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What it takes to be a property broker

What it takes to be a property brokerImage Credit: Supplied

The UAE property market has always been a lucrative destination for many. In choosing the perfect apartment or villa, one must approach a real estate broker, who plays a vital role in any property-related transaction.

As demand for properties increases, so does the demand for brokers, creating a heightened interest in the profession.

The broker acts as the middleman between the customer and the owner, often responsible for completing all legal formalities associated with owning or renting a certain property. He is responsible for activities and services related to real estate buying, selling, leasing, mortgaging, property management and real estate valuation services.

To start with, apprenticeship with a reputed firm can be the first step towards success. Professional courses and seminars can be great places to learn the tricks of the trade.

To be commercially successful, it is necessary to delve deeper into the real estate market. Thorough insights and proper knowledge of the UAE laws, rules and regulations, along with ideas about market demands, are some of the things a broker must be equipped with.

A property broker must also keep a tab on existing clients and continuously liaise with them to gather further leads. Spreading the word also helps; in many cases, it aids in attracting clients.

In Dubai, individuals must obtain a licence from the Real Estate Regulatory Agency (RERA) to become a certified agent. Last year, RERA released a regulation making it mandatory for Dubai brokers to pass an official test to be able to renew their licence. The test must be taken a month before the licence expiry, and the passing mark has been increased from 75 per cent to 85 per cent. The move aims to create a roster of efficient and quality real estate brokers.

Meanwhile, a new property law in Abu Dhabi, which is yet to take effect, specifies that brokers must not accept more than one client in one transaction.

Handy Hints:

• Abu Dhabi brokers can only have one client in one transaction

Dubai brokers mandated to pass exam before licence renewal

• The passing mark for the RERA test has been increased to 85%

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Source: Shabnam Mondal, Special to Properties

The writer is a freelancer