4 TIPS TO FIND A TRUSTWORTHY REAL ESTATE AGENT IN DXB
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On January 21, 2023, The National published a news article stating that Dubai Police arrested two fake real estate agents who scammed several people out of AED 2M.
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This brought up one of the things you would not expect to find in the Real Estate Industry – and that is people swindling money from buyers.
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According to the article, Dubai Police said within the space of two days they received more than a dozen reports from people who were caught by the scam.
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“We received 13 reports about the incident in which victims said they saw a post on social media offering to sell units in Dubai for a much cheaper price than they really cost,” said Maj Gen Jamal Al Jallaf, director of Dubai Police’s Criminal Investigation Department.
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“They said they contacted the two advertisers who claimed they owned the units and needed to sell them quickly to justify the price difference.”
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He said the victims visited the units and were shown ownership documents before they handed over payments to the scammers.
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“After receiving the payments, the scammers stopped answering their victims’ calls,” Maj Gen Al Jallaf said.
As much as the Real Estate industry of Dubai is progressing ang growing, the buyers and potential clients are easily being lured by these acting agents. So we wrote a few pointers to verify if an agent or an agency is as credible as they claim to be.
- Always check the properties actual prices offered on the market. In the case reported by The National, the victims stated that they were offered lower prices to these properties compared to the actual market price which lured them to buying the properties and entrusting their money to the swindlers. Of course, who wouldn’t like a good deal? However, it can also cause you your savings.
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- You can check with the developers if the agents you are negotiating with are credible or if they are connected by any means. Some developers such as Emaar Dubai and Damac Properties has a good relationship with agencies that they trust in promoting and advocating their projects. You can always verify this with them.
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- Check with RERA. As you may already know, the Real Estate Regulatory Authority (RERA) formed by the Dubai Land Department helps in various ways to cut down the number of fake agents and make sure only legitimate and legally certified agents practice the brokerage. This contributes a lot to keeping property transactions standard maintained. Before making any transactions with a real estate agent, ask to see if they have a valid RERA-approved card. You may also check partner websites to verify if the agent is RERA qualified.
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- Ask for referrals. Referrals are one of the best ways to find a trustworthy real estate agent. If there are any discrepancies in their character, the person who has referred you to that individual would be able to give you feedback on not only their experience and skill set but their personality and character too.