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Brokers need to adjust to change

16.06.2015
Brokers need to adjust to change
The levels of professionalism, quality and customer service in the industry still require a lot of attention.

Brokers and agents have to adjust to changing market conditions, according to a Gulf News report.

In any industry, especially those yet to fully mature and develop such as Dubai’s real estate, there exists a natural process that essentially eliminates the weakest entities.

So, the fact that some brokerages are closing their doors is not worrisome from an industry point of view, the article pointed out. It is inevitable as the industry continues to mature and the well-chronicled — and welcome — phase of correction the Dubai market is experiencing has played a natural role in eliminating the weakest players that cannot compete and sustain their operations.

It is actually healthy for the industry as Dubai has too many brokerages. At the time of writing, there were 2,389 brokerages registered with Dubai Land Department. This is simply too many for the industry to support during the inevitable contraction or low growth periods. And one of the key drivers of industry maturation is to have fewer, but higher quality, brokerages and agents.

The levels of professionalism, quality and customer service in the industry still require a lot of attention. While good progress has been made by the Dubai Real Estate Institute (DREI) towards elevating the standard of real estate practitioners, too many poor performers remain, effectively hindering the development of the industry into the vibrant, efficient and transparent marketplace we all desire.

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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
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Ad placement

1 day

Ad placement:
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  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

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Signing of the lease agreement
Expenses of the seller:

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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

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1 hour

Contract of the tenant and agency.
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~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
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  • 4% - registration of the transaction at registration
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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
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1 year

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1 day

Reporting
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5% of the annual rental price

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From 3 days

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1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
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  • 4% - registration
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Property management