Dubai Land Department will introduce a new system in ranking its real estate brokers. The property brokers will mainly being ranked based on its performance.
The National AE says that the the director of real estate licensing Ali Abdulla Al Ali revealed during the Cityscape Global conference that this new system in ranking real estate brokers will be implemented in January.
The new ranking system will be based on 5 factors. These factors are the “experience, number of transactions, commitment to real estate regulations, structure of their offices and social works.” Each property broker will be scored on those 5 factors. The ranking is weighted with varied percentage weight in each factor: “15 per cent[sic] of the score based on the experience of the firm and the brokers, 30 per cent [sic] on the size of transactions carried out, 40 per cent [sic] on their adherence to DLD regulations, 10 per cent [sic] on the structure of their organization and 5 per cent [sic] on community activity.”
Mr. Al Ali added that once the score has been made, the brokers will be categorized based on the result. There are four categories- general category (70% score and below), bronze category (more than 70% score), silver category (80% and up) and gold category (90% and up).
In addition, Mr. Al Ali explained further the purpose of the scoring and categorization. “The main reason for this is to enhance the efficiencies of real estate brokers, to create competitiveness between brokers to provide a better type of service for their clients and to reduce the number of violations in the market from brokers,” Mr. Al Ali explained.
The Arabian Business has covered the same report but stressed out that “Dubai has about 3,550 brokerage firms and more than 7,500 registered brokers” at present. All these will undergo the process of ranking.
Dubai Land Department has a new system to implement in ranking its property brokers. The ranking system will make use of 5 factors, which will identify the category of the brokers.