Whether you’re an admin, HR professional or a marketeer working in a real estate agency, this foundations course is designed to help you understand the industry. Patricia Montalagre, our expert product trainer with over 14 years of experience in a top real estate agency in Dubai, shares everything a non-agent needs to know about the real estate industry.
If you are a new agent, we recommend our sessions on the Dubai sales and rental process for an in-depth understanding of the market.
The UAE Real Estate Industry: An Introduction
In 2002, HRH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, declared freehold rights for expats to buy property, which ‘officially’ jump-started the Dubai real estate market.
In 2003, the market available to expats was primarily freehold properties in Emirates Living and Palm Jumeirah. Here’s a quick summary of industry highlights across the years.
- In 2005, Emaar launched Arabian Ranches, a villa community that garnered attention for offering quality living
- In 2007, RERA (Real Estate Regulatory Authority) was formed to regulate and authorise the property sector
- In 2008, property transaction data was made available to the public. The average price of an apartment was AED 1.8 Million
- In 2009, 52,297 properties came on the market, but prices crashed. This year was also marked by a global financial recession and the collapse of major banks worldwide
- In 2010, the market slowed down, and the average price of an apartment dropped to AED 650,000
- Between 2011 to 2014, the real estate market stabilised, and new projects were launched. This year was marked by Dubai winning the expo bid
- In 2018, prices continued to decline, and VAT was implemented in the UAE
- In 2020, the COVID-19 global pandemic caused property prices to fall
- In 2021, demand and prices increased. EXPO 2020 bought 20 million visitors to the country
- 2022 showed remarkable sales growth and was one of the best-performing years in the history of the Dubai real estate market
Here are some reasons why Dubai has become an attractive destination for property buyers from around the world:
- Dubai’s properties offer good rental returns. The property prices are quite affordable compared to other major business hubs.
- Dubai property investment of over AED 2M can get you a residence visa.
- Dubai does not have property tax.
- Dubai is one of the safest cities to reside in. The UAE ranks first in the Numbeo Safety Index for being one of the safest countries to reside in. Additionally, Georgetown University released its Women, Peace and Security Index and ranked the UAE the safest country for women at night.
Dubai Real Estate’s Governing Bodies
RERA: Real Estate Regulatory Authority
The Real Estate Regulatory Agency (RERA) is a government body established in 2007 to regulate the property sector of Dubai. It sets policies, makes plans for Dubai’s property sector to boost foreign investments and settles disputes between tenants and landlords.
RERA has administrative independence, its own tools for real estate transactions (Dubai REST app) and the full legal authority to regulate Dubai’s real estate sector.
The core responsibilities of RERA include:
- Licensing real estate agencies in Dubai
- Regulating developer trust accounts
- Registering and regulating lease agreements
- Supervising owner’s associations.
- Publishing studies for the property sector
- Supervising property advertisements in the mass media
- Informing the public about real estate laws.
Dubai Land Department
The DLD, or the Dubai Land Department, is a government-run entity that oversees all real estate trading operations in the city and provides customers with a highly integrated, transparent and secure experience.
DLD legalises the sale and purchase of land, boosts investment operations and settles disagreements. It ensures that the interests of landlords, tenants and investors are protected.
Rental Disputes Centre
The Rental Dispute Settlement Centre is the judicial arm of the Dubai Land Department that uses different methods to settle issues and matters about the real estate market. The centre helps tenants in Dubai settle disputes quickly and manage transactions in a mutually beneficial manner.
Requirements To Start A Real Estate Agency
- RERA Registration
- Broker’s Registration Card (ORN)
- Appearing or clearing the RERA examination
Expectations In Real Estate
Before we talk about the expectations, let’s look at the key departments found across agencies:
- Management: The CEO, Director, and Managers
- Human Resources
- Marketing
- Finance
- Agents (sales and leasing)
- Support staff (administration, reception and call centre).
Agents should have realistic expectations when it comes to employers, Bayut and dubizzle and clients. The chart below highlights what agents should expect.
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From The Employer
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From Bayut And dubizzle
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From Clients
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|---|---|---|
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From The Employer
Visa & RERA license
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From Bayut And dubizzle
Wide exposure
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From Clients
Not always ready to buy
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From The Employer
Administration support
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From Bayut And dubizzle
Leads
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From Clients
Not fully knowledgeable about the UAE Real estate market
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From The Employer
Marketing tools
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From Bayut And dubizzle
User- friendly navigation
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From Clients
Expectations based on previous experiences
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From The Employer
Healthy work environment
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From Bayut And dubizzle
CRM to manage leads
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From Clients
Objections before making a purchase
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From The Employer
Training and development
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From Bayut And dubizzle
Tools to attract motivated clients
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From Clients
Clear Communication
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Agents should NOT expect:
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From The Employer
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From Bayut And dubizzle
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From Clients
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|---|---|---|
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From The Employer
Being handed hot leads upon joining
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From Bayut And dubizzle
Leads on poor quality listings
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From Clients
Knowing what they want
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From The Employer
A hand-holding attitude
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From Bayut And dubizzle
Leads on incorrectly priced listing
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From Clients
Thinking the way agents do
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|
From The Employer
Walking you through the whole real estate process
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From Bayut And dubizzle
Converting a lead on behalf of the agent
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From Clients
Being ready with the chequebook or buying property over the phone
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Definition Of A Real Estate Agent
A real estate agent is a licensed person who, for a fee, acts to mediate between parties involved in real estate transactions – being either owners/sellers, buyers, landlords or tenants.
A real estate agent dons the following hats:
- Consultant
- Confidante
- Customer service specialist
- Negotiator
- Real estate market expert
- Photographer
- Marketeer.
Let’s look at the roles of the administrative staff (or admins) in a real estate agency:
- Being an office manager
- Supporting sales and leasing agents
- Assist with documentation
- Being the first point of contact
- Being the backbone of the office.
The core responsibilities of an admin are as follows:
- Knowing basic real estate laws and having market knowledge
- Attending and answering incoming inquiries (phone calls and emails) from clients
- Managing marketing portals and the company website
- Entering data and tracking contacts, leads and transitions
- Issuing contracts such as SPA’s and tenancy contracts
- Generating receipts and invoices
- Creating and managing monthly reports on sales, leasing and communications
- Solving problems and troubleshooting.
Further reading: Check out our downloadable resource, Admin Corner: Wow Your Customers, for tips on improving phone skills and mastering 2-way conversations
Now let’s discuss a property seeker’s expectations from a real estate agent:
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Buyer/Tenant Expectations
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Seller/Landlord Expectations
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|---|---|
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Buyer/Tenant Expectations
Understand needs and requirements
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Seller/Landlord Expectations
Price their home competitively
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Buyer/Tenant Expectations
Find a suitable property
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Seller/Landlord Expectations
Find a buyer for their home
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Buyer/Tenant Expectations
Negotiate the best price
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Seller/Landlord Expectations
Negotiate and deal with potential buyers/ renters
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Buyer/Tenant Expectations
Help with the purchase process
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Seller/Landlord Expectations
Help with the sales process
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To summarise, clients expect the following from a real estate agency:
Get the latest tips for Real Estate Success
- Accurate information
- Market expertise
- Consultancy
- Knowledge of sales and the purchase process
- Strong negotiation skills
- Integrity responsiveness
- Enthusiasm
- Great customer service
- Authentic and available properties (Listings with the Checked or TruCheck™ badge on Bayut)
Property seekers do not expect to hear the following phrases from a real estate agent on the first call:
- Is this cash or mortgage
- Can you come with a chequebook
- Key is under the doormat
- Call me back when you are ready to buy
- Take it or leave it
Clients expect someone to guide them through the sales and leasing processes and arrange viewings.
The secret to an agent’s success in their real estate career is having realistic expectations for their own career and meeting clients’ expectations. But how can an agent meet client expectations?
Here are a few things agents can do:
- Ask effective questions
- Be a good listener
- Deliver what clients want
- Walk the walk
Being courteous, paying attention to detail and being accurate is how you can meet client expectations.
Key Apps For Realtors
1. Dubai REST
Dubai REST (Dubai Real Estate Self Transaction) is a mobile application that provides useful services for key stakeholders in the UAE real estate market. You can access the following services from this app:
- Rental index
- Project information and status
- All forms
- Title deed verification
2. Trakheesi
A Trakheesi permit number is mandatory to advertise a property in Dubai.
You can check out our in-depth guide to generating a Trakheesi permit number
3. Ejari
EJARI, initiated by RERA under the provisions of Law No. 26 of 2007, requires that all rental or lease contracts be registered online. This system was built to protect the rights of both landlords and tenants in the city.
4. Bayut and dubizzle
Bayut and dubizzle offer tools to help you increase your property listings’ exposure and the number of leads. These include Profolio™, our listings management system and Brokerpad, our state-of-the-art CRM to help you manage your business efficiently.
Dubai Rent And Sales Process: A Summary
Before we jump into the Dubai leasing and sales processes, we must be aware of the Code of Ethics by RERA, which real estate agencies must comply with. It is as follows:
- Trust And Integrity: To present the deal to both parties in an honest matter and to conduct business with trust and integrity
- Fair Treatment: Real estate agents must treat all contracting parties equally, without prejudice or discrimination
- Respectful Treatment: To respect the contracting and concerned parties, respect the privacy of parties and reject any conduct that would belittle them
- Preservation Of Privacy: To preserve the privacy of the parties (buyer, seller or related to the real estate brokerage) and the confidentiality of their information.
- Quality Service: To provide quality brokerage services and constantly seek to improve the services, in terms of precision and quality
- Observation Of Laws And Regulations: To observe the regulations and laws in the country and to honour contractual obligations.
- Obligation Towards Society: To be active members of society and work to respect its values and principles.
*Source: Code of Ethics, Dubai Land Department
Essential Real Estate Terminology
Here are some important real estate terms you should know:
- RDC: The RDC, or the Rental Dispute Center, is the DLD’s department that specialises in resolving disputes between tenants and landlords. These disputes include a tenant’s failure to pay rent, a tenant’s resistance to vacate the property in due time, and a landlord severing essential services to force tenant eviction.
- ORN: The ORN, or Office Registration Number, is a number assigned to real estate agencies after they register with RERA.
- BRN: The BRN, or Broker’s Registration Number, is a number assigned to real estate brokers after they register with RERA.
- Form A: An agreement between an owner and an agent to advertise a property.
- Form B: A RERA form that must be signed when a buyer appoints an agent to find a property for sale.
- Form F: Also called a Memorandum of Understanding (MoU), it is the purchase agreement between a buyer and a seller.
Types Of Rentals
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Short Term Rentals
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Long Term Rentals
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|---|---|
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Short Term Rentals
Rented out daily, weekly or monthly with a maximum time period of six months
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Long Term Rentals
Rented out yearly with a minimum time period of six months
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Short Term Rentals
Governed by the DTCM
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Long Term Rentals
Governed by RERA
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Short Term Rentals
Tenants do not require UAE residency
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Long Term Rentals
Tenants require a valid UAE residency visa
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The Dubai Rental Process
What does the leasing process in Dubai look like, from an agent’s perspective? Let’s look at each step, and how each person in the agency plays a role in this journey.
- The agent looks for inventory.
- The agent visits the property.
- The agent advertises the property on portals ( Bayut and dubizzle). Administrative staff assist agents in this step by applying for a Trakheesi permit.
- Potential tenants reach out to the agent through portals. Sometimes, receptionists or administrative staff are their first point of contact, so it is recommended that they know about their agency’s inventory, the agents, their listings and their areas of service.
After understanding client requirements, the agent arranges viewings for them.
- The agent submits offers to the landlord and creates tenancy contracts. Administrative staff may help in preparing tenancy contracts through our CMS, Brokerpad.
The landlord’s passport (including the signature page), title deed/Oqood/affection plan, and the tenant’s passport (including the signature page) and Emirates ID are required in order to finalise a tenancy contract.
The administrative staff also provides confirmation, or receipts, against payments – such as agency commission, security deposit, and rental payments. In some instances, receipts for the Ejari registration and utility payments must also be provided. - The agent is responsible for getting the landlord’s and tenant’s signatures on all tenancy contracts.
- The agent may assist with Ejari, the move-in permit, and connecting utilities in the property.
Further reading: Check out our in-depth guide to the Dubai Leasing Process For Real Estate Agents
The Dubai Sales Process
Let us now dive into the Dubai real estate sales process, and the role each person plays:
- The agent sources inventory.
- The agent signs Form A with the seller, and applies for a Trakheesi permit. After this, the agent advertises the property.
- The agent qualifies potential buyers. The buyer’s agent and the seller’s agent sign Form I.
- The buyer and the buyer’s agent sign Form B. Then, the buyer makes an offer.
- The seller accepts the offer.
- The buyer and the seller sign Form F.
- The property’s ownership is transferred at the DLD.
Further reading: Check out our in-depth guide to the Dubai Sales process.
Property Ownership Types
There are three types of property ownership in Dubai. They are as follows:
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Leasehold
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Freehold
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Non-Freehold
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|---|---|---|
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Leasehold
An individual owns a property for a limited period
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Freehold
An individual owns the property in full
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Non-Freehold
A GCC National owns property or land in full
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Leasehold
Ownership: up to 99 years
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Freehold
Ownership: unlimited (for life)
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Non-Freehold
Ownership: unlimited (for life)
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Leasehold
Example: Dubai Silicon Oasis, Green Community (DIP)
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Freehold
Example: Dubai Marina, Dubai Hills Estate, Emirates Living, JBR
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Non-Freehold
Example: Bur Dubai, Sheikh Zayed Road, Barsha, and more
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Popular Property Developers in Dubai
- Emaar
- Nakheel
- Ellington Properties
- Sobha
- Damac Properties
- Dubai Properties
- Meraas
- Aldar
Read about the Dubai off-plan sales process and developers in our guide to Dubai off-plan sales.
If you’re keen on learning more about the products and services Bayut and dubizzle offers (or are looking for a refresher course), register for our online product training, hosted every Monday to Friday at 11 am.
You can also register for one of our interactive sessions at Bayut Academy, where we dive into the skills a real estate professional needs to be successful in today’s market. You can also check out our various real estate-focused articles on Content Corner.