Dubai’s real estate market is booming, with record-breaking highs in all segments of the market making it an attractive destination for property owners and investors. With a robust infrastructure and favourable investment conditions, finding the right real estate agent is crucial to navigating this dynamic market effectively.
The Role of Real Estate Agents
Real estate agents play a vital role in helping buyers and sellers make informed decisions. In Dubai, there are 24,000 registered real estate agents and many more unregistered ones. Ensuring you work with a registered and reputable agent is essential for a smooth transaction.
The role of real estate agents is to find the right listing and facilitate real estate transactions. There are 2 ways in which you will connect with an agent. Either you know or have been referred to them or have found them via a property portal or marketing channel. Their job is to source listings for you to look at online, provide all the relevant information about those listings such as size, price, service fees, rental yield, capital appreication, resale value, give a thorough comparitive market analysis, arrange viewings and ultimately, arrange the paperwork for the deal to go through. You can read more about how to buy a property in Dubai here. Now let’s break down a few key points when looking for a competent real estate agent in Dubai.
How to Find a Reliable Real Estate Agent
- Dubai Land Department (DLD) App: The DLD app provides updated information about registered real estate agents in Dubai, allowing you to verify their credentials and track record. A registered agent is one that has been licensed by the real estate regulatory authority (RERA), has passed a mandatory real estate exam and has submitted the necessary documentation (police clearance certificate, UAE employment visa status etc) to obtain a Broker Registration Number (BRN).
- What is a BRN: A BRN is the brokers real estate license to practice real estate in Dubai. It is preceded by an ORN (office registration number) that the real estate agents company must obtain in order for the brokers under that office to become licensed. The BRN is valid for a year upon it’s issuance and licenses the realtor to list, market, sell and rent properties and represent buyers, sellers, landlords and tenants as a broker, assuming they have the correct documentation to do so. The DLD website also provides information on how many deals the agent has closed and how long they’ve been active in the market.
- Property Portal: Both leading real estate platforms in Dubai offer a “Find My Agent” feature, where you can see an agent’s listings and performance. This helps gauge their experience and expertise in specific areas.
- LinkedIn Research: Checking an agent’s LinkedIn profile can offer insights into their professional background, ethics, and experience. This can be a valuable resource for ensuring the agent’s credibility.
- Commission Structures: There are 3 types of transactions in real estate. Buying ready or off plan properties and renting properties. Residential and commercial commissions are the same. If you are buying a ready unit, the agent will charge 2% of the value of the listing. If you are buying an off-plan property directly from the developer, the developer pays the agent their commission and you don’t have to. Finally If you are renting a property, they will charge 5% of the value of the home. Sellers and landlords are not obligated to pay commissions but this can vary from case to case.
Key Factors to Consider
- Experience and Expertise: Look for agents with extensive experience in the specific area you are looking to buy or rent in Dubai. Their familiarity and expertise within a specific area should give you confidence that you are dealing with someone with domain knowledge and can guide you through various listings and scenarios, not just push the listing that makes them the most money.
- Company Listings: Evaluate the number of listings an agent and their company have in your desired area. This indicates their ability to meet demand and provide options that suit your requirements.
- Communication and Punctuality: Effective communication and punctuality are critical traits of a reliable real estate agent, both digitally or in-person. These qualities ensure that your queries are addressed promptly and appointments are managed efficiently.
- Ethical Practices: An agent’s ethical standards can significantly impact your experience. Prioritize agents known for their integrity and transparency in dealings. It is important to note that agents are not paid a salary in Dubai and most are based purely on commission.
Conclusion
Finding the right real estate agent in Dubai is pivotal to making informed decisions in a bustling market. Utilize resources like the DLD app, Property Finder, Bayut, Viewit and LinkedIn to verify credentials and assess the agent’s capabilities. Prioritize experience, communication, punctuality, and ethical practices to ensure a successful property transaction. As Dubai’s real estate market continues to grow, partnering with a knowledgeable and reliable real estate agent can help you navigate the wonderful opportunities this city has to offer effectively.