REST introduction: how it would affect brokers? Specialists answer

The introduction of the DLD’s new REST digitalizing initiative by 2020 will result in more efficient property transactions and consolidation in the brokerage business, experts say. 

A Dubai 10X digital platform called Real Estate Self Transaction (REST) system will automate all real estate transactions between property selling and purchase process parties, as well as between the landlord and his tenant, and also reduce paper work.

But, perhaps, the most important innovation that it brings lies in eliminating the need for physical presence of parties during before, during and after a property transaction.

Today, many of these related processes require physical presence in DLD centres involving lengthy paperwork. At present, this process takes anywhere from three to 10 days, depending on the master developer and the type of transaction involved.

According to the DLD’s data, about 40 per cent of all Dubai property owners are not based in the UAE and many sales fail because parties are unable to arrange their simultaneous presence in Dubai at the same time. The REST platform will help make such deals happen, with the parties being anywhere in the world during transaction procedure.

So, how actually this new initiative would affect brokers in Dubai’s real estate industry?

Imexre.com has already revealed all pros and cons of the brokers functions limitations due to this new imitative. Experts insist that the first and the main beneficiary of these innovations will be the consumer. Actually, the primary real estate broker’s function is not to physically transfer the property. The biggest part of the broker’s job is to manage the process with the purpose to eventually connect a buyer and a seller with matched requirements and expectations as efficiently as possible. It takes to arrange, including many viewings and accurate guidance and feedback for the seller. So, human involvement is always necessary in this process anyway.

“The REST initiative will promote digitization and more transparency in Dubai real estate. It will make transactions faster and more efficient, while agents will continue to have a critical role to play by shifting their focus towards delivering a high-quality experience," reckons Samer Abdin, general manager, dubizzle Property.

Lewis Allsopp, CEO of another UAE’s real estate consultancy and brokerage adds: "Every month, we have sellers that fly into Dubai for the sole purpose of transferring a property. This incurs a lot of cost and time to them and it will delay transfers at times as we look for a date when all parties can be present. To have a system that will mean they don't have to do this is welcomed. What we will see is the streamlining and increased efficiency in transactions.”

Even though digitalization of the property transaction process will take away many problems, it cannot replace the role of an experienced and knowledgeable broker.

A property needs to be marketed, professional photos need to be taken, clients’ problems will still need to be solved though cross-sell, talk about the wider area, giving insights into the community, advising on market conditions etc. These are just some examples of what an agent does and what the technology won't be able to.

Thus, to always be sure you’re doing everything right, and also in order to quickly find exactly what you need among thousands of advertised real estate properties, or to manage your property well, please take on us. IMEX Real Estate will always do our best for our clientele, as we’ve been doing it through all the previous decade. Trust the professionals and don’t hesitate to call or write us:

Tel.: +7 903 232 80 80 Oleg Lavrik (Whatsapp, Viber, Telegram)

Tel. UAE: +971 (50) 2528188

Toll Free in Dubai: 800-IMEX (800-4639)

IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

Email: pm@IMEXre.com

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