The Real Estate Regulatory Authority (RERA) in Dubai recently announced some changes to the rules around listing real estate properties for sale or rent. The new rules limit each property to being advertised by a maximum of three brokers only. In the past, many brokers would list the same properties, which led to clutter and confusion.
The new rules aim to create a fairer system where brokers have to compete less with each other for the same listings. It will also make the property listings on websites and portals clearer for those looking to buy or rent a home. Overall, this helps improve transparency in the Dubai property market.
While the changes reduce opportunities for some brokers, it also presents new opportunities for professional and experienced brokers to upgrade their services. With fewer listings to compete over, top brokers can focus more on each individual property. They will need to work harder to convince property owners about why they are the best choice to market their homes.
This encourages real estate companies to invest more in training their staff properly. New brokers will need good knowledge about the local market, property laws and how to deal with clients professionally. Companies will have to ensure their brokers have the right skills to represent properties well. Those who cannot keep up may find it difficult to survive in this new competitive environment.
On the other hand, limiting listings per property makes it easier for real estate companies to manage their work. They no longer have to provide lots of duplicate information to different listing websites. This streamlines their operations and administrative tasks. With the right strategies, professional brokers can use these rules to their advantage by standing out from the crowd.
The new system is also beneficial for those wanting to sell or rent their homes. With fewer fake or repeated listings, property portals will show a clearer picture of real availability and pricing in the local area. Homeowners can make better judgments about listing their properties and what price to ask for. There is more transparency for both locals and foreigners to understand Dubai’s property market dynamics.
Overall, the new rules aim to develop a more responsible and mature real estate industry. Buyers, sellers, landlords and tenants will all have an improved experience dealing with trustworthy brokers instead of just any agent. The Dubai property sector can function in a more efficient way reflective of genuine supply and demand. While some brokers may find it tough, with innovative services, the top players have a chance to take their business to the next level.
