With property prices being based on supply and demand, the market will now realign with current economic growth as many more developers are moving into the area and, as a result, many more projects are being commenced. The new rent decree now in place capping all rent increases is meant to further realign the market; consumer confidence will be gradually restored, and spending within Dubai will increase which, again, is favorable for the real estate market as a rise in investments within the sector is also expected. Tenants will now be able to budget in advance for their rents without the worry of rents rising to potentially dizzying heights, eliminating any unpleasant surprises, and, in turn, helping stabilize their cost of living.
Winning the Expo 2020 bid has brought with it much media attention now focused on the region, and a more elevated degree of hype, with some greedy sellers attempting to cash in on this, raising their property prices to unrealistic levels, which naturally causes disruption in the marketplace making it look unstable.
These types of sellers reject good offers on their properties in favor of holding out until the market reaches their level of expectations, which could take months, slows the sales process down massively and falsely increases demand. It is a good thing that most sellers genuinely want to sell their properties as quickly and painlessly as possible. As a rule, sellers are advised to only list their property with a maximum of three different brokerage firms; however, many owners choose to list their property with multiple agents which then saturates the market. The property price will most probably differ between agents whom the buyers will see, causing them to become very cautious, creating understandable concern and putting real estate agents in a bad light.
As real estate brokers, we are often asked about the benefits of sellers entering into an exclusive agreement with a brokerage firm. Establishments like ours offer bespoke exclusive arrangements which center around the individual client’s specific requirements and preferences. The advantages of dealing with just one agent are numerous; however, the primary angle is forming a mutually beneficial business partnership, building rapport and, as a result, having complete understanding of a client’s needs. Clients will not be disturbed throughout the day with many agents cold calling them, and can arrange a convenient time to speak with their exclusive broker to get updates. Only one agent whom they trust will have access to their property as opposed to people whom they don’t really know, which gives the client peace of mind, security and, most importantly, quality of service. There is no risk of duplicate viewings as each potential buyer will be properly qualified prior to the viewing which will avoid wasting time. The exclusive agent will know the property in detail and be able to advise potential buyers, which builds their confidence and aids buying criteria. With the right marketing campaign and photography, the property can be more aggressively featured and will be more visible to the required target market, so by the law of averages should sell in a shorter span of time.
General Manager, Aston Pearl Real Estate
Aston Pearl Real Estate
Aston Pearl Real Estate