The Dubai Land Department (DLD) will eliminate real estate agents.
Not entirely, but by introducing the Real Estate Self Transaction (REST) portal, the government entity aims to ‘enable the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures.”
What does this mean for those of us working in the sector, facilitating real estate transactions for buyers, sellers and renters, when they can now do this online?
Should we be worried?
I do not think so.
I applaud this initiative and the very motivation behind it: Dubai 10X.
Dubai: city of the future
10: being 10 steps ahead of world cities
X: thinking out of the box
Dubai 10X challenges every government entity to adopt disruptive innovation through technology, and in doing so change their very operating and business models to better serve end users and customers.
Those are the very values and goals that our organization stands by. Finding better ways of delivering results, counsel and service.
This initiative will boost the Dubai Property Market, and show the world that Dubai is serious about adopting technologies that will revolutionize the way individuals find, select, buy, rent, design, construct, furnish and manage their properties.
Operating in Dubai, we expect nothing less than disruptive innovation. The world has come to expect it too. DLD has, with this announcement, once again, proved that Dubai is serious about being a global leader, this time in real estate and in leading the way forward with technology. Thus, further augmenting the emirate’s draw for investment, channeling more and more international interest and in turn boosting economic opportunity for all.
Going back to my question: should we be worried?
No, we should be excited. We are consultants, beyond being just agents. This initiative simply enhances the Dubai Property Market – and the means of making transactions, and allows us to focus on doing what we do better: redefining what investors, landlords, and tenants in the UAE expect of real estate agents.
These services will indeed cater to a certain segment of property investors. It will also impact those agents who operate solely as salespeople, further playing in our favor as our values and uncompromising integrity sets us apart and makes them obsolete. It will make our job easier, as the pariahs fade away to make room for the real agents.
True consultants who follow a strong fundamental approach in their business strategy will always be high in demand. Adding value by generating in-depth analysis reports on specific projects, giving sound counsel on what and where and when to buy, working tirelessly to build an emotional connection with the end user, conducting site visits, answering questions that an FAQ page does not cover; and I haven’t even touched upon the exhaustive list of services we provide.
Today, our target audience has yet to sway towards a Millennial majority. Our top investors are still those who remember growing up without an iPhone. They are keen on adopting the technology but still, value the human touch. The market in general, with all of its stakeholders, still has a way to go when it comes to adopting the full enforcement of many basic tech-driven tools and systems. So to execute complex transactions and mortgages, we will still be needed – and we will be there to support.
Our role as consultants will be to help them in embracing these exciting initiatives, providing a better way to profit from property.
While the way the news has been making the rounds seems daunting to those in our industry, I have worked in the real estate long enough to have faith in the DLD and am confident that REST will evolve with time to some sort of integration with decent and capable tech-driven brokerage houses. DLD spends millions of dollars every year to regulate, educate and develop the real estate brokerage business. DLD understands and values the role of professional agents in Dubai as key players in driving the industry, and I don't see any remote indication for DLD’s intention to eliminate agents.
At fam Properties, every single piece of our operation runs on one of the world's most advanced ORCALE platforms; technology sits at the core of our DNA, as we believe it is the only way forward. We salute His Excellency Sultan Butti bin Mejren, Director General of DLD, and the entire team at DLD for their continuous efforts to drive the industry forward. We encourage all technology based initiatives by all stake holders in the Dubai Market.
Progress should never be feared, it should be adopted and applauded.
I myself, have been witness to the ever-changing role of the real estate agent, starting from the very day I passed my first RERA exam. Adopting the new rules and regulations along my journey has never been a setback, rather it is a challenge to perfect the way I operate and find better ways to add value.
Those who cannot see this development as an opportunity, clearly have no clear vision of their business in Dubai.
What are your thoughts on how REST will change real estate as we know it?