A new system of evaluating quality of services and performance of brokerage agencies and registered brokers is about to be introduced in Dubai in January next year.
Dubai Land Department, a body that regulates all matters related to the real estate market in the emirate, plans to score Dubai brokers based on five main factors: experience, the number of transactions, compliance with registration rules and all real estate regulations, as well as the organization structure and social activity. Score points will be awarded as follows: 15% — for the experience, 30% — for the number of transactions and their size, 40% — for adherence to regulations, 10% — for structure of organization, and 5% — for participation in social projects.
Then all brokerage agencies will be divided into four categories on the basis of the assigned rating: those who get up to 70 per cents, fall into the general category, and those who get 70, 80 or 90 per cents, will be ranked in the bronze, silver and gold categories, respectively. At the moment, there are 3550 registered broker agencies and 7,500 independent brokers in Dubai.
“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,” Ali Abdulla Al Ali, the director of real estate licensing at the Dubai Land Department, said.
Basic quality ranking system for Dubai property brokers exists today only in a form of application for smartphones, but the only criterion used for assessment in it is the number of transactions completed, but that doesn’t give the whole picture.