What is included in real estate agency fees?
An experienced and knowledgeable agent is worth their weight in gold and is often overlooked. Buyers and tenants are rightfully looking out for the best priced property but unfortunately don’t look out for a competent agent. Buyers are generally making their biggest investment when purchasing a property and should be looking out for a professional agent to aid the process and give real, honest advice while searching for the right home for the buyer — a home which will meet a buyer’s needs at a price that is best for them.
A seasoned agent will ensure a buyer is aware of all fees needed in order to buy the property they desire before conducting viewings. All fees included in buying a property can be as much as 32 per cent which many buyers are initially unaware of. Once this is in place, the agent will aim to show the buyer as many properties as possible within their budget and meeting their credentials. This will give the buyer choice and make them aware of what is available in the market within their budget.
Much the same with buyers, a good agent will be hugely beneficial to a seller. A real estate agent is on the front line every single day and is aware of the changes in the market, buyers’ needs and wants and have access to data analytics of sales in the area.
When a seller is ready to put their property on the market, an agent meeting is very important. Before a professional agent instructs a property, they will meet with the seller to discuss the property value. Within this valuation, a seller will receive comparable data from the Dubai Land Department, property portals and the agent’s own knowledge of recent and past sales in the area. A realistic, fair valuation is essential to gauge interest in the property and push the sale.
Sellers looking to put their properties on the market should do their own due diligence and look for real estate companies who invest heavily in marketing. Properties must be portrayed in the best light which means that high quality photographs are essential. Agents should come equipped with a professional camera and take multiple photographs from all different angles of every room. From there, photographs are edited to enhance the features of the property.
Before being uploaded to property portals, professional real estate companies will verify the properties. This means that the seller signs what is called a Form A giving consent to market their property. The Form A is eligible for 45 days and thereafter a property is no longer verified and yet another Form A must be completed. Buyers can recognise a verified listing on Propertyfinder by looking out for a green banner in the top right-hand side of the property images. This tells buyers that these verified properties are still for sale and sellers are actively looking to sell their property.
From here, marketed properties will be shared with buyers who have registered with the real estate company. The larger the real estate company, the more exposure a property will receive. As well as this, a real estate company will invest in property portals such as Dubizzle, Propertyfinder and Bayut. This investment will ensure further exposure to buyers who are actively looking for properties. For a seller to market their own property, without use of an agency, Dubizzle would be the only portal available to do so, significantly reducing the property’s reach and ultimately leading to a delay in the sale.
A seasoned agent will ensure a buyer is aware of all fees needed in order to buy the property they desire before conducting viewings