Kippreport investigates if oil prices aren’t the only cause for the market slumpAugust 27, 2015 12:00
Dear real estate brokers
Sorry to say it, but you’re in trouble. And as far as we’re concerned, it’s pretty much your own fault
December 22, 2010 3:18 by shafeer
Dear real estate broker,
Sorry to be blunt about things, but apparently, you are in trouble. According to Emirates 24-7, “A combination of factors – technological and commercial – is threatening the very existence of the real estate brokers and agents in the UAE.”
You are in danger of extinction, as landlords want to ensure maximum yield, and tenants want to ensure cheapest possible rent, and that is driving both parties to cut out the middle man (that’s you). Meanwhile technological innovations – ie the internet – are providing a platform for the two to meet up. A clutch of blogs, social networks and e-communities are facilitating direct contact, apparently, all without you to lend a hand.
But what’s this? You are fighting back. You say your services are indispensible – all transactions should happen through certified agents to ensure parties are protected under law. Doing a direct deal is not a safe proposition, as one of your number, Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, says: “You don’t find the ‘real’ deals and opportunities this way. Today’s agents in the market are Rera certified professionals, they are trained and qualified to cover all aspects of a property transaction. We have had a few experiences in the past where deals done in similar nature either had fallen half way through, or problems arise when it was completed,” he said.
There’s just one problem: In Kipp’s lengthy experience, you have, to a man, been inefficient, careless, rude, and unhelpful. And worse than that, at the sign of any dispute or trouble, you have proved yourselves unfailingly useless. Your options, it seems, are always twofold – say it’s nothing to do with you, or do everything in your power to protect the landlord. It is no wonder that tenants seek to cut you out of the loop, since you charge a very hefty fee for generally doing nothing other than make everything much worse for them.
If tenants are finding a way past the middle man, and landlords are being forced to let them, so be it. If you want to get back in on the action, maybe in future you could up the service levels.