Dubai is experiencing an incredible journey in the real estate market now. With transactional volumes at an all-time high, prices finally rising in key areas, and so many new foreign residents buying to create a home base in the UAE, Dubai is an incredible place to call home - and have a home in.
Something that baffles me with real estate market in Dubai is why so many clients can’t seem to be straight with agents or stick to one. Many of us luxury home focussed agents enjoy the relationship building factor and the art of a deal. I learned early on that the most important part of the transaction is the after-sale and the relationship you build with a client.
Last year alone, I transacted some of my largest deals to date, with some new clients and it was a joy to be their exclusive buying agent, as we got what they wanted, and ultimately, we built a relationship and successful transaction through being open and loyal to each other.
Here’s why exclusivity works on both sides of the trade - like having your personal banker, doctor or lawyer, professional real estate agents are here to work together with you when you work loyally with us.
The buying side
When buyers use multiple agents, it is a disadvantage to them. A good example is a client who has been looking for over seven months. This client has viewed with every top broker in the market and still hasn’t bought. Now that we all know about this particular buyer, no one wants to give time to the buyer anymore.
Top brokers do speak with each other daily and discuss the client, to make sure it’s not the same guy. So, why not work with one agent? You are going to find yourself much happier with more time on your hands and less WhatsApp messages on your phone.
A single broker is going to work harder for you than if they know this is just a one viewing. Being open with your broker is the most important rule for both sides, so build a relationship with a broker you like and trust.
Sit with your broker, discuss, and make a plan. Send them all the options that you like, have them call and make the appointments with their direct stock either within their company or personally. And then let them deal with all the other agents as opposed to getting frustrated with different brokers.
It is not going to cost you any more money, and you will not get the cheapest price by asking 10 different brokers about the same property. Also, when you speak to too many brokers, you are going to get eight to ten opinions.
When working with multiple agents, buyers you will end up negotiating with yourself. So, find one trusted broker, create a bond and stick with them.
Make the selling count
This is the most powerful kind of exclusivity for everyone - buyer, seller, broker, and agency, as this allows the seller full control of the market with their broker and a very clear process. It works, whether on a Dh1 million property or one for Dh150 million.
Give it time - too many sellers expect results fast, especially when you are listening to different opinions. Find someone you like and work towards the goal, however long or bumpy the ride is.
At the same time, agencies will feel more comfortable spending more on marketing towards your property and doing what they can to sell it. Again, with the fees agreed and locked in, you are going to have a loyal broker, commit and do what it takes to sell the property for you.
Over time, I have realized my value, worth, experience, knowledge and how my time is also valuable and that to only work with those that respect it, trust it and value it. It is all about open communication and honoring agreements.
Let’s make it more enjoyable for all parties, as real estate is not going anywhere. Real estate is all about the relationships you create. Create powerful ones.