Brokers Best Practice tips:

• Know your local market.



• Focus on a specific area and become a specialist in that area for a specific type of property. Traditionally, buyers buy on preference
  • The Area (locality).
  • Price.
  • Features.
  
  
  
• Monitor Sale Prices, asking prices, and listings in the local area, seasonal trends. Change is guaranteed. Chart them for reference and patterns.



• Keep up-to-date with all the local news (read the newspapers daily, research over the internet, talk to other agents and network).



• Develop a local network of business & service contacts in the area.



• Study and be knowledgeable in all the local laws impacting on your work in real estate, this will assist you to educate your Seller or Buyer about the RERA changes in Dubai property industry. Your clients & customers will appreciate your enthusiasm & professionalism.



• Study the ‘Code of Ethics’ for Real Estate Agents in Dubai & practice high ethical standards, NEVER compromise or lower your standards for others, lead by example.



• Professionalism - make sure your Agency / Brokerage office has consistency in promoting the business name on all letterhead, business cards, letterheads, receipt books, email, fax headers, advertising materials and ONLY use your registered business establishment name.



• Answer your mobile in the name of your business, answer all your phone / email messages & missed calls promptly, it could be the buyer your looking for and sale may result.



• RESPECT YOUR ‘Duty of Care’ - when a Seller lists a property with you, check if the property developer is listed on the RERA Developer’s Register. If not report it to your Manager and your Client, and advise RERA by fax/ email immediately. It is your duty to be ethical. (REFER to Law No. 8 concerning Developers & Trust Accounts)

Seller's Best Practice:

• OBTAIN 3 APPRASIALS (CMA’S) AND COMPARE AGENTS, interview them as they will be doing a job for you.



• List with a reputable, RERA registered Broker ONLY.



• Form a formal service agreement – FORM A – Appointing the Agent/Broker (the Listing Agent) only on the RERA prescribed form. Do not list with any other agent.



• Ask for Seller Support, the Agent should provide a Seller with the opportunity to seek a legal opinion before they sign a contract of sale. Ask for a list of Lawyers and make your own choice, do not use the Lawyer recommended by the Agent.



• Ensure you and your Agent / Broker both have exchanged contact details and agree upon communication times and modes from the beginning of the relationship and Appointment.



• Your Listing Agent should protect your interest at ALL times, therefore, you should seek a guarantee in writing from the your Listing Agent, that they will NOT favor the other side of the transaction (the Buyer) nor receive any financial or in-kind/gift for the sale service without your consent OR no commission fee shall apply. OBTAIN THIS IN WRITING FROM THE AGENT before you commit to the Agent.



• Your Agent should provide you within 24 hours of contact, a list of comparable properties which can aid you in recent trends, the current sale prices, the asking prices and time frame taken to sell a similar property to yours. This is called a CMA (Comparative Market Analysis) which is an essential ‘Best Practice’ procedure of a RERA Registered Broker & professional agent before they provide you with the recommended Listing Price of your property.



• ONLY list with a maximum of 3 Agents and give them the SAME instructions. If you find a GOOD Agent do use them exclusively they will control the process in your BEST INTEREST to the BEST result for you.



• Ensure your original documents for you yourself and your property are ready, have a copy sent to your Agent and you are ready / prepare your self so that at a moments notice to read, examine, discuss any matters with your Agent and if you are happy, then sign a contract.