Dubai’s glorious skyscrapers and engineering marvels are famous worldwide. The real estate industry in the UAE attracts. A lot of new businessmen every year who want to set up their real estate business in Dubai. Good real estate plays multiple roles in the process of a successful transaction. Your attitude and good work ethics are some of the criteria. That will drive you to success in the UAE’s real estate industry. The agent is a negotiator, a salesperson, an analyst, a marketer, and a customer’s advocate.
Being a real estate agent requires hard work, dedication, and good social skills. Having said that, possessing only these skills is not enough to be a real estate agent in Dubai. To perform real estate transactions in the UAE, you must have a RERA (Real Estate Regulatory Agency) license. The business experts at Shuraa can help you obtain. A RERA license in Dubai by provide end-to-end assistance in documentation, licensing, approvals, and more.
How to apply for a RERA license in Dubai?
Obtain a RERA license is just the beginning of your journey. To being a successful real estate agent in the UAE. To obtain a RERA license, it’s essential to take the RERA exam and get certified. Here’s a stepwise procedure that you need to follow to get a RERA license in Dubai:
1. Obtain a residency visa
The first step is to obtain a residency permit if you are an expat. The citizens of the UAE and GCC already hold this permit so it’s straightforward for them to get on with the RERA license process. However, non-residents of the UAE need to have a valid residency visa first to apply for a job as a real estate broker in Dubai or establish their firm.
Expats could either get a work visa in Dubai from their employer or if their spouse is already working in Dubai. However, there’s no certain period of residency that expats need to complete for applying for a RERA license in Dubai. Once you have acquire the residency permit, you can apply for the licensing process by taking help from your local business advisor. New citizens of the country will also require an Emirates ID.
2. Apply for a DREI certified training
Once you have acquire the residency visa, the next step is to sign up for train with the Dubai Real Estate Institute (DREI). It’s a four-day course that aims to give you an insight into the country’s real estate industry. This training is authorizing by the Real Estate Regulatory Agency (RERA) which is the regulatory body of the Dubai Land Department (DLD).
You can take the classes for this training either online or at the RERA agent registration training center at the DLD. This training by DREI for aspiring real estate agents in Dubai covers several modules that are listed below:
- History and Development
- The business of a broker
- Concepts, definitions, and market players
- Sales processes, and agreements
- Leasing process and rental agreements
- Code of ethics
- Introduction to owner’s associations
- Legal module
- Essential skills
3. Take the RERA exam
Once you have complete all the modules of the four-day course, the next step is to appear for the written RERA certification exam. This exam is a deciding factor in the journey to becoming a real estate agent in Dubai. So, it’s recommended to go through the content provided in the course sincerely. Any individual with or without a bachelor’s degree can apply for a RERA license. However, if you have a degree in a relevant field. It improves your chances of being successful in your career in the long term.
4. Obtain the Realtor license
After passing the exam, you are all set to obtain a RERA license in Dubai and launch your real estate agency. One additional requirement to obtain this license is to acquire a certificate of good conduct. Once these requirements are met, the Department of Economic Development will issue your RERA license. you will receive the credentials within a few days of successfully submit all the associate documents. It’s better to collaborate with the legal advisors at Shuraa Business Setup as we take care of everything involved in obtain a RERA license so you can focus on other critical business activities.
Cost of obtaining and renewing a RERA license
The four-day certification course by DREI to become a real estate agent costs AED 3,000. Furthermore, there’s an additional fee to be paid for taking the RERA exam. This fee is different for those having a bachelor’s degree and those who don’t have one. The DREI has set a fee of AED 3,200 for individuals with a bachelor’s degree and AED 6,300 for those without a bachelor’s degree.
Furthermore, for applicants who have no educational qualifications, the fee is AED 15,750. If it’s an LLC that applies for a RERA license and not an individual, the fee is AED 12,950. However, the RERA license cost in Dubai can vary depending on the activities chosen and also the jurisdiction to which you’re apply.
Benefits of becoming a real estate agent in Dubai
Real estate agents in Dubai enjoy numerous business benefits, thanks to the supportive business laws maintained by the government. Some of these benefits have been list below:
Enormous client base
Dubai is home to a large number of expats, overseas workers, and entrepreneurs moving to the Emirates every year. Since the introduction of the long-term visa, many foreign investors are looking to buy properties rather than renting them. This implies that the real estate industry is booming, and your business will not face any shortage of potential clients. All you need to ensure is that you have a valid RERA license in Dubai alongside the perfect business plan to get things done.
Advanced real estate legislation
Dubai’s real estate legislation is one of the most transparent systems worldwide. The regulatory authorities are very cooperative and actively work to ensure that both the buyer and the broker are well protect. You won’t come across any surcharges or hidden costs when applying for a RERA license in Dubai. Its credit goes to the government.
It’s no secret that real estate agents get a big slice of money on each successful transaction. Once you have establish a good network and have develop strategies for sales. The commissions earned from the sales could be bigger than your take-home salary if you’re working for a real estate brokerage firm.