MyBayut is back with the much-awaited Expert Advice feature where we sit with the movers and shakers of the UAE real estate industry. This month we are in conversation with young entrepreneur Karan Dhakan, the Managing Director at Al Nafis Properties. He shared his incredible journey of becoming one of the youngest entrepreneurs within the Dubai real estate market by staring his own real estate company at the age of 23. Find out how Karan went from being a broker to now running a successful agency in just a few years. He shares his tips to start a real estate company in Dubai and talks about how young entrepreneurs are encouraged in the market.
If you want to know how to open a real estate company in Dubai, have a look at what Karan had to say about his journey to success. He also shares some great tips to be a successful real estate agent in Dubai.
Karan’s journey to starting a real estate business in Dubai
Karan Dhakan started off his career in the Dubai real estate market as a broker, by helping clients find right investment opportunities. He worked for an international company for about two years, before he decided to make the leap and start his own real estate company in Dubai.
Karan mentions that his outgoing nature and affinity to communication is one of the main reasons that pushed him to start his own real estate company in Dubai. Being a broker allowed him to connect with new people on a daily bases, build his network and learn tons of new things. Working in such a fast-paced and inspiring environment, ignited a spark within him to start a real estate company in Dubai, on his own.
Combining this passion with the knowledge and skills he picked up from his company, along with the support of his peers, he was able to open up Al Nafis Properties. Today Al Nafis Properties is a growing real estate agency in Dubai, recognised both locally and internationally. They are also one of the few authorised dealers for Dubai Properties, Shoba, Azizi and Meraas.
But opening up Al Nafis Properties was not an easy task. Being so young, many of Karan’s investors and clients found it challenging to put their trust in him. However, he was quickly able to convince them, as this was more than just a job to him; Karan was passionate and committed to making it in the industry.
Getting government support to start a real estate company in Dubai
When asked about what government support he received, Karan said that Dubai is the perfect place for entrepreneurs looking to start a business. As long as you are certain of what you want to do and have a good amount of savings, setting up a business in Dubai can be done by anyone. He elaborated by explaining, that the smart e-Government services available online made everything easier. Now, applying for trade licenses, issuing visas, getting the Ejari for the offices, making payments etc, can all be done through the smart e-government services.
More and avenues are opening up for business owners to set up a business in Dubai. It started off with the introduction of the e-trader license, which allows individuals or single-owner businesses to sell their services and products online. Just recently, the virtual trader license was also introduced which allows business owners outside the UAE to set up companies in Dubai.
Differences between being an agent vs managing a real estate agency in Dubai
Karan further spoke on how different the experience is to start a real estate company in Dubai and manage it as an owner, versus being just a property agent. He finds being an owner is much more fruitful; he gets to motivate and push his peers and work with like-minded people to contribute to the Dubai property market.
Karan’s Tips to start a real estate company in Dubai
Karan shared some tips for all young brokers aspiring to follow in his footsteps. Here are his top tips for agents who want to start their own property agency in Dubai.
- Stay ahead of the curve: The property market in Dubai is constantly changing. It’s important to keep up-to-date with the latest laws and rules in the current market. Real estate laws in Dubai are also constantly changing and new initiatives are launched every day. Agents must be aware of these changes and adapt to them.
- Put yourself in the clients’ shoes: Karan says that a deal must never be made just to get make a quick commission. Agents should always try to make a sale that is as per the client’s needs. This will help agents in the long run as they will get more referrals and as a result, be successful in the Dubai real estate market.
- Know your market: To be successful, agents must know everything there is about the areas they are dealing with. Karan advises that visiting and exploring the neighbourhood physically and talking to people who live there is a great way to get to know about the place.
ABOUT KARAN DHAKAN & AL NAFIS PROPERTIES
Karan Dhakan is a self-made entrepreneur, who founded his own real estate company, Al Nafis Properties at the age of 23. Since its inception, Al Nafis Properties has become a major player in the UAE property market.
They boast a team of the most dedicated property agents in Dubai who are committed to providing tailored real estate solutions and connect potential homeowners and investors with a property that suits their needs.
Al Nafis Properties’, specialises in bespoke property services for premium residential properties and commercial real estate in Dubai. Whether you’re a first-time buyer or an experienced investor, this Dubai real estate agency can help you solve any real estate query and find the property of your choice.
Al Nafis Properties has a vast portfolio of real estate under its umbrella. If you’d like to check them out, visit Al Nafis Properties’ profile on Bayut.