A new app that digitises every step of the renting process may save renters in the country up to Dh3 billion dirhams a year. Takeem, which will digitise contracts and ensures timely payment of rents, was picked winner of their Best Advanced category at the App Olympics on Thursday.
Founder Rakesh Mavath explained how the money will be saved. “Usually, a tenant has to pay 5 percent agency fees and 5 percent security deposit,” he said. “But with Takeem, the renter only has to pay 3 percent of transaction fee, 1 percent of security deposit insurance and 1 percent of rental guarantee insurance. So instead of paying 10 percent, they will only have to pay 5 percent in total,” Rakesh told the Khaleej Times.
The first ever App Olympics is a competition that aims to accelerate Dubai’s journey to become the mobile app development capital of the world. It is part of the ‘Create Apps in Dubai’ initiative announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, to strengthening the emirate’s position as a global leader in the digital domain.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The competition which saw over 1100 entries from all across the world, was divided into four categories — Social Impact, Most Innovative, Best Youth and Best Advanced. The winners in all four categories were awarded Dh500,000 to develop their app and convert it into a reality.
Coming up with the idea
Rakesh came up with the idea when his landlord made away without returning his security deposit. “It isn’t a whole lot of money but it was annoying when it happened,” he recalled. “When I spoke to my colleagues, many of them had gone through the same issue. So I began thinking of a way to solve this.”
He came up with the idea of an app that digitises the entire renting process. “Here in Dubai, there are a total of 12 steps to the entire renting process,” he said. “Out of that, only the first one is digitised. The remaining has to be done manually. Our aim is to make renting as easy as getting a takeout or ordering groceries online.”
Apart from digitising rentals, providing insurance and managing payments, the app also allows users to rate their landlords and the services provided. “We live in a review culture where we read reviews of even a Dh10 item before purchasing,” he said. “But why are we not able to read reviews of Dh100,000 living space that will be your home for the next 12 months?”
All in one
According to Rakesh, the unique thing about Takeem is that it provides everything a customer needs in the renting journey. “Whether you want cleaners or you want insurance, you will find it on this app,” he said. “So the only thing you will have to leave your house for is to actually inspect the house you are going to move into. For everything else, the app has you covered.”
The first iteration of the app, which was live for one month, got 500 reviews. “It was all the validation that we needed,” said Rakesh. “Now, we will put the money into developing the app further. We are hoping to release the second version of it by the end of the first quarter of this year.”