How private banking expertise and brokerage excellence are building lasting success for 18 Bricks

A property market on song is a real estate brokerage’s dream, and Dubai has been in that zone for the past five years. It has continued the upward trend in the second quarter of this year too, with the residential market registering sales of Dh147.6 billion, compared to Dh104 billion in the same period last year and Dh70 billion in 2023.

But brokerages need to be patient, disciplined and strategic to capitalise on the potential of booming markets, says Mohamed Rafik, Founder and CEO of 18 Bricks. He would know, as his company is a top partner of leading developers such as Nakheel and Sobha Realty. Only last month, Rafik closed deals on six buildings and five mansions worth Dh500 million with Nakheel and Sobha in one month. In the past year and a half, he has been responsible for business to the tune of Dh2 billion.

Rafik, who works mainly with investors, attributes this success to the trust he has developed with clients and their repeat business. “I believe in the equation of 80-20: 80 per cent of your business will come from 20 per cent of your clients,” he explains, adding that of the Dh2 billion under his name more than Dh1 billion came from just three clients.

“Why do they keep investing with us? Because they made profit with their earlier investments. One of them saw capital appreciation of about 75 per cent in less than one year. Another made almost four times his money in two years. That’s why clients stay with us for a long time.”

One-stop destination for real estate

As well as the fact that 18 Bricks is a one-stop destination for everything real estate, from primary sales, secondary market and holiday homes to leasing, mortgage services and property management. This emphasis on diversification comes from Rafik’s 16-year experience in private banking and wealth management.

“We do everything from A to Z – buying, selling, short-term or long-term rentals, property finance,” he says. “So when a client comes to us, they don’t need to go anywhere else.”

Going beyond the products and services, Rafik’s private banking experience has also informed the way 18 Bricks approaches investors.

“An investor understands only numbers, so we present a proposal complete with cash flow statements, the breadth of our services, and what he can do with us,” he explains. 

“We don't talk much about the closed kitchen or the number of bedrooms; what we focus on is the property’s location, quality of construction, and the extent of appreciation they can expect in one, two and three years.”

Qualities of a broker

Apart from helping him differentiate his brokerage in the market – it’s also the first real estate brokerage to be headquartered at Expo City Dubai – Rafik credits his banking experience with instilling in him ethics and integrity.

“For a broker, you need to have ethics before anything else, which is the first thing we learn in banking – to look after the interests of clients,” he says. “It is important to look at how much money the client makes before you look at the money you will make.”

With social media painting a rosy picture of brokers raking in millions, Rafik feels today’s real estate agents are impatient and lack the grit and resilience necessary for the long haul before they hit the big time.

“The problem with agents now is that they want success so fast,” he says. However, he advises patience. “Your time will come, but you have to be patient and acquire the deep knowledge necessary to be successful in the market and find the right investor.”

Another valuable nugget Rafik has for new agents is to avoid greediness. “At the beginning, be happy with Dh1,000-Dh2,000 and then the millions will follow.”

He practises what he preaches. Persistence and hard work are his mantra. He might have brought in business worth billions of dirhams, but he puts it all down to a single-minded pursuit of goals rather than innate talent.

“I don't consider selling a talent as much as being consistent, doing every day what is required of you. That's the way to succeed,” he says. “I might have achieved 10 per cent of what I'm dreaming of. So, this is just the beginning, and that's what I tell my team.”

Not one to dwell on achievements, his insatiable hunger for success leads him on every day.

“The next day is a new day, new target, and new achievement,” he emphasises.

Balancing the responsibilities of a broker and a CEO

It’s hard enough being a broker. However, Rafik has to wear the CEO hat and the broker hat, and wear them well. Unsurprisingly, he admits it’s tough to strike the right balance all the time.

Back in 2019, he had stepped back from being a broker to focus solely on managing the business when he split from the company he set up three years ago. Then numbers took a nosedive and Covid hit. What saved the day was 18 Bricks’ mortgage consultancy, which succeeded in mortgaging a hotel in Makkah for a sizeable money. “After that, I decided that I will always be hands on and keep acting as a CEO as well as a broker,” Rafik says.

Helping him handle the stresses of work is his routine. “I wake up early at 5.15am every morning. I go to the gym, have my breakfast, then I start my day. At the end of the day, I hold my oud, the Arab musical instrument, and I play music. That is the best relaxation for me.”

Outlook for real estate brokerage

As investor confidence in Dubai continues to grow, Rafik expects 18 Bricks to be a part of that success story. He wants to reinforce his small team with hard-working and focused agents who are willing to put in the time and effort to take 18 Bricks to the next level. Agents who are ready to move with a booming market; agents who are capable of convincing investors to enter the market at a lower entry point if there’s a correction.  

“It’s true we brought business to the company that may last for the next three to four years,” he says. “But that’s not enough. Our goal is ten times of what we have achieved.

“The sky is the limit.”