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Open a real estate agency in Dubai 2021?

Independent agency that knows the area well, expert in atypical properties or seaside villas, prepare your project as best as possible by following all our steps to set up your own Real estate companies in Dubai.

Step 1: define your real estate agency project

Before knowing how to create your structure, the important thing is to better understand the structure to be created. Whatever the stage of evolution of your idea – simple desire or well advanced project – you must above all draw the outlines and details of your future Real estate companies in Dubai.

Sale or rental? Prestigious goods or land purchases? Real estate agencies may have specialties, and, in their role as intermediaries, may go further than the transaction itself: some also offer a rental management and administration service.

 

In addition to the scope of your activity, you will have the choice of the installation mode:

 

  • The independent Real estate companies in Dubai  : With proximity and autonomy, the independent real estate agency has the advantage of freedom and expertise. She knows the real estate market in a given geographic area better than anyone. However, the competition is fierce.

 

  • The franchise Real estate companies in Dubai  : Market research already established, communication already structured, the reputation of a franchise real estate agency is already established, which allows to start with a large clientele, less targeted than for an independent agency. The formula leaves less freedom than an independent agency, and part of the profit must be returned to the franchisor.
  • Network agency of independent agents  : As an agent, you can open a “mother” agency to work with a network of independent real estate agents. You will then be able to benefit from the notoriety and expertise of the network while remaining yourself independent.
  • The agency as an economic interest group : To face competition from major brands while pooling expertise and services, the GIE model is on the rise for new real estate agencies. Integrating your agency into an already existing group ensures secure development. However, you will not be making the decisions alone.

Step 2: carry out a market study

If it does not develop everywhere in Dubai in the same way,  the Real estate companies in the Dubai market  will be booming. Moves are more and more frequent and agencies play a key role. The competition is fierce and requires a solid field study, in a market which remains very specific to a given geographical area.

First, observe the general market trends, changes in turnover, the average number of transactions, the average value of transactions.  In general, we can say that the market has been developing significantly since the crisis of 2008. For now, it is still difficult to measure the impact of the health crisis on real estate, but the low borrowing rates continue to encourage transactions: be vigilant in analyzing the figures, and take time to consider the figures from the year 2020 to 2021.

Then specify the state of the Real estate companies in Dubai market in the geographical area in which you want to settle. Get to know the local market: Figures of vacant housing, average age of inhabitants, professions, lifestyle, proportion of tenants and owners …

What is the demand? Who are the buyers? What are the profiles of the sellers? Families, dynamic young executives or seniors, who would be likely to call on your services?

And for this area, how is your competition? What are their benefits? What types of goods are they selling? There is also significant competition on the web, which should not be overlooked: generalist or specialized real estate ad sites occupy a large place on the market.

Finally, study the environment of your project, and what it can have favorable or unfavorable for your future activity and its development.

To help you in developing the market research, also consult  our guide on market research.

Step 3: define your activity

Knowledge of the market allows you to better define your activity, your positioning and your commercial strategy.

Target, services, prices applied must be consistent. Sale of luxury lofts to individuals, land sales to professionals, office rental. the positioning is not the same and must be well defined, from the target to the image you want to convey through your strategy tariff.

Your positioning forms the premises of your communication strategy: work now on the elements of your brand image, to best address your target.

Step 4: plan the investments to open a real estate agency

To get off to a good start, plan your initial investments as exhaustively as possible: this can save you some unpleasant surprises when you open your branch.

Material needs

Figure out your hardware needs to get started. The main investment of a real estate agency is the premises itself, whether you rent it out or own it. Also list the necessary equipment, furniture, office supplies, decoration and official vehicles.

Administrative and operating costs

The administrative procedures for the creation of your company and the opening of your agency include the following costs:

 

  • Registration file fees

 

  • Compulsory liability insurance costs

 

  • Financial guarantee fees

 

  • Accounting fees with an accounting firm

 

  • Costs of an outsourced secretarial service
  • Wages

 

Marketing and communication costs

To properly prepare for the opening, you will need to communicate. Vehicle marking, print magazine, website… take stock of your needs.

Finally, once you have identified your initial needs and investments, create the tables of your financial forecast, which will allow you to see more clearly when you open your agency and over the years to come – in general. over 3 years:

  • The provisional income statement
  • The provisional balance
  • The provisional financing plan
  • The provisional cash budget

Step 5: choose your legal status to open your real estate agency

To choose the legal status most suited to your activity as a real estate agent, you will need to take into account several criteria, including:

  • The size of the project and its future development: small independent agency or franchise creation, several agencies of the same brand
  • Your personal situation: heritage to protect
  • Number and role of creators: do you create your agency alone or with others? What will be the roles of each in the agency? Does the project of  Off Plan Properties in Dubai bring together people from the same family?

Open your agency as a sole proprietorship

You are the only one to undertake and you do not plan to hire: like many independent real estate agents or  Off Plan Properties in Dubai, you will be able to open your own agency under the status of individual entrepreneur.

This  has the advantage of the simplicity of creation and management: without a company to create, the formalities are much simpler at the time of creation as in day-to-day management. On the other hand, personal patrimony and property of the agency will not be separated: in the event of debts to be reimbursed, your liability is unlimited and your property may be incurred. Under certain conditions, you may possibly opt for Off Plan Properties in Dubai – the Individual Limited Liability Company.

sachin
Dani Khan CEO at blogsFit. Have 1 year of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.https://blogsfit.com/