Like other essential services and commodities, real estate prices attract significant attention from analysts and real estate experts, despite their differing viewpoints, and this is accompanied by widespread debate within the sector and in private forums. For example, when real estate prices decline, we find a group of analysts rejoicing and shedding tears of joy—not because the commodity has become affordable and accessible to consumers; but because of the significant losses that will be incurred by their real estate colleagues. They seem to have forgotten the principle of “do no harm” and the saying of the Messenger of Allah, peace be upon him: “None of you truly believes until he loves for his brother what he loves for himself,” as narrated by al-Bukhari and Muslim.
Another group of analysts, however, weighs the issues and spells things out with professionalism and credibility, yet some traders are dismayed by this objective analysis because it does not serve their interests, whereas the successful real estate investor benefits from the insights of this analysis and views it as a starting point for addressing mistakes and seizing opportunities to adjust the status of their properties in line with the market.
Based on my practical experience in the real estate sector, I have reached an important conclusion and conviction: tenants are always looking for post-sale services (and here I mean post-lease), as they aspire to have specific services provided in the building where they wish to live; such as security guards, security cameras, central gas service, air conditioning, cleaning, and private parking, in addition to maintenance and other services. When a tenant finds these services, it is only natural that they will become one of your loyal customers.
Failure to correctly assess the real estate market and rely on analysis from trusted experts has caused a large number of residential apartments and commercial spaces to fall out of demand due to high prices and a lack of amenities, leading to a prolonged decline in tenant interest. Therefore, landlords should be advised to continuously maintain and renovate their properties, identify factors that ensure tenant stability, and implement them.
To reinforce our point, we find that a large segment of tenants—both citizens and foreigners—are seeking housing in private residential complexes (gated communities), despite the high rental rates there. These complexes are often fully occupied, primarily due to the services provided within them, such as free school transportation, shuttle services to shopping centers, and regular maintenance of residences, elevators, and gardens.
Conclusion:
Post-lease services are the most important, as they ensure that tenants stay with you for many years.
*Saryan Al-Khaleej Real Estate
Dhahran
