Given the fact that Dubai is one of the most architecturally advanced cities in the world that draws some of the richest people out there in every sphere of industries you can imagine, it is no wonder why the business of real estate is ever blooming in this city. From billionaires to successful commoners, everyone wants a piece of land in this gorgeous picturesque place.
The architectural marvels that this city has in its resume are unparalleled and unmatched by any other modern city across the globe. The endless skyscrapers and continuous flow of flourishing businesses make it a perfect habitat for any successful person, which is evident by the fact that numerous people are settling in here with each passing day.
This means the demand for real estate agents is skyrocketing in Dubai. If you think you have the gift of the gab along with fantastic persuasion and communication skills with a touch of sales background, then there is no reason why you shouldn’t try and reap the benefits of this rewarding occupation.
If you are new and want to get into this business, we have got you covered. We are going to assist you in getting acquainted with the steps you need to follow to become a registered real estate agent in the city.
In addition, we are also going to let you be aware of how you can renew your real estate agent license. But before all that, you need to find out what exactly makes this industry a highly sought-after one. So, let us start with the benefits of becoming a real estate agent in Dubai.
Why is Becoming a Real Estate Agent in Dubai a Lucrative Idea?
The properties in Dubai are among the most expensive, modern, luxurious, aesthetically pleasing, and sought-after ones not only in the Middle East but the entire world. This makes the real estate market extremely active in Dubai.
From an economic standpoint, the flow of business alone that takes place in the city makes investing in Dubai properties a wise decision. Add to the fact that it is also one of the most visited cities in the world, makes it even more open for opportunities from a tourism angle.
When you deal with properties that have high-end value attached to them, you end up getting high-value commissions. As such, you will be prone to financial profits that will skyrocket your career and lead to a comfortable life. All this, of course, depends on how hard you are willing to work and the skills you possess.
Furthermore, the multicultural aspect of the city will allow you to deal with a diverse range of clients, enriching your experience and providing you with both financial and emotional gratification of making changes in people’s lives and securing your own in the process.
It should, however, be noted, that most of the real estate companies in Dubai operate on a commission-only basis, which means, you majorly have to rely on commissions for your living. The basic income provided by the companies won’t get the job done and you always have to brush up your skills to thrive in the extremely competitive real estate market of the city.
Steps to Follow to Become a Real Estate Agent in Dubai
In this line of business, you have to deal with a lot of formalities and paperwork since you are dealing with a long-term and life-lasting investment that would often involve a hefty amount of money. Whether for a business or personal reason, when people buy properties, they want to ensure they follow every legal procedure.
This means that you have to be clear to become a viable option for being approached as a real estate agent by clients and companies. To become one, you need to ensure you clear all the following steps.
Obtain a Residency Visa
The first order of business is to ensure that you have a residency visa to function as a real estate agent in the country. Unless you are a citizen of the UAE of GCC (Gulf Cooperation Council), you probably are someone who is visiting from another country, which means you need to get yourself a valid visa to work in the country.
You can obtain your visa either through your business wherein the company you work for will sponsor you or through a spouse, if you have one, who happens to be a resident or citizen of the UAE. In the latter case, your spouse will serve as your sponsor.
Once you get your visa, you need to apply to get an Emirate ID. After these preliminary steps, you are in the clear to start the process of getting a full real estate broker license.
Get Certification for Real Estate Brokers
The second step involves the DREI (Dubai Real Estate Institute), which is the regulatory body that is responsible for providing you, as a potential broker, with the necessary certificates and training you need to work in the real estate industry of the city. The Real Estate Brokerage Exam is accredited and authorized by the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA).
The topics that will be covered in this course include the historical development of the real estate market in Dubai, the sales and procurement processes, the ethical codes of conduct and behavior you need to follow, the general real estate law, an intro to the different owner’s association in the city, the legal agreements, the required qualities for a real estate agent, and the common jargons, concepts, vocabulary, and key factors you need to know to understand the industry dynamics.
Take the RERA Exam
Once you have completed the 4-day DREI course, the third major step in your journey of becoming a real estate agent in Dubai will involve you taking a written examination of RERA. Applicants who have a bachelor’s degree from a university can avail of discounts on the examination fee.
Don’t be intimidated by the thought of the exam. If you have paid attention and cleared the DREI course, then this RERA exam will be quite easy for you to clear. You essentially need to have a clear understanding of how to professionally negotiate in the real estate market of Dubai.
The course will train you every step of the way to ensure you are fully prepared to take and pass this exam. Remember, it can only be cleared if you are fully dedicated. This may seem like a hurdle but it will serve as the major instrument that you can use in your career further down the line to obtain credibility from the market and potential clients.
Get Your Agent’s License
The fourth and final step in the process of becoming a real estate agent in Dubai is essentially the easiest and simplest one. This is about obtaining the all-important agent license that will allow you to work in the real estate market of the Emirate.
For this, all you need to do is submit the certificate that you received for completing the DREI course earlier, provide a confirmation of the clearance of the RERA exam, and show a certificate of good conduct.
Once all the documents are verified, your license will be approved and issued shortly within a few days by the Economic Department. Thereafter, you can commence your dream career of managing properties in one of the most luxurious, business-worthy, and expensive cities in the world.
How to Renew Your Real Estate License in Dubai?
Just like your driver’s license, the real estate license also needs to be renewed from time to time to ensure you can continue working in Dubai as a legitimate broker. The renewal process must be started a month before your license expires. You also need to take the RERA test again and score at least 85% to secure the renewal of your license.
This test is repeated just to ensure you are up-to-date with the current industry standards. Don’t fret too much about it since you have already cleared the exam before, it means you have the capacity and skills to clear it again.
After taking and passing the RERA exam, you can provide the following documents online.
- Your Photograph
- Residency Permit or Valid Passport (Although you don’t need to provide both, it is recommended to submit both as a safety mechanism.)
- Certification of Broker’s Licence
- The renewal fee
It is recommended to begin the renewal process a month before your license’s expiration since this entire process requires a lot of time to get completed and if you start late, then you won’t be able to finish the process in time. This will result in either penalties in the form of fines or you having to repeat the DREI course all over again.
The endless commercial and residential properties that are always on the rise make Dubai a highly sought-after place for successful people around the world to settle in. As such, dealing and selling properties is a lucrative career in this Emirate. Once you follow the legal steps that have been aforementioned here, you give yourself the maximum opportunities to get hired by companies and clients from every possible corner.
Try and ensure you are always on the right side of the law and maintain all protocols since you will often be dealing with huge sums of money that you need to keep track of. Make sure not to forget to renew your real estate agent license at least a month before its expiration. With that, start your career and seek a secure and luxurious future for yourself.