- سبتمبر 18, 2021
- Posted by: DBS
- Category: Dubai Business Services
Lots of people are keen on acquiring a real estate broker license in the city’s real estate industry due to its spectacular skyline, engineering marvels, and state-of-the-art developments. Real estate brokers in Dubai are capable people with excellent communication skills who like the rush of closing a deal. But how should you go about doing it? Today we will share step-by-step instructions on how to become a Dubai real estate agent.
Why Become a Real Estate Broker in Dubai?
The UAE is ideal for people who want to become real estate agents, brokers, or real estate agents. The first thing you will encounter when buying a property is that it is one of the most expensive assets available. Over and above your basic salary, you can earn a good amount of commission if you possess the right sales and negotiation skills
Do you want to become a real estate broker in Dubai? Dubai’s real estate agents follow a long and complex process and build a strong network of potential tenants and buyers over time. However, the training modules provided by DREI are the first step in achieving real estate agency designation. To become a property dealer in Dubai, you must take the required courses and pass the exam.
How You Can Become a Real Estate Broker in Dubai
Get a Residency Visa
Obtaining a residency permit is the first step in becoming a real estate broker in Dubai.
A license can be obtained by UAE citizens and nationals of the Gulf Cooperation Council easily. Dubai requires expats applying for jobs as realtors to possess a valid residency visa. The employer of your spouse who works in Dubai can sponsor you for a work visa or for a residency visa. If you are a new resident of the country, we have a guide on applying for an Emirates ID for new citizens.
DREI Certified Training
You’ll need to enroll at Dubai Real Estate Institute (DREI) after receiving your visa to become a real estate broker in Dubai. You will gain an insight into the region’s real estate market with this four-day course, which is called Certified Training for Real Estate Brokers.
It is recognized by the Real Estate Regulatory Agency (RERA) of Dubai Land Department (DLD), which acts as the regulatory body for the real estate industry.
You will have to write an exam for RERA registration after you complete the four-day training. An applicant without a bachelor’s degree must pay AED 7692, whereas those with a bachelor’s degree must pay AED 3,200. If you have studied the certification course well, it is easy to pass the test.
Get Your Realtor’s License
The exam will prepare you for your job as a realtor in Dubai once you’ve passed it. Brokers must also obtain a certificate of good conduct to obtain a license.
The Economic Department will issue your broker license and card after you satisfy these requirements. Upon submission of all the required documents, you will receive your credentials within one or two days.
To avoid any penalties from the issuing authority, you must renew your license one month before it expires
A Step-by-Step Guide to Getting your Real Estate Broker License in Dubai
Application for the license of a real estate broker must be submitted through the Department of Economic Development. Subsequently, the license must also be approved by RERA via the Trakheesi system.
- Reserving your trade name
- Receipt of initial approval inquiries
- Fill out the online registration form and submit the necessary documents to the land department
- Once the training is completed, obtain a NOC/approval from RERA.
- A DED approval certificate is required as the fifth step
- A Notary Public will sign the Memorandum of Association, the Local Service Agent Agreement, and the Civil Works Agreement. At the time of signing, all shareholders must be present.
- Obtain a payment voucher from DED, presenting the initial approval, original DED form, trade name reservation, and the tenancy contract with Ejari.
- Gather payment vouchers & make payment
- Get your trade license
- Obtain a broker ID and a registration number for your office
Documentation Requirements for Real Estate Brokers in Dubai
- A copy of the owner’s passport, Emirates Id card, and family book
- Photographs that are passport-sized and have a white background
- Getting an EJARI certificate and a lease
- Incorporation documents
- RERA’s approval of external applications
- Form for applying to the DED
- Name reservation for trade names
- Receipt of the initial application approval inquiry
- Copies of the owner’s passport and Emirates identification cards
- The Dubai Police issued a good conduct certificate to me
- Owners’ degree certificates
- Certified Real Estate Practitioner / Certified Real Estate Broker
A Guide to Real Estate Start-Up Costs
If you’re considering becoming a real estate broker, you need to budget the startup expense into your total costs. Before you can sell your first property, you’ll need to cover some of these expenses. Staying on track will be easier if you plan for these costs in advance. A real estate broker must have what it takes, right? Having a plan, being financially responsible, and working hard. For your convenience, we’ve compiled a list of starting costs to consider when starting a real estate career.
Pre-license Real Estate Classes
Your first step is to find an accredited real estate school that is qualified and accredited in order to sit for your licensing exam. Depending on where you live, you will have to complete different coursework. The fees charged by different schools may differ. There are often savings associated with online training compared to on-campus training.
Exams and Licenses for Real Estate Broker
Generally, your application fee for a real estate license varies. The cost of fingerprinting and a background check are also included in the application fee. Each state charges different fees for its exams.
Added broker fees to your list of costs when starting your career in real estate is next on your list. In most cases, once you become a licensed Realtor, you’ll likely sign up with a local brokerage. Most of the day-to-day expenses associated with running a business are covered by brokers. There are many things included here, including photocopies, office supplies, the internet, and errors and omissions insurance. In any case, you’ll probably have to pay a percentage of your commission back to the broker. A desk fee might also be charged to you each month.
The cost of membership dues, while a tax deduction, is nonetheless significant. Brokers must possess what qualities? That distinction is extremely important to you. Real estate agents are still likely to become members of real estate boards in their localities and states even if they do not wish to join. Likewise, the local Multiple Listing Service has fees associated with it. Some boards will require a monthly fee to be paid directly to them; others will receive it from your broker.
As a real estate agent, you will also face a number of miscellaneous costs. There are a variety of items you need to consider, such as mobile phone and Internet bills, office space and supplies, computer hardware and software, client meetings and lunches, and client closing gifts. It’s likely that some, but not all, of these, are covered by your broker. When starting a career in real estate, you should also consider these costs.
Starting a business in real estate will require you to spend a lot of money on marketing. New agents have to dedicate a large portion of their budget to marketing themselves and their properties during their first year. In addition to getting business cards, putting up signs, and paying for advertising, you’ll also need to create fliers, flyers, and mailers. There can be a lot of costs associated with these services. Nevertheless, they’re essential upfront.
Continuing Education in Real Estate
It is important to continue your education as long as you are working in the real estate industry. In order to keep your license current, you’ll have to take continuing education classes. Special designations can also help you define your niche in the market. It is usually well worth the money spent on continuing education for most agents.
Legal Structure: how to choose the right one
Brokerages in Dubai can choose between the sole establishment structure or the Limited Liability Company (LLC) structure. A sole proprietorship should be the legal structure for businesses with only one owner. You need a local service agent to establish the firm if there are more than two shareholders.
There is a maximum of 50 shareholders in an LLC brokerage firm. Mainland jurisdiction is the only jurisdiction allowing the formation of real estate brokerage firms.
You Can Rely On Us
Do you have questions about how to obtain a real estate broker license in Dubai?
Getting your commercial real estate broker license in Dubai and professional support for your business setup in the UAE is our expertise at Dubai Business Services.
We offer free consultations.
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You can contact us to know more about how we can support the development of your business ideas by obtaining a Clinic License in Dubai. We will handle all the legal documentation on your behalf.
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