As an industry expert for over two decades and the host of Golden Nuggets with Silvia Eldawi, I have interviewed a multitude of real estate leaders and exceptional guests as we inform and educate the real estate industry. Here’s a compilation of Golden Nuggets from me and my guests that are useful for home buyers in the UAE.
1. Don’t Ghost Agents
“Answer your phone!”
Neema Kataria – Managing Partner of Hunt and Harris – Episode #35
In this episode, Neema encourages active homebuyers to be responsive and open with their communication. Prompt replies to property inquiries help streamline the process for both buyers and agents. If your situation changes or you’ve purchased elsewhere, being upfront and honest can save everyone time and effort.
Agents often work on commission without a basic salary, investing significant time and money in showing properties. By being a responsive and clear communicator, you can greatly enhance the overall service quality in the real estate market.
2. Know Your Borrowing Limits Before Browsing
“Before you do ANYTHING, speak to a mortgage advisor”
Daniel Hadi – CEO (Middle East) of Engel & Völkers – Episode #37
In this episode, Daniel talks about how crucial it is to get advice from a mortgage advisor before you start looking at properties.
Instead of just going to your bank, he suggests speaking to a mortgage advisor because they can see the best rates at that time. Big banks don’t always have the most competitive options, and a mortgage advisor can help you see all your choices.
This way, you won’t fall in love with a property only to find out you can’t afford it.
“It’s always the same. The first property you see is the one you fall in love with. Then you’re not ready, you lose it, and you compare every property since then to that one; it’s the worst”.
Getting impartial advice helps you make a smarter decision and increases your chances of finding the perfect home.
3. Explore your Conveyancing Options
“It’s very difficult to represent the buyer the seller and themselves at the same time and have their fiduciary duties in check”
Lynnette Sachetto – Founder of RealTrust – Episode #41
Once you’ve secured your ideal home, the process doesn’t end there. Often, the sales progression, or conveyancing, is handled by the broker or the brokerage’s in-house conveyancing team.
This means the same team could be representing both you as the buyer and the seller, as well as the brokerage themselves.
While this might seem convenient, it can sometimes lead to conflicts of interest. This is why savvy buyers and sellers are increasingly seeking third-party conveyancing options. By doing so, you ensure that someone is solely dedicated to protecting your interests and rights throughout the transaction.
4. Don’t Obsess over Market Predictions
“The value of your property only matters at two points: When you buy, and when you sell”
Silvia Eldawi, Founder of PROPOLOGI
In episode #37, I challenged the common belief that month-to-month fluctuations in property value are as significant as many people think. Real estate is typically a long-term investment, and properties generally appreciate over time.
By focusing on long-term trends rather than short-term changes, you can maintain a clearer perspective on your investment. My advice? Buy it and forget it.
Enjoy your home or investment without stressing over market fluctuations, knowing that your investment will likely grow in value over the years.
5. But if You Do Want to Keep Track of Your Investment
“There’s a lot of fundamentals and research and you know news out there that can really help you better understand the market”
Omar Abu Innab, CEO & Co-Founder of Keyper – Episode #42
For investors and homebuyers, it’s essential that if you do wish to track your property value, you can leverage the abundance of tools and data available to make informed decisions.
Additionally, with research reports from third-party sources, you can gain deeper insights into market trends and fundamentals. Utilizing these tools can help you navigate the real estate market with confidence and clarity.
Silvia Eldawi – Founder of PROPOLOGI
Silvia is a Certified International Property Specialist (CIPS) with over two decades of experience holding Real Estate management positions from London to Dubai. As the visionary Founder behind PROPOLOGI, a community-driven platform for ambitious and aspiring property professionals around the world, she spreads the finest real estate Golden Nuggets to uplevel the industry. Tune in weekly for Golden Nuggets with Silvia Eldawi available across all podcast platforms and YouTube.
https://www.propologi.com/podcast
