Demand for real estate in Dubai is booming, fuelled by the launch of newer residential addresses, a growing economy and the highly anticipated Expo 2020.
John Lyons, Senior Client Manager at Espace Real Estate spoke to us recently about what it means to list a property exclusively with a licensed brokerage and the benefits to sellers.
What is an exclusive agency listing?
An exclusive listing means that the owner(s) of the property have entered into a listing contract with a licensed real estate agency, whereby the chosen agency has the exclusive right to advertise the property and will be the exclusive representative of the seller to close a deal. The exclusive contract is not restrictive, meaning that the exclusive agent can work with agents from other brokerage companies to source a buyer. This is at no additional cost to the buyer or seller as the two agencies will simply agree a commission split privately.
What are the general benefits of listing exclusively?
It is far more useful to get one qualified agent to put in maximum effort to sell and promote your property rather than have five agents doing the bare minimum. To incentivise an agent to devote a significant percentage of their working week to focus on selling your property, it is important that the agent feels that his hard work has a high chance of being rewarded. In contrast, if the property is listed with 5 other agents, then the agent will feel that he has a lower chance of being rewarded for his/her efforts.
So, whilst it’s important for agents to build strong working relationships with their clients, it is equally important for the client to build a strong relationship with an agent. In my opinion, this is best achieved by signing up for an exclusive listing.
Most agents have many listings, so the aim of the seller should be to become the agent’s ‘number one’ listing as this will significantly enhance the chance of a sale. It is only realistic to achieve this with an exclusive listing. Simply put, exclusive listings take preference over non-exclusive listings.
What does Espace offer sellers who list exclusively?
From offering half and quarter page print adverts, arranging for a professional photo shoot with our in-house photographer and having our in-house graphic designer create a virtual tour of the property, the benefits to sellers are numerous.
Additionally, we feature exclusive listings on leading property portals such as propertyfinder.ae and on half, full and double page adverts in our property magazine, which is distributed to over 4,000 people across Dubai. We also include listings in our E-50 open house events, one of Dubai’s biggest house viewing/buying events.
Finally, we also display details of exclusive properties on our company stand which rotates between the Meadows and Arabian Ranches town centres.
