Thread Status:
Not open for further replies.

Real Estate Agencies

Discussion in 'Dubai property' started by mazi, Mar 27, 2008.

  1. mazi

    mazi New Member

    Guys,

    If you want to buy a property in Dubai and don't live in Dubai, apparently to book your property, you would have to send a sum of money as deposit to the real estate agent. How safe is that?

    Has anybody got experience of reserving a property like that, e.g. while outside Dubai?!

    Advice is much appreciated :eek:
     
  2. Halogen

    Halogen New Member

    Hi,

    I used to work for a real estate agent in London called SEA VIEW PARADISE. Let me tell you how these crooks operate. Regarding the 'deposit' or 'reservaton' fee they ask for, the way they used to operate is that they pre-purchase apartments outright from the developer. They then ask you, the investor, to put a reservation or deposit down to secure the apartment. However, this money does not go towards you securing the apartment as 'reservation', neither is it used to contribute towards any payments for the apartment as the properties have already been purchased by the agent . . . the money goes straight into their pockets as their commission.:D

    I'm not sure how other agents operate, but my first-hand experience of agents like Sea View Paradise is of that above.

    My advice to you is buy directly from the developer - you avoid paying the agent their cut, so you win financially.

    And defintely DO NOT BUY FROM SEA VIEW PARADISE!!!
     
  3. dubai-seeker

    dubai-seeker New Member

    Thanks very much Halogen for the info

    I am looking for a studio in JLT or Marina but dont think there are any available direct from developers :(
     
  4. Halogen

    Halogen New Member

    It's always worth contacting the developers anyway, no matter what phase the development is in - some developers retain some units to sell on later when prices go up or even purchase some back from investors, so always worth approching them, raher than filling in the pockets of real estate agents.
     
  5. Poorboy

    Poorboy New Member

    Its less of a risk if u go for reputable firms like Sherwoods,Better Homes,Landmark.Any deposits best to pay someone high up within the company and not an agent on the ground floor.
     
  6. dubai-seeker

    dubai-seeker New Member

    Thanks Halogen and JakeB ;)
     
  7. Roshan

    Roshan New Member

    That's dangerous if you are dealing with small estate agents. However there are estate agents who have offices in the UK or agents who have a tie up with agents in the UK.

    For Eg : Better Homes have offices in India and probably in UK also. I have attached the link if you wnat to find out how such agencies operate. You could send them a query and they will reply. Dubai Property Real Estate – Rent, buy or Sale Property in Dubai, Apartment and Villa with Better Homes. Manage or Invest in Dubai Property with us.

    Some of the good agencies in Dubai with a good reputation are Asteco, Gowealthy, Landmark properties.

    Again, start talking to these guys, they have a good portfolio of properties with them and probably if you are interested in a particular on, they would be able to source it for you.

    Good luck.

    Regards

    Roshan

    The branch will do the ground work for you and rest assured things will be OK. Pay little more in such cases and avoid risk. The last thing you want is somebody to take a holiday with your money.
     
  8. Roshan

    Roshan New Member

    Speak to Betterhomes or any good agency who have branches where you reside. I have posted info on another post on this thread.

    Regards

    Roshan
     
  9. mazi

    mazi New Member

    Thanks very much Roshan for your advice
     
  10. jun222

    jun222 New Member

    Hello Mazi,

    It is not that much of a problem booking an apartment that you want to buy. When buying usually you send the deposit to the agent in their bank account. who then books the unit for you. Usually there is a booking form which you have to fill out. It is sent to you via mail or fax. Later when the time comes for the next payments you send them the money accordingly. It is not that much of a problem. I work for BARCLAYS REAL ESTATE in Dubai. We have our own development in DUBAI SILICON OASIS. This is the way it goes. We have many clients from the U.K. who invest with us. They send us the money directly to our bank account, send them the booking form, and then its all done. No problems.

    If you are looking for a new development we are going to be launching in JBR very soon. Once the details are ready I can send you the information.
     
  11. Wannaberich

    Wannaberich New Member

    Jun 222 what's the name of your building at DSO?
     
  12. business cat

    business cat New Member

    Dear Mazi,

    i greatly appreciate your shout, nj i would surely like to help you. As i work for the largest private master developer in the middle east thats Damac and to contribute i do have my personal properties so yoyu can surely get intouch with me and we can take the tread fronm there.

    Regards Mychael Obidiki Damac Property Consultant-0504558791
     
  13. Wannaberich

    Wannaberich New Member

    Hi,I know of I & II buy have not come across III.When was that launched and whats the website please?
     
  14. mazi

    mazi New Member

    when dealing with agents, is it reasonable to ask to see a copy of the contract to see facts for yourself before you book?! AND is the booking fee normally refundable??? :confused:
     
  15. jun222

    jun222 New Member

    yeah you can see the contract...as for the booking fee acutally when you buy from a new launch project to book you just pay the 1st payment which is 10% usually.
     
  16. mazi

    mazi New Member

    thanx jun222
     
  17. alexft

    alexft New Member

    I am investor and I run company offering real estate brokerage services.

    I can`t speak on behalf of the other real estate agents so I will speak from my experience.

    I usually can supply ordinary investor with a wast array of information that is not readily available. Saving people time and money. Deposit can be sent directly to developer, pending on the particular development arrangements.

    How you know if advice offered to you is good one?

    1. If Reconce handles your money (payment goes thought our account) then we are liable to provide you with the professional advice as per UK law.

    2. We are interested in the repeated custom and therefore offer unbiased advice.

    Sometimes Reconce can help you to pool money together with another investors, form a syndicate, hence giving your better price.

    Commissions are paid to us by the developers. They save money on client acquisition (salary, marketing, etc) and these savings pay commissions. The price of apartment stays the same and in many case it can be a lower - as per above mentioned syndicate arrangement.

    You can be notified of the potential `hot` developments in advance, so you can arrange finance, examine opportunity and be ready to buy.

    I believe that real estate business have to evolve constantly, in order to provide best value for money to it`s clients. Therefore your feedback is very welcome.


    Regards,

    Alex.
     
  18. Roshan

    Roshan New Member


    Take the likes of Donald Trump, Bob Kiyosaki. They have and preach that you should have a team. A team consists of a real estate broker, a banker, an attorney.

    There is a term in real estate called "Bird dogging " which is a broker who does the sniffing for you and gives you everything on a platter for a commission.

    A broker is a very important part of the team, choosing one is a task no doubt. But a good broker could add a lot of value to you.

    As Alex said, commissions are paid directly by the developer to the broker and that does not affect your price in any way. The developer publishes his prices for your cross reference.

    The broker has the ability to form a pool of investors and buy pre launch which saves you almost 10 to 15% of the price. They are advised of pre launches and in that way you get valuable information.

    Regards

    Roshan
     
  19. brd

    brd New Member

    Does anyone know the usual commission if i sell my house with the help of a agent in GB?
     
  20. dxbobserver

    dxbobserver New Member

    the usual charge is about 2%
     
Loading...
Thread Status:
Not open for further replies.

Share This Page