A look at the role of the property agent in the lifecycle of a Dubai resident, and why a strong personal connection is worth its weight in gold.
Dubai is an international, transient hub. A large proportion of the people who live and work here only intend to stay for a short period of time to serve a specific purpose: either to save enough money to clear a mortgage at home or a student debt from a time gone by, or perhaps experience an expatriate lifestyle, live the dream and return home with sunny memories.
However, there are those of us who have endeavoured to stay short-term but are clinging to the sunshine and beach life after a decade, maintaining that the end is nigh (perhaps) soon. Plans change, both timelines and waistlines expand, and the Dubai addiction strengthens.
In reality, this land of sand is a wonderful springboard to explore the world from; a third of the world’s population is within a four hour flight from Dubai. It’s great for establishing a network and creating a work-life balance that is not easy to replicate in other major cities worldwide. Dubai greets us with a heat-hug every time we step off the plane and allows us to provide a fabulous holiday destination for friends and family who need a dose of vitamin D. Dubai is a land of opportunity, and now is the time to invest in your new hometown. I heard a wise investor recently state ‘I make money when I buy,’ and never has there been a better time to invest in an asset to call your own.
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READ MORE:
Property 101: Guide to Buying in Dubai
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People move around Dubai a lot. It is reported that 35% of us have moved once in the last six months to one year and that 34% of the people that have moved have done so to save money, choosing to opt for more affordable accommodation.
Once we’ve committed to a one-bedroom in a high rise, to sharing our lives with a plethora of small rescue animals, to a membership at a beach club, golf club or gym, the months roll into years. And because it is dry for over 90% of the year, (including cloud seeding days), the seasons fly by! Perhaps people are moving to save money because, for the first time ever in Dubai, a variety of options are readily available. For AED 100,000 per year, you can rent four bedrooms in Nshama, two bedrooms plus a study in Arabian Ranches, or a two-bedroom property in Dubai Marina.
To throw money away on a rental property goes against the grain. Let’s be honest no one’s mother is in favour of this. Why pay someone else’s mortgage and not your own? Especially if your company offers a housing allowance and an opt-out scheme to put to good use. This is a poignant point. The painful reality of paying huge sums of rent in one or two cheques every year for four to five years is heartbreaking. Converting this cost into your home currency makes for a rather depressing spreadsheet session, especially when we came here to save, right?
Most agents concentrate on a specific area and focus on knowing everything there is to know. Their knowledge is often infinite regarding community service charges going back to the time the project was launched and what is being built in the surrounding area imminently.
2. FIND A PROFESSIONAL YOU CAN TRUST
This should be reflected in their knowledge, expertise and enthusiasm. Subsequently, their client testimonials, credentials and ties with the community should all align with their corporate identity. You need someone who can manage your timelines and guide you through the signing of legally binding documents. “If people like you, they’ll listen to you, but if they trust you, they’ll do business with you,” Zig Ziglar
3.FIND A PROPERTY WIZARD WHO LISTENS
Tell them absolutely everything about your future dream home and then focus on your top five must- haves. The perfect real estate agent will listen and digest. Let them guide you: you are trusting them with one of your biggest decisions ever. Think of them on the same level as your chosen dentist, lawyer or doctor. Let them do the research based on your answers to their questions, let them qualify the potential properties and showcase the best of the bunch to you.
“Dealing with multiple agents will result in an owner believing there are multiple buyers for their property when in reality it is only you! The seller will subsequently expect a higher price”.
4. INTERVIEW A COUPLE OF AGENTS TO FIND THE BEST FIT
Ask for testimonials, meet them before you view any properties and establish a relationship – the real estate agent who is fully committed to you will work hardest for you. If they can negotiate the best deal for you, their interview technique at the start will be tip top and they will negotiate hard to engage you as a client.
5. REAL ESTATE IN DUBAI IS AN INDUSTRY A LOT OF PEOPLE FALL INTO
Sometimes customer service is not a priority and it absolutely should be. This is paramount, along with listening skills, honesty and integrity. Your agent must use leverage to maximise the property potential to get the best deal within your budget parameters.
6. ENSURE YOU ARE CLEAR AND HONEST WITH YOUR REAL ESTATE AGENT
The house you live in is an asset, an investment property purchase follows a different question pattern. Be clear about what you want!
7. FINALLY
”Don’t wait to buy real estate, buy real estate and wait.” Warren Buffett
So, what next?
Every search starts with an Internet hunt to research the latest products and deals available. This helps to funnel the possible options and eliminate specific areas. There is, however, no substitute for using a qualified professional that has the experience and knowledge to guide you through the options and find you the best deal. Your time and money can be saved and your sanity can remain intact. The options are endless, but we are finding that the shift from a beachside apartment to a villa for a young family or people upgrading to a larger space to accommodate a brood of teenagers is where patterns are emerging, and long-term tenants are becoming the buyers looking to commit to their future. These demographics are looking for a ‘concrete’ asset rather than continuing to help someone else optimise the return on their investment.
Find the right person for the job. The need for an impartial, knowledgeable real estate consultant is key; buyer expectations need to be aligned with a seller’s perceptions and this process must be managed by an experienced agent with the support of an established company. In this market, a seller will capture a buyer by leading the market in terms of price – price is key. A property that does not sell within 21 days of being presented to market will become stale.
Villa communities offer fantastic value at present. They are a safe environment for families and often offer a community hub, a place to socialise and meet up with friends such as gated parks, a golf club, or communal pools.
Victory Heights is a fabulous example of a dynamic community that has corrected enough in price to encourage people to consider moving to an area once considered a suburb. The Dubai boundaries are being pushed and communities along the Sheikh Mohammed Bin Zayed Road are offering value for money and are still only 25 minutes away from the beach. Arabian Ranches has reduced in price by up to 30% in the last year making it a very affordable option for families. The appeal here? The sports facilities in Dubai Sports City, access to parks such as IMG World of Adventure, Global Village and all the schools.
There’s a variety of choice for all budgets in this area, such as Town Square and Mira, for up to AED 2,000,000 and Mudon, Arabian Ranches, Victory Heights, Sustainable City for the mid-range, and the luxury end in Al Barari and Jumeirah Golf Estates, although there are pockets of opportunity within each development that cater to a different audience such as Jumeirah Luxury Living in Jumeirah Golf Estates, which starts at AED 2,300,000 for a golf course development townhouse SMART home with a contemporary edge.
KATIE SAVAGE
Director The Urban Nest
How many years’ experience do you have in real estate & market specialty?
10 years in residential real estate in Dubai.
Why did you write an article on the ‘importance of finding the right agent’?
In a dynamic market where prices swing and new properties pop up quickly, the value in using a real estate agent who has the experience and the level of confidence to find the right property for you is essential.
In just a few words, describe the UAE real estate market in 2019
Dubai always questions the norm, it pushes to progress in the quest to build the most aesthetically pleasing product. The Dubai landscape is a world renowned phenomenon, a work in progress we are all proud to be a part of daily. We live where the magic happens.
This article was originally published in Property Finder Trends Vol. 5
