Yazeed Al-Shamsi: Breaking Barriers in Real Estate

From navigating global education to launching Ejari, Saudi Arabia’s leading Rent Now Pay Later platform, Yazeed Al-Shamsi has made it his mission to democratize access to real estate. In this interview, he delves into the challenges of scaling a business in a regulated industry, shares the importance of building trust with stakeholders, and offers invaluable advice for aspiring founders.

Can you share a brief note about yourself?

I was raised in Saudi, college educated in the UK and started my career in Japan. My educational background is from marketing, but professional background in finance. Along with my co-founders, we’re building the leading Rent Now Pay Later platform in Saudi Arabia for how rents are paid. We’re on a mission to democratize access to real estate and be the platform through which renting a home can be more affordable and flexible.

Why did you choose to start a business?

After coming back to Saudi from the UK and Japan, I wanted to rent an apartment but had to pay 12 months upfront, I couldn't afford it. I was a fresh graduate at the time. The problem came up again when I was looking for office rent for my previous startup. I realised that it’s a big problem that no one was solving, so I thought why not go solve it ourselves.

How did you start your business?

We started with a concept of there’s a problem and how can we go about solving that problem. The early days consisted of focusing on validating the problem through engagement with landlords, brokers, and tenants to better understand their pain points and then validating our solution even before we built the solution. Building a team that shared my vision was crucial, as was collaborating with key stakeholders in the real estate and financial sectors. Navigating regulatory requirements and establishing trust within the market were some of the key milestones in our journey.

What do you wish you’d known before you started your business?

I think we had all wished we had better understood the complexities of scaling a tech-driven solution in a highly regulated industry. While I anticipated challenges, the nuances of aligning innovation with regulatory compliance were more intricate than expected. Having a clear roadmap for managing these complexities would have saved time and resources.

Did you have any support in your journey?

We were fortunate to receive incredible support along the way. Our journey began with incubation by the National Technology Development Program at The Garage in Saudi Arabia, the largest startup hub in the Middle East. This provided us access to a wealth of advisors and a robust network within the entrepreneurial community. We also had the privilege of participating in prestigious accelerators such as the Sanabil 500 MENA Accelerator, which further propelled our growth. The unwavering dedication of our team and the invaluable feedback from our early adopters have been instrumental in shaping our success. Additionally, the support and belief of our investors have played a critical role in driving our vision forward.

What is your greatest challenge as a business owner?

Scaling sustainably while maintaining our core values has been the greatest challenge. As we grow, ensuring the quality of our services and staying true to our mission requires constant effort and adaptability. Balancing innovation with operational excellence is a delicate task.

What advice would you give to your past self before opening your own business?

Be focused, patient and embrace uncertainty. Building something meaningful takes time, and the road will be full of unexpected turns. Focus on the long-term vision, but don’t underestimate the importance of adaptability in day-to-day operations. Be stubborn on your vision but flexible on how to get there.

Reflecting on your path to entrepreneurship, what key piece of advice would you offer to aspiring founders ?

Start with a clear understanding of the problem you’re solving and validate your solution with real users early on. Surround yourself with a strong team, seek out mentors, and don’t hesitate to ask for help. Lastly, resilience is key - challenges will come, but with the right mindset, every obstacle is an opportunity to grow and learn.