Real estate is a complicated business. And getting around it isn’t easy. Real estate titles can be perplexing if you’re new to the world. Although these terms are often used interchangeably, there are some key distinctions to be aware of.
For starters, it’s critical to understand the distinctions between a real estate agent in Dubai and a real estate broker when working with one.
Real estate agents and brokers can help you with the process of buying or selling a property in Dubai. Real estate agents and brokers in Dubai can assist with property viewings in addition to listing homes for sale and drafting real estate contracts. However, to legally practice, both require a real estate license. The process could involve taking an exam and passing it, as well as obtaining a certificate. As part of its efforts to regulate the market and establish robust service standards, RERA, the regulatory arm of the Dubai Land Department, recently increased the threshold for the mandatory license renewal test from 75 to 85 percent. Broker cards have also been phased out, and registration is now linked to the Emirates ID. Anyone without a Dubai real estate agent card may be reported to RERA.
Agents are people who work for a company.
Simply put, a real estate agent in Dubai will work directly for a broker and will only be allowed to practice under his or her supervision. A real estate agent in Dubai can’t work for themselves or open their own brokerage; instead, they must work for a broker. A real estate agent in Dubai will also pay a fee to work under the supervision of a broker. This fee will most likely cover the cost of renting office space in the building where the broker has a presence, as well as the brokerage’s marketing and promotional materials. A portion of the commission received on property sales may be given to the brokerage by a Dubai real estate agent.
Brokers are people who help you buy and sell things.
Unlike real estate agents in Dubai, brokers in the real estate industry receive more training and are held to higher business standards. For instance, brokers can legally set up a brokerage and hire and supervise other real estate agents. Furthermore, the broker assumes full legal responsibility for all real estate transactions conducted by him or a Dubai real estate agent on his behalf. Not only that, but the broker also assumes additional financial and management responsibilities within the brokerage, which are necessary to run a real estate business. Brokers also supervise agent training and education in order to improve and maintain service standards and professionalism. This gives them more authority and power than a real estate agent in Dubai in resolving conflicts and issues in a real estate transaction.