Dubai Brokers Ranking : Dubai Land Department is set to introduce a new ranking system for real estate agents working in the emirates.
In a recent update, it has been revealed that Dubai Land Department is going to introduce a new system for Dubai brokers ranking in the market. The ranking will be based on performance.
As per officials, the new system will roll out in January next year and evaluation of brokers will be done on the basis of new system.
There are five factors that will be considered for Dubai brokers ranking.
|#||Analysis Area||Weight %|
|2||Size of Transactions||30|
|3||Commitment to Regulations||40|
15 percent weight will be given to experience, 30 percent weight will be assigned to number of transactions, 40 percent to following DLD rules and regulations and not committing any violations, 10 percent for office structure and remaining 5 percent for community service/ activity.
Qualifying brokers will be divided into four different categories based on new Dubai brokers ranking.
|#||Broker Score %||Broker Ranking|
|1||Below 70%||General Category Broker|
|2||70-80%||Bronze Category Broker|
|3||80-90%||Silver Category Broker|
|4||Above 90%||Gold Category Broker|
Brokers scoring below 70% will be held in General category, those who will score between 70-80% will get Silver category, brokers scoring between 80-90% will be of Silver category brokers and those who will score above 90% will be Gold category brokers in the emirates of Dubai.
“The main reason for this,” Mr Al Ali said, “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.”
At the moment, there are 3,550 registered brokerage firms in Dubai with total number of 7,500 registered brokers with Dubai Land Department. The department will start working on index of Dubai brokers ranking after successful completion of ranking phase.
Dubai Land Department had recently issued ranking for brokers in its newly launched mobile application but the criteria of Dubai brokers ranking in that app was only number of transactions carried out by a particular broker.
Ref: The National