You are permitted to buy or sell real estate in Dubai without a property expert’s help. While this may you save on a broker’s commission, a good agent can not only assist in identifying the right property at the right price bracket, but also set and match an appropriate price expectation with the right buyer.
And that’s not all: a broker can help view the property, assist during snagging, provide updates on current average prices and negotiate prices on behalf of the buyer or seller. The broker also helps in setting the contract terms between the parties and preparing the contract. The support of a reputed brokerage firm or an agent, therefore, ensures all elements of buying and selling are well organised and professionally executed.
“I have rarely seen buyers or sellers in our market doing proper research,” says Rajiv Ghanekar, a senior real estate broker with Keller Williams Real Estate. “The common practice remains contacting multiple agents, followed by a wait-and-watch approach. This is absolutely wrong.”
He says buyers usually spend days or weeks calling listings on the portals. “In the process they get disappointed with ghost listings and unprofessional agents, eventually closing the deal but still paying a full 2 per cent brokerage fee,” says Ghanekar. “It’s better to shortlist a good brokerage right at the beginning. Go through the consultation process with the broker and then hand them over the task of house hunting.”
Select the right agent
With many real estate companies and agents operating in Dubai, a buyer or seller needs to be careful in selecting the right agent. Saleem Karsaz, CEO of Aeon and Trisl Real Estate Broker, believes responsiveness is the first thing that leaves a lasting impression on the client. “An agent or a brokerage firm should be able to respond immediately to requests,” says Karsaz. “Hence, begin by looking at how fast the agency or agent’s turn-around time have been in terms of assisting clients.”
Attitude is equally important. “A broker needs to be flexible with a buyer’s budget and circumstances,” says Karsaz. “Forcing people to buy beyond their means is a big no. This is true while selling a property as well. Pushing to sell a property without sharing complete information is another no.”
Another essential quality of an agent, he adds, is having proper knowledge about the property, area and of real estate market trends. “A buyer or a seller can be guided properly if the agent assists and provides them accurate information about the property or do a comparative analysis of different properties in the same area or same types of units in different neighbourhoods,” says Karsaz. “This includes weighing the pros and cons of the unit, building and area. And lastly, punctuality is essential. The broker should get the viewings done on time, process all documents and respond to clients’ needs at all times.”
Gain the client’s trust
A brokerage should only market and sell properties of reliable and reputed developers. “It should encourage its agents to sell only the properties that have the backing of a trusted developer and not just any property for the sake of making a commission,” says Emad Haq, vice chairman of Haqsons Group, whose property arm, H&S Real Estate Dubai, was awarded as a top brokerage by Emaar Properties in 2018 and 2019.
“A broker should first understand the needs of the client and only then guide the client towards the right property and the right developer,” he says. “He should only pitch or sell something that he would buy for himself if he had the funds. In real estate business, referrals and word of mouth are the main form of marketing, and an agency that has a good reputation gets the most business.”