Dubai’s real estate market is all about luxury, innovation, and countless opportunities for all. The number of Real Estate Agents has been growing in the past decade. It’s a place where you can carve a highly rewarding career as a commercial real estate broker.
In this blog, we’ll provide you with a simple and comprehensive guide on how to become a Commercial Real Estate Agent in Dubai. By the end of this blog, you’ll be well-equipped to decide if Commercial Real Estate is a good career path for you.
Dubai’s real estate market is charged by innovation and diversity, attracting investors and businesses from all around the world. To succeed in this dynamic yet competitive environment, aspiring brokers must gain the right knowledge, skills, and connections to navigate the market successfully.
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How much can you make as a Real Estate Agent in Dubai?
According to Allsop, a Commercial Real Estate broker in Dubai typically makes a whopping 2-5% commission on each sale of property which is then split between agent and agency.
How to get real estate brokers license in the UAE
Even though it is not a simple task to get a real estate broker license in dubai due to a lot of legal requirements. In order to obtain a real estate broker’s license, the application should be submitted to the Department of Economic Development. Following this, RERA will review and approve the application through the Trakheesi System.
Requirements for Department of Economic Development Approval:
- Owner’s passport copy, Emirates ID card, and family book (if applicable).
- Passport-size photographs with a white background.
- Tenancy contract and Ejari certificate.
- Memorandum of association (if applicable).
Requirements for External Approval from Real Estate Regulatory Agency:
- Department of Economic Development application form.
- Trade name reservation.
- Initial approval enquiry receipt.
- Owner’s passport copy, Emirates ID card, and family book.
- Certificate of good conduct from Dubai police.
- Real estate practitioner course certificate or real estate diploma.
Now that you know all the requirements, you’ll have to go through the following step to get your license.
Trade Name Reservation: Begin by reserving your desired trade name through the appropriate channels.
Initial Approval Inquiry Receipt: Initiate the process by obtaining an initial approval inquiry receipt.
Obtain Initial Approval Certificate from DED: Secure the initial approval certificate from the Department of Economic Development (DED).
Sign Necessary Agreements: Head to the notary public to sign the memorandum of association, local service agent agreement, and civil works agreement. Ensure that all shareholders are present during this signing.
Submit Documents to DED: Submit the initial approval certificate, original approved DED form, trade name reservation, tenancy contract with Ejari, and other required documents to DED. This step will lead to the issuance of a payment voucher.
Payment: Collect the payment voucher and proceed with making the necessary payment.
Obtain Trade License: Once the payment process is complete, you will receive your trade license.
Register Your Office: Submit the relevant documents to the land department to obtain the office registration certificate.
Get the Broker Card: After completing the required training, obtain the Broker Card, which finalizes your real estate broker’s license in Dubai. Your card will be valid for one year from its issuance.
What are the steps to become a Commercial Real Estate Agent?
1. Educate Yourself:
To become a knowledgeable and trusted advisor, a solid educational background is crucial in real estate. Consider enrolling in a reputable university or college offering courses in real estate, business, finance, or economics.
Specialized certifications, such as the Dubai Real Estate Institute (DREI) courses specially designed for aspiring real estate agents, can also provide valuable insights into the specific regulations and practices governing the Dubai real estate market.
2. Understand the Dubai Real Estate Market:
Dubai’s real estate landscape is constantly evolving, driven by a dynamic economy and highly ambitious development projects. As an ambitious real estate broker, it is important that you familiarize yourself with the city’s various commercial property segments, including office spaces, retail properties, industrial warehouses, hospitality assets, and mixed-use properties.
Stay updated on market trends, government policies, and upcoming real estate projects to anticipate shifts in demand and identify opportunities.
3. Building a Strong Professional Network:
Networking is the lifeblood for a successful real estate agent. Attend industry events, seminars, and business gatherings to connect with fellow agents, developers, investors, and potential clients. Engage with professionals from diverse backgrounds, as collaboration often leads to a broader understanding of the market and access to a wider pool of opportunities.
4. Gain Practical Experience:
Academic knowledge is essential, but hands-on experience is invaluable. Seek internships or employment opportunities with reputable real estate agencies or brokerage firms in Dubai.
Working alongside experienced real estate agents will give you real-world challenges, help you gain negotiation skills, and client interactions, ultimately honing your skills as a competent real estate broker.
5. Obtain the Necessary Licenses:
Compliance with local regulations is paramount in the real estate sector of Dubai. Aspiring commercial Real Estate Agents in Dubai must obtain a license from the Dubai Real Estate Regulatory Agency (RERA).
Ensure you meet all the eligibility criteria, which may include minimum educational qualifications and passing a comprehensive exam that is specifically designed towards testing your understanding of the real estate industry. Maintaining a valid license demonstrates your commitment to professionalism and adherence to industry standards.
6. Choose Your Niche Wisely:
Dubai’s commercial real estate market is vast, it targets various industries and investor preferences. Identifying a niche within the real estate industry that aligns with your strengths and interests will allow you to focus your efforts and become an expert in that specific area. Whether it’s retail properties in bustling commercial districts or industrial warehouses in logistics hubs, specializing in one niche will enhance your credibility and attract relevant clients.
7. Embrace Technology and Marketing:
Dubai, a dynamic and forward-thinking metropolis, embraces rapid progress and innovation. In today’s ever-evolving digital landscape, adapting to technology and online marketing strategies is equally important to achieving success in this competitive industry.
Utilize social media platforms to share real estate market insights, promote properties, and engage with potential clients. Adopting cutting-edge tools like virtual property tours and data analytics enhances your value proposition and client experience.
8. Provide Exceptional Customer Service:
The key to a flourishing career as a commercial real estate broker lies in building enduring relationships with clients. Listen attentively to their needs, concerns, and long-term objectives. Be responsive and transparent throughout the entire process, ensuring that clients feel supported and informed every step of the way. Positive experiences lead to referrals and repeat business, fueling your growth and reputation in the market.
9. Stay Informed of Legal and Regulatory Changes:
Dubai’s real estate market is subject to frequent legal and regulatory changes. Stay informed about updates to property laws, taxation policies, and visa regulations, as they may significantly impact investment decisions. Keeping yourself well-versed in these changes will bolster your credibility as a reliable advisor for clients seeking accurate and up-to-date information.
Conclusion
Becoming a successful Commercial Real Estate Agent in Dubai is an exciting journey that demands continuous learning, dedication, and adaptability. If you’re wondering how to become a Commercial Real Estate Agent, fret not; we’ve got you covered. By combining a strong educational foundation, practical experience, and a focus on customer service, you can navigate the dynamic Dubai real estate market with confidence.
As you build your network and establish your niche, remember that integrity, transparency, and professionalism are the cornerstones of a thriving real estate career in this cosmopolitan city of opportunities. Embrace the vibrant spirit of Dubai, and your journey as a Commercial Real Estate Agent is bound to be filled with success and fulfillment.
FAQs
How can I become a Commercial Real Estate Agent in Dubai?
The initial requirement involves enrolling in the Certified Training course for Real Estate Brokers conducted by Dubai Real Estate Institute (DREI). Upon successful completion of the course, aspiring brokers are then required to undergo an examination to attain their registration as a real estate broker in Dubai. Once the exam is passed, the next step is to obtain a Good Conduct Certificate from Dubai Police.
How much does a Real Estate Agent make in Dubai?
In Dubai, United Arab Emirates, a Real Estate Agent typically earns an average monthly salary of AED 17,000. On top of this base salary, they may receive an average additional cash compensation of AED 12,000. The range for this extra compensation varies between AED 600 and AED 120,000.
Can a foreigner become a Commercial Real Estate Agent in Dubai?
In Dubai, you cannot be a freelance Real Estate Agent. You must be an employee of a registered real estate brokerage to apply for a Brokers Permit. UAE citizens and GCC nationals can easily sign up for the licensing process. Expats, however, need to have a valid residency visa to apply for a job as a realtor in Dubai.
Can I work as a freelance Real Estate Agent in Dubai?
No, freelancing as a Real Estate Agent is not permitted in Dubai. To operate as a Real Estate Agent, you must be an employee of a registered real estate brokerage and obtain a Brokers Permit.
Who is eligible to apply for a Brokers Permit in Dubai?
UAE citizens and nationals of the Gulf Cooperation Council (GCC) countries are eligible to apply for a Brokers Permit with relative ease.
What are the requirements for expats to work as a Real Estate Agent in Dubai?
Expats who wish to work as Real Estate Agent in Dubai must hold a valid residency visa. This visa is a prerequisite for applying for a job as a realtor in the city.