Real Estate Agents – Top tips that can make them industry mavericks
Dubai has changed drastically over the last decade. Tourism has driven growth to this ‘city of gold’ impacting the country’s real estate industry, translating to a positively buoyant economy. The government’s concerted efforts through economic measures to effect growth, has brought in investors, expatriates and buyers who see property as a mode of investment. In the real estate triumvirate of buyers, sellers and real estate agents, it is the latter that are an important cog in the wheel of the industry.
Real estate agents are critical to the selling and buying process. Besides understanding a buyer’s needs and putting him in touch with the right property, they also facilitate transactions, share their knowledge of markets and bring very essential personalisation to the property buying experience. There are also a few tips they need to know to survive and excel, at property related tasks in the Dubai real estate market.
1. Right Licensing – Different areas in Dubai have different criteria for becoming a licensed property agent. Besides these and academic requirements, an agent must know popular real estate terms and jargon, read up on the buying and selling process, and familiarize themselves with buying laws and rental contracts. Deep knowledge about disclosure obligations and fiduciary relationships is also a must.
2. Build Networks – Dubai necessitates that ‘property agents’ attach themselves to an existing team of agents, or work with a network of agencies registered to provide real estate services to the country. In the early stages, building this network is beneficial since most leads come from these contacts and through referrals.
3. Knowledge of local areas – Real estate agents are aware of what goes on in the areas they work in, and are in the best position to connect a buyer to a property. Good sales experience and consistency of success in selling homes is an absolute must, especially to guide newbie buyers and overseas investors.
4. Build your identity – Although initial leads as an agent will come from contacts and known colleagues, it is important to build a customer database right at the start. Marketing either through a website, social media or even emailers will get the momentum going. Share industry insights, be visible, post daily listings and seize any opportunity or lead received
5. Price property right – Properties need to be priced right for them to sell. Too high and it stays in the market longer, too low and its shortchanging the seller. Market trends play a very important role in pricing. Checking with the Dubai Land Department (DLD) is a good practice when selling or renting property. With time being money, unless sold, the property benefits no one.
6. Market yourself – Starting out as a real estate agent may seem difficult, but working hard and smart can bring rich dividends later. Chase leads/referrals through calls, emails, advertise everywhere, attend business seminars and industry workshops. Besides networking, they grant more visibility in the community
7. Be honest, bold yet polite – Selling is all about developing an emotional connect. The best realtor is not afraid to speak up, is one with integrity and empathetic. Agents who sell well, are the ones who go out of the way to ensure their customer is satisfied by the arrangement between them.
A real estate agent who sells and buys properties possesses a unique set of skills, acquired over years of experience. Besides the standard licenses and other parameters, a great degree of hard work, commitment, integrity, time and effort goes towards building expertise that stands an agent in good stead for years thereafter.