The Dubai Land Department is going to launch a new system to rank the UAE property brokers based on their performance. The director of real estate licensing at the department, Ali Abdulla Al Ali, told that “Cityscape Global conference yesterday (Monday 06th September 2015) that the new system would be introduced in January 2016.”
All the property brokers will be tested on five factors, such as,
- Number of transactions.
- Commitment to real estate regulations,
- Structure of their offices.
- Social works.
The ranking will be weighted, with
- 15 per cent of the score for the experience of the firm and the brokers.
- 30 per cent on the size of transactions carried out.
- 40 per cent on their adherence to DLD regulations.
- 10 per cent on the structure of their organisation.
- 5 per cent on community activity.
Mr Al Ali said that once scores are up, brokers will fall into one of four categories. Those that achieve a score of up to 70 per cent will be placed in a general category, while those achieving more than 70, 80 and 90 per cent will be ranked in the bronze, silver and gold categories, respectively. He also said that the main reason for this new system, “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.”