UAE’s real estate is booming and provides multiple earning opportunities for agents. That said, being a real estate agent is a lucrative career opportunity for many. However, kickstarting can be tough as an agent requires a significant amount of work. The market is competitive and agents are obligated to polish their skill set for surviving, especially if they are a beginner. From building a strong network to legal matters, an agent should be proficient in everything.
Here we have gathered some expert tips for new real estate agents that will help you prosper the market.
New Real Estate Agent Tips
The process to become a real estate agent in Dubai and other Emirates is convenient. However, apart from the legal process, the agent should be an expert of multiple aptitudes.
Following are some tips and tricks that will assist beginner agents excel in their careers.
Make it Legal
The first step as a new real estate agent is to legalise all the matters. The UAE government has strict laws against unlawful practices; therefore, every agent is registered with the government. That said, prior to initiating any business activity, request a real estate licence in Dubai or any other Emirate you want to practise in and get legalised.
Once done with the practising licence, look for other necessary documents and permits like broker licences granted by the government. Besides, you can also opt for different courses to become a real estate agent in Dubai and other Emirates.
Draft a Budget
Financial management is necessary to become a successful real estate agent. Consider yourself as a business owner and trace all the expenses. Initially, you might need some startup funds to pay for the licence fee and other legalities. Moreover, expenses like bookkeeping, travelling, renting an office and others should also be included in the budget.
After calculating all the expenses, list down revenue sources. Make a realistic action plan and roughly calculate your monthly income and draft your budget according to it. If your expenses exceed your income, cut off all unnecessary expenditures. For instance: you can opt for an office in a commercial area with less annual rent. That said, browse through these commercial properties for rent in the UAE and find a budget-friendly space for your business.
In the future, use expense management software and track all the expenses, cash flow and income. The software will aid in managing all the finances conveniently providing an edge to meet your financial goals.
Start Networking and Marketing
Building a strong network and marketing yourself positively is necessary to penetrate in the competitive market. Familiarise yourself with the industry experts and tycoons. Attend real estate events, award shows and open houses to increase your visibility. You can also read through dubizzle’s agency of the month from Dubai for May 2023 to know about top agencies and network with them.
During the early stage of your career, try to approach clientele in person to establish a strong network and healthy relationship with them. These are the skills that set real agents apart from their competitors. Furthermore, ask for feedback from each client and request referrals.
Build Credibility and Trust
To build credibility and trust with customers and peers, multiple things are required. The first one is to increase your knowledge and expertise regarding the field. Read through the real estate glossary and learn all the basic terms that are used regularly.
Alongside this, another piece of advice for new real estate agents is to have a strong online presence, a network of agents, a transparent process and client testimonials.
Along with all the above-mentioned elements, agents should properly manage their time to increase their credibility. Time management is a key ingredient in becoming a reputable agent in the market. Plan your meetings accordingly and try to reach 5 minutes earlier than the decided time. If you have to reschedule any meeting, inform the customer at least 12 hours earlier.
Synchronise your Process
A transparent and synchronised working process not only helps in time management but also provides an edge to focus on business growth. The basics of a transparent working process in real estate depend on two main elements: ethical practices and clear communication. Moreover, here are some real estate business ethics by DLD that you can implement.
For synchronisation, firstly, explain all the steps involved in buying or selling a property and be honest with them. Create a timeline or schedule, add a date and time for each step and work according to the plan.
Secondly, maintain an open communication policy and keep updating clients regarding their progress. In case they have any doubts, elaborate and clear it right away. Additionally, explain to the clients all the charges, commissions and fees that you will charge from them.
Collaborate with Other Agents
Working with other real estate agents provides numerous benefits including networking and good terms. Alongside this, the core benefit of working with other real estate agents is learning and gaining insights into the market. As a beginner, there are multiple things that you might not be aware of, collaborating with professionals provide you with an edge to learning all of these. Moreover, you can also find a mentor who can help you with your career progress.
Mentors can easily answer some common questions new real estate agents ask. For instance: what are the challenges in the market that I should be prepared for? Or how to schedule my day and manage time properly?
Develop Communication Skills
Strong communication skills play a pivotal role in the success of a real estate agent. Effective communication helps agents to convince customers resulting in successful transactions. Moreover, proper communication also aids in conveying complex information without any hassle.
Different languages are spoken in the region and it is impossible to master them all. That said, learning Arabic and English will be enough to prosper in the industry. Browse through these tips to improve English communication as an agent and develop your communication skills.
Look Presentable
Along with professional behaviour and strong communication, it is also necessary to dress for success. Prefer a professional dress code when meeting with customers. Make sure that your clothes are tidy and properly ironed. Especially when meeting for the first time, as it will create a positive first impression. Overall, a well-dressed agent seems to be competent, professional and respectful which increases transaction chances.
These were all the tips for new real estate agents to help them progress in their careers. Once you have started your career as a real estate agent it is necessary to be innovative with time. For this, you can use online platforms and property portals to provide you with a competitive edge. That said, read some smart ways to find real estate leads on LinkedIn and increase your customer reach.
Besides, you can also go through A to Z of real estate success in the UAE for more information.
Stay tuned to dubizzle’s property blog to know what new real estate agents should do.
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