How to achieve success in real estate market in Dubai?
Real estate is one of the most profitable industries in Dubai, and if you are planning to build a business in this sector, you can be sure that it will be a rewarding journey.
Here are some tips for new real estate investors to keep in mind as they enter this sector
1. be mindful of the law
2 Have a vision for your enterprise
3. Build your customer base
4. Gain market knowledge
5. Stay in compliance with rules and regulations
6. Persistence is strength
7. be professional & patient
Now let’s discuss briefly each of them…
- Be mindful of the law: Understanding and respecting the law surrounding real estate is critical to running your business properly. The rules have changed over the past few years for off-plan purchases, and owners and investors now have more certainty and protection
- Have a vision for your enterprise: There should always be a clear vision of what the real estate markets, what its fundamentals are, how to grow it, and its ups and downs.
- Build your customer base: if you don’t have clients, you don’t have revenue. Companies can expand their customer base as a way to increase sale. A customer base is often a targeted demographic or group of people with similar interests that make their interest in your product or service more likely
- Gain market knowledge: knowing the market inside is very crucial as the real estate industry in Dubai has many layers. There are so many locations that are constantly launching more and it is really really fast- especially right now. You need to understand various factors like good locations, test of time, quality developments and characteristics of buildings etc.
- Stay in compliance with rules and regulations: Real estate is one of the regulated industry in Dubai, so it is mandatory that everyone knows that rules and is always aware of any changes. It sounds simple, but it is surprising how many people don’t know they are essential to doing your work right.
- Persistence is strength: anytime something goes wrong, you always remind yourself to be strong and positive, push harder, and make tough business decisions.
- Be professional & patient: There are many unprofessional agents in the real estate market in Dubai, so you need to be professional to survive and thrive. Many people thinks that real estate is easy, but that is not true. You need ability, talent and professionalism. This will set you apart and create a good reputation for you, having such a good profile is essential to succeed in this sector
There isn’t always instant success in real estate, but then again, that’s true in any type of business. Sometimes results may take longer, often due to factors outside of your control. But as long as you stay motivated, put in consistent effort, and persevere, you will reap the rewards you desire.