A real estate business holds a high and relatively stable value in the business world. Hence, it could be one of the best and most lucrative investment options. And when it comes to business and real estate, what could be better than Dubai? Dubai is the commercial hub of the United Arab Emirates, and indeed one of the most affluent and developed economies in the world. It is well-known for its great dynamic and forward-looking business outlook manifested by constant change and improvement. This, thus, makes it an investment destination for global investors and business people. However, it can be a wonder how to start real estate business in Dubai within the competitive market of Dubai and the stringent rules and regulations of the country. Hence, this article will cover everything you need to know about commencing a real estate business in Dubai.
Benefits of starting a real estate business in Dubai
- Remarkable returns
- Large and Diverse market
- Well-respected and transparent legal system
- Open as well as competitive market
- High potential capital gains
- Rental profits
Types of business structures for a real estate business in Dubai
- Sole Establishment
- General partnership
- Joint Venture
- Partnership en-Commendam
- Public/Private Shareholding
- Limited Liability Company
- Professional firm
How to start real estate business in Dubai – Key requirements
- Understand the market
- Choose a business model
- Complete the registration process
- Obtain the relevant qualifications
- Apply for required certifications
- Establish an office
- Outsource specific services
- See from the client’s outlook
- Be updated with the latest trends
Importance of RERA in the real estate business in Dubai, UAE
The Real Estate Regulatory Authority(RERA) is the licensing authority for real estate businesses in Dubai. Therefore, to establish a real estate business, the owner has to undertake a professional training course organized by RERA and clear the examination as well. Further, on the bases of the results, the authorities will approve and authorize the business of the applicant.
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Different real estate activities require different kinds of licenses. Therefore, it is better to check RERA’s website before proceeding to the company formation process. You can also seek assistance from the advisors of Shuraa who can guide you with the real estate laws of Dubai as well as the RERA certification.
How to start real estate business in Dubai – Procedure
- Explore an ideal location for the business
- Determine the company structure
- Get approval for the company name
- Clear the RERA exam
- Apply for a trade license
- Obtain approval from the DLD
- Process your visa
- Recruitment for backend support services
- Set up an office
The documentation process includes the following:
- Trade name approval certificate
- Initial approval from the authorities
- Memorandum of association
- Details of the UAE local partner
- Approval from RERA
- Certificate of Good Conduct
- Approval from Dubai Land Department
- The lease agreement of rented office space
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Tips to become an efficient and successful real estate agent
If you want to make your mark in the booming real estate sector in Dubai, here are a few tips to succeed in your mission –
Choose the right brokerage
There are multiple real estate companies in Dubai. Hence, choosing the right brokerage before starting out can be beneficial for your career. In addition, considering its commission structure, medical and visa insurance, admin, and marketing support are also equally important.
To become successful as well as a registered real estate agent in Dubai, having a RERA certification is very important. This certification is offered by the Dubai Real Estate Institute (DREI). A broker card with one-year validity is also issued to the applicant after clearing the RERA examination. Furthermore, attain a Certificate of Good Conduct from the Dubai Police.
Understand the real estate laws
Before getting a RERA broker card and starting your real estate business in Dubai, it is important to familiarize yourself with the rules and regulations of the real estate sector. For example, rental contracts, laws related to buying and selling of property, leasing of property, etc.
Boost your network
Networking is a very significant factor in the real estate business. You need to make connections with other real estate agents, potential buyers, renters and sellers, and all the other players in the industry and expand your reach. These connections would enable you to learn to widen the network, use customer management software, convince clients to give you referrals, and also maximize opportunities for visibility through social media.
Promote your business in the market
Get new leads through phone calls, increase email marketing and referrals, attend local events, and get yourself out there in whichever way you can. In addition, use advanced technology to create virtual tours with walkthroughs, compelling images, and videos of the properties for the customers, publish yourself in a recurring e-newsletter to keep in touch with past as well as prospective clients, and also invest in great after-sales service and conduct regular follow-ups. On the whole, think outside the box to keep your business in the spotlight in the UAE market.
Become an expert in the area
Develop an extensive knowledge of the area such as schools, malls, transport links, etc., and be the local expert. Move into the area, network with residents, and secure more listings. Familiarize yourself with the community and become the go-to person for information on properties both for sale as well as on a lease. Furthermore, be updated with price fluctuations, the number of potential buyers, inventory, and other market forecasts.
Price as per the latest trends
While putting a price on the properties, be aware of the market trends. Thus, you can ensure that your price lies within the current market range. However, also make sure to get the client and sell the property at the best possible price but on time as keeping the property for a prolonged period in the market might lose its value.
Become a client advocate
As a real estate agent, you need to have persuasion skills. You must be able to convince your leads and turn them into professional clients. Nonetheless, this can be possible by giving them undivided attention, empathizing with their needs, and delivering what you promise. Furthermore, you need to invest the right amount of time in your business and develop a high degree of self-motivation and smart decision-making skills.
Be an engaging personality
According to RERA – “Real estate agents are the most high-profile representatives of the sector and the department expects them to be fully aware of their rights and duties for them to effectively serve their customers.” In simple words, real estate agents have to sell their properties by building an engaging personality of themselves in the market. For instance, they must possess honesty at work, a great attitude, confidence in their abilities, personable character, interest in helping others, and most importantly, must have the ability to cope with new situations. They can also acquire these traits by observing their seniors and learning from them.
Every day new trends come up in the market. A real estate agent must be up-to-date with these trends and see what is more feasible for their business. They must also continue seeking professional development courses and relevant education in order to expand their business options and stay at the forefront of their professional field.
Connect with Shuraa
Shuraa Business Setup helps investors and industrialists establish their brands in the Dubai marketplace. Shuraa’s team of team of expert consultants will guide you at every step of the incorporation process, right from application and documentation, to licensing and banking.
So, Connect with our business professionals today and get your real estate business up and running in Dubai’s booming economy.
Do you still have queries on how to start real estate business in Dubai? Connect with us at +97144081900 / email@example.com, or log on to www.shuraa.com.