- Community Overview
- Services Charges
- Asking Price and Negotiations
- Physical Condition and Layout
- Facilities and Amenities
- Investment Suitability
- Legal Status
- Disclosure Information
- FAQs
Being a real estate agent in the UAE can be a lucrative career option for many, but it comes with its own set of responsibilities. Aside from a polished skill set, agents are also expected to have profound knowledge of the community they work in. Whether it’s just listing properties or showing them to the customers, agents should be able to answer all the questions regarding the property.
Let’s take a closer look at some common things real estate agents should know about property.
Property Details That Real Estate Agents Should Know
Penetrating the real estate market and marking a significant position demands a certain skill set that sets real agents apart. One such professional demand is to have complete knowledge regarding the property. Here are some of the important property details that real estate agents should always know about.
Community Overview
The first and foremost step to gaining knowledge regarding any property is gathering community information. Agents should be able to answer all the questions regarding the area. For instance: which is the nearest school? Where can residents go grocery shopping? And which is the nearest hospital? In addition, it helps to learn about the nearest landmark, public transportation facilities and accessibility to roads and major highways of the UAE.
Services Charges
Service charges or recurring fees are the amount paid by homeowners to the concerned authorities as a property management fee. The service charges generally cover utility services, maintenance, reserved funds, insurance and management services. These charges are applicable on different property types in the UAE and are charged on a per-square-foot basis.
Although the amount of service charges is minimal, it is an expense paid by the homeowner. That said, it is necessary to inform buyers about the service charges and any other charges they must pay.
If you still need clarification about the charges, read our blog on property service charges in Dubai.
Asking Price and Negotiations
The primary concern of every buyer is the asking price and its chances of negotiations. Agents must know the accurate asking price set by the seller and the maximum negotiation they will allow. Moreover, agents should ensure that the asking price offers value for money to the customers. To estimate the accurate price, compare the asked price with the market rate, the property’s condition, location and amenities offered. If you are new to the market, it is better to seek professional assistance from property valuation companies in Abu Dhabi and other Emirates.
As for negotiations, agents are the key players in the conversation. That said, it is recommended to maintain an ideal balance and set an amount that’s reasonable for both parties.
Physical Condition and Layout
List down all the details regarding the property’s liveable condition and layout. If your property has been renovated recently, be sure to mention it on the listing. Changes like renovated kitchens, new floorings and layout upgrades increase the property value. That said, this value addition can attract buyers, enabling agents to fetch higher prices for the property.
Also, properly list all the details regarding the property layout. For instance, How many rooms are there? How many washrooms are working? Does the property have a roof terrace or not?
Facilities and Amenities
The range of amenities and facilities plays a role in making a property attractive and appealing to potential buyers. These facilities and amenities can include extra features that new buyers can benefit from. This might include a mesmerising waterfront view from the property, a secure gated community or a personal swimming pool. Additionally, features like personal parking space, outlook fireplace, garden and patios are some other facilities that elevate the lifestyle of buyers.
Aside from increasing the value, these facilities and amenities highlight the property’s versatility and suitability to buyers with varied demands. If you opt for a luxury property unit, here are some more facilities to look for in a luxury apartment.
Investment Suitability
Dealing with investment buyers is slightly different from dealing with home buyers. Investment buyers have a whole new world of concerns, as they are more interested in numbers and returns. For instance, they will be more interested in areas offering the best ROI on villas in Dubai rather than an old property needing renovation. This generally includes mortgage, principal amount, operating cost and other subtle charges. Information regarding these elements will reflect agents’ knowledge, helping them become a trusted name in the market.
For a better overview of what investor buyers expect from real estate agents, read through our blog on how to become a real estate agent for investors.
Legal Status
Understanding the property’s legal status helps smooth and hassle-free property transactions. This facet delves into crucial aspects, like who is the actual owner of the property. Does the owner have the original title deed registered in their name? Has the property ever been into legal encumbrances?
A thorough scrutiny with the help of government authorities such as DLD or RERA will answer all your questions. Elaborate all of it to the customer to maintain transparency and create trustworthiness among the clientele.
Disclosure Information
The disclosure information accounts for any subtle detail about the property that the buyer must be aware of. The disclosure information should include details about pet infestation, structural issues, environmental or health hazards like lead paint or even disturbing neighbourhoods. The disclosure information will help buyers make an informed decision and free agents from any future liability.
FAQs
What are a few things that real estate agents should know about the property?
Real estate agents should know the property’s condition, location, layout, legal status, asking price, service charges and facilities offered with the property.
Which type of property layout detail is important for an agent?
Agents must know about the personal parking space, total number of rooms, availability of terrace, garden and patio and recent renovations, if any.
What are the three most important things for a real estate agent?
The three most important things for an agent are the location of the property, the timing of listing and showing the property to customers and communication skills to convince potential buyers.
These were all the things that real estate agents should know about the property. The basic information about the property will reflect the agent’s professionalism, which aids in creating a strong market reputation.
Apart from this information, agents should also opt for modern techniques to attract and facilitate customers. One such way is to use digital platforms like dubizzle for property listings. It will increase their customer reach, resulting in better lead generation and conversion chances. Browse through these properties for sale in the UAE listed on dubizzle for a better overview.
Aside from work, maintaining good mental health is also necessary. Here are some ways to improve mental health as a realtor that agents should practise for a perfect work-life balance.
Stay tuned to dubizzle’s property blog for more tips for new real estate agents to succeed.
