10 Tips To Help You Succeed As An Entrepreneur In Dubai's Real Estate Sector
Real estate is one of the most lucrative industries in Dubai, and if you are considering building a business in this domain, you can almost rest assured that it will be a rewarding journey- however, you do need to be ready to put in the work.
Real estate is one of the most lucrative industries in Dubai, and if you are considering building a business in this domain, you can almost rest assured that it will be a rewarding journey- however, you do need to be ready to put in the work. As the founder and CEO of Dubai-based real estate brokerage, Your Place, here are my tips for budding real estate moguls to keep in mind as they enter this particular sector:
1. Have a vision for your enterprise The real estate market is saturated, so how do you stand out? For me, this comes down to vision. I had a clear vision when we started Your Place in 2011, wherein we carved out a niche for ourselves in that were a specialist agency with experienced advisors focusing on investments.
2. Build your client base If you don’t have clients, you don’t have revenue. But how do you get clients? For me, it’s a matter of time and expertise, by giving them successful investments and building a lasting relationship. Then this has a word-of-mouth ripple effect. My client portfolio was started from my time in investment banking in Italy, as Italian people (like many of us, really) like real estate to invest in. I prefer only to deal with long-term clients, as our model is a real estate investment business.
3. Gain market knowledge It’s critical to know the market inside out, as there are several layers to the real estate industry in Dubai. There are many different locations, with more launching continuously, and it’s very fast paced- especially now. You need to understand various factors like quality developments, good locations will stand the test of time, characteristics of the buildings, etc. We are constantly conducting market research, so we always know what to advise clients for investment.
4. Stay in line with rules and regulations Real estate is a regulated industry in Dubai, so it’s essential that everyone knows the rules and keeps abreast of any changes at all times. This sounds simple, but it’s amazing how many people don’t know them, and it’s essential for you to do your job properly. The process is quite efficient to buy and sell here, compared to other countries- for example, it takes only a few hours to transfer a property, which is an important factor when promoting Dubai as an investment hub to international clients.
5. Have a strong financial foundation I started my career at Zurich Group, then became a manager of Banca Fineco in Italy, so my background was financial, not real estate. This has helped me a lot, as I can make calculations easily at every step of the way in order to advise clients and understand profits.
6. Be mindful of the law Respecting and understanding the law around real estate is critical for you to conduct business properly. For example, the laws have changed in the past few years for off plan purchases, and now there is more reliability and protection for owners and investors.
7. Don’t discount the role luck plays In 2008, we were very unlucky with the global economic crash. We had worked hard and built up, but luck was against us. In such situations, all you can do is work with the fluctuations and find the opportunities that remain, as there is always one to be found in every business situation.
8. Perseverance is strength Anytime something goes wrong, I remind myself to be strong, positive, push harder, and make tough business decisions. We’re in turbulent times, so this kind of strength is necessary to achieve the success you desire.
9. Be professional There are a lot of unprofessional players in the real estate market in Dubai, so you need to be professional to survive and thrive. A lot of people think real estate is easy, but that’s not true. You need competence, capability, and professionalism– this will distinguish you and create a good reputation for yourself, and having such a good profile is essential to win in this industry.
10. Also, be patient There is not always a quick win in real estate, but then again, that’s true of any kind of business. Sometimes the result can take longer, quite often due to factors outside of your control. But as long as you are motivated, put in consistent effort, and have persistence, you will get the rewards you desire.