Today, Dubai’s real estate sector has over 2,000 real estate companies registered with the Dubai Land Department. Is the industry able to support this volume and how is it affected during low growth phases? Is it best to cut down on the number of real estate companies and agents and pay more attention to who are the ones better-equipped at focusing on quality in order for the industry to better mature over the years?
When we talk about the Dubai real estate sector, an industry which has yet to reach its full potential, the natural balance of things demands that the weakest links be eliminated from the chain of companies and agents. Competition is a fiery pit, and the ones who continue to stay competitive all year round are those religiously abiding by attributes like experience, knowledge, business acumen, an uncanny ability to adapt to change and skills that set them apart as exceptional communicators and trend-setters.
So, as the market matures more in the coming years, only companies who live by a certain code find themselves on the top end spectrum of the food chain. Are you among those pool of Dubai real estate companies and agents who understand how to best capitalize on opportunities up for grabs in this high-growth market?
What Truly Sets You Apart
There has been good progress, thanks to efforts undertaken by the Dubai Real Estate Institute (DREI) – improved levels of overall quality, customer service and professionalism – which have enabled many companies to elevate their real estate practicing standards. There are, however, a few sour apples in the lot who continue to hinder the industry’s development into what can otherwise be an efficient, vibrant and transparent real estate marketplace.
Whether you’re just starting out in the market or an established entity, you need to acknowledge the fact that generally any industry which comprises of like-minded and highly knowledgeable professionals who are also proficient, ethical, exceptional communicators and highly motivated to do their job, play a pivotal role in bolstering continued, profitable growth in the long run.
You must tap into your inner-efficiency and success mechanism at an individual level, so that greater rewards can be enjoyed across the board in the industry. If you happen to be in a leadership position, we’re talking about hiring and retaining the right kind of people, not necessarily more. The ball’s in your court, so to speak.
Your Success Checklist
While it’s not possible to introduce a fool-proof system overnight, you can always implement certain steps to ensure that your customers are always satisfied and ready to do more business when the need arises. It is also up to you to ensure that need remains consistent. Here’s how:
- All real estate companies must be registered with DLD (Dubai Land Department)
- Intelligent and well-informed customers will always want to see your workspace to get a feel for your business scope, resources and general success as well as stability.
- Make sure all your offices comply with industry standards; in addition, each one of your brokers much be registered with RERA (Real Estate Registration Authority)
- Customers may have doubts or concerns from time to time with regard to the legitimacy and trustworthiness of your business. Assure them that you are licensed with the relevant authorities, don’t hesitate to show them those certificates of authentication, and always give them a written receipt when accepting money.
- For large funds transfers, hire a third-party such as a lawyer or bank that can arrange for an ESCROW service. This reassures the customer that funds will be released to you only when certain conditions of the transaction are met. They’ll have complete peace of mind and won’t hesitate to do business with you again. This also acts as a safeguard against any misappropriations that might take place behind your back (you never know).
- RERA has introduced tougher guidelines and policies and more stringent requirements are in the works from DLD; welcome this with open arms as it means you will need to uphold higher standards in your company, something that’s always good in the long haul.
- Passing percentage for real estate agents taking mandatory exams to have their licenses renewed has now been upped to 85%, a 10% increase. Broker IDs will be replaced by Emirates IDs – part of a newly unveiled smart system which allows for every agent-related attribute to be monitored, including change of employment. Comply with all of this and make sure your agents are as well, as it ensures only the highest-standard and licensed brokers do business in the market.
- Agents who do not have any transaction on record for 6 months will be issued a notice and if no improvement is seen in 12 months, their license will be reworked; seeing to it that your agents are on top of their game is a business and moral obligation on your part. Falsely projecting your agents’ performance is a federal crime, it might be noted.
- If your business is just starting out, you’re going to be restricted to hiring four agents initially. Demonstrate the ability to keep performance and standards at a relatively high level over the course of a year and you can hire one more agent.
Get Discovered by Only the Most Promising Prospects
Live by these general sensibilities, and you’re not only positioning yourself among the top-tier real estate companies in Dubai but also setting a benchmark for professionalism for others to follow. In your quest to sail the leadership waters, get registered at a top UAE real estate network, where several other registered companies and agents make effective use of their resources to position themselves as leaders in the industry.