We tell you how you can immerse yourself in one of the most popular, interesting, and profitable professions in the UAE. Do you want to be a realtor?
Why is it Profitable to be a Realtor in Dubai?
Recently, the emirate has attracted even more people than before the pandemic. In 2023, the population increased by 100 thousand people. If we count those who have not yet received resident status, the number of visitors increases exponentially. According to rough estimates by French newspaper Le Monde, between 100,000 and 500,000 foreigners have moved to the city since February 2022.
In addition, in Dubai, the massive construction of new skyscrapers, villas, and residential complexes rarely stops (except during Ramadan). According to data from open sources, over 34 thousand new houses were delivered in 2023.
A large number of new residents and active construction means a thriving real estate market and prospects for those involved in it. New arrivals are looking for apartments to rent or buy, and developers are eager to find owners. And then realtors come onto the scene.
There are quite a lot of realtors in Dubai – over 10 thousand specialists. But given the number of clients, there is work for everyone. Of course, there is no single rate, but the average income for the city is $7,897 per month. Starting income is estimated at approximately $1,192 per month. We’ve prepared a guide on how to get started on this career path.
Requirements and Responsibilities of a Realtor in Dubai
Of course, you can’t just come to Dubai and start doing real estate transactions. To get a job in a brokerage agency or open your own business in this area, you need to fulfill several important conditions:
Obtaining a work visa. The laws of the UAE are quite strict; violation of them is punishable by large fines. So, if you get a job on a tourist visa, you can run into a fine of $13,600, deportation, and a ban on entering the country. For the company that hired such an employee, the fine is even higher – up to $27,231. Therefore, the first important requirement is to obtain a special visa. The employer can help with its registration.
Completion of training. Even if you have extensive experience as a real estate agent, you must obtain a certificate of successful completion of the RERA exam. Before you are admitted to it, you need to undergo paid training at the Dubai Real Estate Institute (DREI). According to the rules of the emirate, every specialist must understand the intricacies of the work and the local market. Therefore, training at the said institute is accredited by the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA). During in-person or online training, you will learn the history of the real estate market, its current state, all the important legal aspects of the work, and much more.
Obtaining a license. As we wrote above, a license is issued only to those who have received a certificate of completion of training and passing the exam. In addition to these documents, you also need a visa, an identity card, and a certificate from the local police. The license is not unlimited and will need to be renewed once a year.
Important: you cannot be a freelance agent. According to the rules of the emirate, you need to be a specialist accredited and assigned to a specific brokerage agency.
Responsibilities of a Realtor
Even though a real estate agent’s salary is based on a percentage of transactions, his responsibilities include many more tasks:
Market analysis. Clients may sometimes not know what they want. But the realtor always understands what he can offer. Therefore, market research is the most important task for any representative of this profession. You need to know everything about the areas of the city and be able to explain how Dubai Marina differs from Palm Jumeirah; understand what types of real estate are on the market, from apartments to villas. Not to mention, a broker needs to study the laws and legal aspects of the UAE related to real estate, as well as monitor price trends.
Mediation. During the entire buying and selling (or leasing) process, realtors act as official representatives of their clients. They protect their interests and achieve the most favorable conditions.
Selection of objects. Brokers take on the important task of selecting from a variety of apartments/villas that best meet the needs of each client. After approval, he also needs to make an appointment and attend viewings to check all the important points with the client.
Purchase support. At this stage, the agent needs to ensure that the transaction is carried out following all the rules of the emirate. It is the real estate agent who is responsible for compliance with legal regulations and legal requirements.
Help after the transaction. When the payment has been made and all the papers have been signed, there are still some formalities remaining. Agents help clients register property, talk about the specifics of utility payments, and so on.
If the requirements and responsibilities described make you want to dive into the world of Dubai real estate as soon as possible, move on to the next point.
How to Become a Realtor in Dubai
We have partially described the steps in the requirements, but now we will list them as a step-by-step guide.
Step one: choose the real estate agency you want to work for. Read reviews, and explore websites. It is important to choose those who are trusted by clients and who work with promising developers.
Step two: get a visa. This can be a work visa or a residence visa if your spouse works in Dubai. Along with your visa, you will need an Emirates ID.
Step three: complete training at DREI (Dubai Real Estate Institute).
Step four: Get your exam certificate from RERA (Real Estate Regulatory Agency).
Step five: obtain a license.
A license is a very important document for anyone who wants to engage in real estate. Without it, such activity is simply impossible, so we will tell you about it in a little more detail.
Broker License in Dubai
Here are the main facts that are important to know:
Obtaining a license means obtaining a BRN or Brokerage Registration Number. Using it, any agent can be found in the list of the Land Department (DLD). The number is also reflected in the agent’s profile on Bayut (the largest portal in the emirate).
A license is required for selling real estate on the secondary market. Your agent can apply for a license through the Trakheesi portal. Typically, two days after submitting all documents, you receive a license and account information on Trakheesi.
The cost of a license consists of several mandatory expenses. This is training in DREI, exam in RERA, license fee. Typically, the total cost is $2,723 for an annual license.
The license must be renewed at least a month before its expiration date to avoid large fines and the need to re-take training. The renewal service is available on the Trakheesi website. The renewal cost is $138.
If you want to change agencies, you will need to cancel your license and apply for a new work visa from the agency.
Dubai is ideal for those who want to work in real estate. Many properties here are located in modern skyscrapers or stylish villas, and therefore offering them to buyers is a pleasure. Clients who come to buy real estate in Dubai are, as a rule, wealthy and interesting people with whom it is a pleasure to work.
