Finding the right broker is a lot like finding the perfect pair of shoes. You can neither rely on sizes and labels alone nor rationalize you will break it in if it’s too tight. You also don’t want to base your decision solely on how nice a pair looks.
Instead, it requires careful consideration. You know there is no one-size-fits-all. So, you need to try on different sizes to ensure the fit is good. You will also want to have more than just appearance in mind.
The same applies and then some when looking for a broker. There are nuances you must pay attention to. To help you zero in on the professional who will best meet your needs, here are eight tips to consider.
First thing’s first, get a certified broker to protect your rights. To be able to practice in Dubai, a broker must hold a broker’s card before engaging in the trade.
The Real Estate Regulatory Agency (RERA) keeps a broker’s register. To verify, ask for the broker’s license number and full name and verify the record here.
In Dubai, no specific legal provisions stipulate the broker’s fee. Unless you and the broker agreed otherwise, it varies. It helps to both ask brokers upfront and check all details before signing an agreement.
The industry norm is 2% of the purchase price or 5% of the total annual rent. While the contract mentions this, ask for the exact amount early on. Be sure to inquire about other fees as well to avoid unpleasant surprises.
You will work with a broker for some time so this is critical. Plain and simple, language plays a huge role here. Find someone who speaks a common language if possible.
At the same time, make sure your communication styles match. Most brokers excel at persuasion. So, don’t fall for someone manipulative. An agent incapable of maintaining a two-way conversation is also a red flag.
Further, it is a good idea to set expectations. For example, how often do you want to receive updates? What method and time do you prefer? See if the agent can cater to these.
Most brokers have specialties whether that’s selling, buying or leasing. So depending on your requirements, go for someone experienced in that area.
Ask for the broker’s portfolio with results and referrals. Check if the agent is being truthful or embellishing their record. Do a little detective work. Check consumer review channels. And hit social media channels to get unbiased takes from other clients.
Any agent worth their salt should have firsthand local experience. By tapping into their knowledge, a broker’s market expertise gives you an edge.
A good broker is an area savvy broker who knows the neighborhood inside and out. So, zoom in as much as possible by checking if a broker is a true area expert.
Don’t be shy to ask the agent for a list of transactions within the last 12 or 24 months. This establishes the agent’s knowledge, experience and ability to handle your transaction.
A broker’s network is of paramount importance. In this industry of matching people and properties, connections are vital. Quality contacts afford access to a larger network of people, properties and resources.
Brokerages are just as important as brokers themselves. Make no mistake, the size of a brokerage does not necessarily guarantee success. But a broker with a support staff to lean on will make for smoother, faster transactions.
Real estate is not only about selling or buying a property. To succeed, a broker must be creative. This is especially true if your goal is to sell a home since marketing requires thinking outside the box.
But even if you are only looking for a place to rent, creativity ensures the broker is resourceful. He will be one step ahead and come up with alternative solutions before you even ask for one.
Last but definitely not least in this list is integrity. The ideal broker should have your best interests at heart. By that, he will put you above monetary or personal gain and settle for nothing less than the best outcome.
Look for a broker who is honest, sincere and able to conduct himself in a professional manner. Select a broker who wants to foster long-term relationships long after the deal is closed. They are naturally the ones who show genuine concern and display strong work ethics.
With so many real estate brokers out there, finding the right one can feel like picking a needle from a haystack. Don’t just go for the one your mother-in-law recommended. Nor the one who is on duty when you walk into an office near you.
Who you choose matters. So take your time and make sure you select the right broker for you.