Choosing the right broker and agency is the first step in any real estate activity

As transactions in the market continue to increase we are seeing a recruitment drive by many agencies to increase the number of their brokers to maintain and grow their market share. Across the market, we all have a different approach to hiring and growing our teams and also the onboarding process.

There has been an influx of 'new agents' who have come from customer service industries where there was significant job loses but who do not have any previous real estate experience. Typically, these agents who have no history or client profiles to rely on resort to the practice of cold calling.  This activity is a prohibited practice that Dubai Land Department frown upon and indeed if reported can result in significant fines being issued.

This is causing a major issue in the industry today as owners are being contacted by many agents looking to build a portfolio of property listings from the ground up and to meet their company's targets.  Same properties that are being listed with many agents give buyers the misconception that there is a lot more supply available in the market than there really is.  We are seeing these agents listing for listing sake and not listing to sell with the support of experience, knowledge and with a  competitive market analysis.

Agents looking to engage with property owners are contacting them with the promise of buyers and this is directly having a false impact on listing prices that are not true to market but also give sellers the false indication of the number of buyers buying- either way, it is driving up prices with no foundation.  Owner's expectations are being distorted as they believe the demand for their property is higher than it is in reality and this only stands in the way of sales being closed.

A significant proportion of these agents lack real estate experience and in many cases are working with no RERA Brokers Card.  I have personally been contacted 3 times this week concerning my 2 Bedroom Apartment in Dubai Marina that I sold over 2 years ago and these are all from brokers and agencies that I have had no previous contact with.  As stakeholders in the industry, property owners should not tolerate this practice.

The bottom line is to be diligent when it comes to choosing who you work with and to value the advice from reputable brokers only.  You have the right to question the credentials of the agents you are speaking with and details can always be verified on https://dubailand.gov.ae/en/eservices/search-for-licensed-real-estate-brokers/approved-brokers/#/

Exclusive Links are continuing with their drive to recruit but we are not into just increasing the numbers in the office but are always looking for professional experience and individuals who can add value to the company and complement the culture of our team.  Most importantly we insist on company visas and RERA qualifications to all be in place on joining and provide open-door managerial leadership and colleagues support throughout their time with the company which avoids our agents having to rely on unconventional business practices to grow their profile and our business.

For further information see:

https://www.exclusive-links.com/careers

Author
Zarah Evans
Owner & Managing Partner
Exclusive Links Real Estate
25th January 2021