerages – spend millions of hours each month generating credible sales leads to increase sales. This is a traditional and age-old practice that is still prevalent in the modern real estate business.
The industry has failed to use technology effectively to generate sales leads, with the exception of a few who use digital media for general casual sales leads.
However, Tripler, an AI and ChatGPT-powered startup, plans to disrupt the lead generation game — and it’s generating real and credible sales leads in real-time. The sales team needs to convert these real leads into sales and get the sales and purchase agreements (SPAs) signed to close the deal.
While this could put many agents out of business, it will streamline sales across the property and real estate sector. Real estate agents in Dubai will benefit the most from the AI and ChatGPT powered sales leads generated on platforms like Tripler.com.
Tripler.com is the brainchild of Sam Singh, a UK-based British-Indian serial entrepreneur. “The UAE offers the perfect canvas for the development of technology companies focused on the real estate sector. While the sector has grown dramatically, many of the innovations in the real estate sector are only now coming to the UAE market,” Singh told the Khaleej Times.
Real estate sales transactions in the GCC between January and October 2022 totaled US$143.1 billion (Dh524.81 billion). Dubai and Abu Dhabi contributed over 48 percent of the total transaction value, Kamco Invest said in December 2022. This is higher than the full-year transaction value of 2021, which exceeded $137.4 billion.
Generating sales is the biggest problem for developers and agents. Businesses spend millions of dollars to generate sales – through traditional marketing techniques ie advertising, billboards, billboards, print media, public relations, cold calling, SMS marketing, email marketing, digital and social media.
The key is generating credible sales leads – to convert them into sales. It is the sale, or the lack of it, that determines the success or failure of any real estate project – be it residential, commercial or retail.
“Tripler is the world’s first artificial intelligence-based lead conversion platform. Our investors include early supporters of Uber as well as the UK-based BOOHOO group. Our research and development in artificial intelligence has been funded by the UK government,” said Singh.
“Tripler is a unique technology that enables the algorithmic comparison between broker, property and buyer. Rather than relying on the old-fashioned approach of finding the right agent and visiting multiple properties before our transaction can be completed, Tripler uses algorithms and machine learning to only connect property buyers with real estate agents where there is a high probability of transaction success .
“In this way, Tripler actually triples the chances of a successful real estate transaction through the use of machines with artificial intelligence, learning and algorithms. Matching has the key tools to streamline the property buying process and reduce friction.”
The number of real estate transactions in Dubai last year increased by 44.7 percent to 122,700 compared to 2021, according to the Dubai Land Department. In 2022, around 80,216 investors registered 115,183 new property investments valued at Dh264.15 billion, representing a volume growth of 59.5 percent and a value growth of 78.4 percent. All of this was done through referrals and sales contacts.
In his 26-year career, Sam has built and successfully exited previous companies. A marketing company, Candid Marketing, built it from the ground up to become a market leader and sold it to an LSE-listed group in 2006. A hotel development company (Milestone Hospitality Ltd) built and sold it to a US private equity fund in 2012, marking its second exit a few years later.
This was followed by a technology company specializing in real estate, I-Homes, which was again built from the ground up to become market leaders in global emerging markets such as India and Dubai. 2014/2015. Sam resigned from the company at the height of his success and transferred control to his key PE investors. Two years after he left the company, it was subsequently restructured and sold.
“Dubai is proud that this is the city of the future and encourages technological development in all sectors. The advances in artificial intelligence and machine learning over the last 2-3 years have resulted in almost every sector being transformed by the advent of artificial intelligence,” says Sam Singh.
“Prop-tech can help you play a bigger role in further enhancing the property buying experience for an investor in the Dubai market. The entire process of finding, selecting and evaluating a property by a potential investor can be improved and accelerated through the use of technology and artificial intelligence.
“Our company manages a highly specialized database called Triton, capable of utilizing the latest technology to maintain a master database of all properties available in the Dubai market across all portals and broker websites. The role of technology in the real estate sector is increasing dramatically in all areas including real estate, maintenance, construction, sale and purchase, and business structuring can be greatly improved through the use of technology and artificial intelligence.”
“The prospects for the use of technology and artificial intelligence in the real estate sector in Dubai are extremely strong, and as Dubai’s appeal continues to grow, companies with the most innovative real estate technologies will find Dubai to be a perfect home for them to take their products to market market and develop.”
“With the magnitude of geopolitical risks currently visible in different parts of the world, Dubai offers people a safe haven to park their wealth in real estate while enjoying attractive returns that are higher than any other in the world. The nature of Dubai as a neutral territory, coupled with the quality of property development and security of Dubai, makes it a unique real estate hotspot with advantages for the next few years.