Conquering Dubai’s Real Estate Challenges: A Guide for Agents
To effectively become a top-tier broker in a city with so much competition, it is important to recognize the challenges you will face and the techniques to overcome them.
Here are three of the most common challenges faced by real estate brokers and our tips to overcome them.
1) How do I generate more inventory?
This is the most common problem for new real estate agents.
You’ve just moved to Dubai. You’re excited to be a part of the real estate universe. And you suddenly realize you have nothing to sell.
The first step to getting listings is to speak with property owners (landlords). At this point it is important to remember a few things:
Stay focused on an areaLandlords will trust you with their properties if they believe you have expertise in a specific location. If you start approaching landlords from Arabian Ranches to Business Bay, you will get caught out on your lack of focus. Area focus requires patience, however, it pays out in the long run. In a market with over 5,000 brokers, you stand out with deeper and focused knowledge.
Cold call – it’s the only way!
Well, maybe not the only way. You could go knock on doors or wait in the lobby of an apartment building (that’s how the OG agents did it). However, the fastest (and most successful) way to speak to a high volume of landlords is to make calls!
Be ready for a high level of rejection! Cold calling not only generates landlords but prepares you for the hard work ahead to become a successful agent.
💡 Pro Tip: Cold calling is tough. You can make the process less painful by using Jaldi. Your calling lists easily accessible on your mobile phone!
2) How do I retain my customers in such a competitive market?
Real estate in Dubai is notoriously hard. New brokers and agencies are popping up every day. Clients (landlords, investors, buyers, and renters) are constantly offered better deals.
The most demotivating thing for a broker is when a client decides to go with another agent. Some clients are even known to start ghosting agents that they have been working with for years!
Consistent Followups – even when things are good
You should always be top of mind for your clients. True relationship building is to keep adding value for your customer even when a transaction isn’t about to happen.
Keep checking in with your clients.
- Provide them with the latest news in the market.
- Ask them how they’re doing.
- Go for a quick coffee if they have time.
- Check-in for referrals.
When clients know that you are adding value beyond an initial transaction, they are more likely to stick with you even when approached by other agents.
💡 Pro Tip: Set reminders to regularly checkin with your clients. Lead management tools such as Jaldi allow an easy way to set reminders, view past conversation history, and be notified directly on your mobile when you need to followup.
3) How do I generate more qualified leads?
Post high-quality property listingsIf you’re using property portals such as Bayut or Property Finder, it is important to make your listings stand out! Creating a high-quality listing leads to the property portals highlighting your property, and leads to fewer customer complaints.
Respond to new leads instantlyThe average response time for a new lead is 42 hours! Getting back to leads within an hour increases qualification rates by 7X! People click on multiple ads a day. If you get back to them too late, they will forget about you, or even worse have spoken to another sales agent. Getting back to your new leads quickly is the simplest way to increase your qualified lead pipeline.
Now you’re ready to go out and venture into the competitive world of Dubai real estate. Don’t forget the key challenges you will face.
Challenge: Generating listings is tough
Solution: Stay focused on an area. Make lots of calls
Challenge: Retaining clients is difficult
Solution: Do consistent followups
Challenge: Finding qualified leads is hard
Solution: Make sure the quality of your listings is high. Respond to new leads instantly.
Don't forget to share this
Discover how Jaldi’s CRM integration can enhance your Real Estate team's sales efficiency and lead management.
Copyright 2023 Jaldi Tech - All Rights Reserved