The crisis imposed by the COVID-19 pandemic affected all aspects of life in countries around the world, as the outbreak of the pandemic imposed a package of precautionary measures represented in isolation, lockdowns, social distancing, travel bans, and the complete closure of most institutions. The global system is in a state of stagnation, which has had a negative impact on the economic system in the Gulf countries as well, and the State of Kuwait in particular. The real estate sector was one of the most prominent sectors that suffered from the recession period.
The bans decisions in the state have resulted in the closure of many companies and shops, thus disrupting a large segment of people, which led to thousands leaving their businesses, and their inability to pay rent for residential or commercial real estate. Moreover, this situation led to obstruction in real estate management and rent collection for individual landlords, property managers, and real estate companies.
Ajar Real Estate Facts
In the 2020 Financial Stability Report issued by the Central Bank of Kuwait, on a sample from Ajar on many investment and commercial real estate in various regions in the State of Kuwait, where the real estate sector witnessed delays or interruptions in the rent payment process, as it was proven “…occupancy rates for Investment and Commercial real estate fell to 67% and 64% respectively by year-end”, and this was accompanied by an increase in the late payments and unpaid payments. The cyclical nature of lease contracts and the flexibility of some landlords dealings had a role in decreasing late rent payment problems, as many discounts were offered on residential and commercial real estate units in order to help tenants who were unable to pay their rent due to job loss or pay cuts.
Ajar services during the pandemic
Ajar was able to provide distinguished online services that made it easier for tenants to pay rent for their homes, offices, or shops, as well as, support better workflow to individual landlords, property managers, and real estate companies.
Ajar rental services for property owners
Innovative solutions are always being offered from Ajar services to facilitate online rent collection and property management, as each of individual landlords, property managers and real estate companies who are registered on the platform, can perform the following operations from anywhere in the world, which contributed to their staying in constant contact during all situations that the country has experienced:
- Individual landlords communicate with tenants directly through Ajar’s message center and understand their needs and requests. Accept online payments to avoid theft while saving time and money.
- Property managers manage properties successfully by making informed decisions from Ajar’s insights and data. Add multiple users and assign different roles to each user.
- Real estate companies monitor requests through Ajar’s maintenance tracking system. Create different types of invoices and automate reminders to get tenants to pay on time.
Services for tenants
Also, during this time, Ajar gave tenants the freedom to pay rent online in less than 60 seconds contact-free, and so much more, such as:
- Receive reminders for due payments via SMS and email
- Tenants can choose when and how to pay rent and can do so from anywhere around the world. Keep track of previous receipts and pending payments all through the dashboard
- Tenants can make maintenance requests, report issues, and message their landlords directly using Ajar’s direct messaging center and view the status of their requests and messages
All these quick, easy, and safe services provided by Ajar have ensured the work of the property owners, and the convenience of the tenants with the best online technological methods, thus striving to occupy a prominent position and be the technological infrastructure for the real estate sector in Kuwait and the world.
Read many useful topics in the Ajar blog, such as top 3 Tips for Improving Your Rent Collection in the COVID-19 Crisis, as well as Ajar’s Home Management Dashboard for Tenants.