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We recently had a seller with a Dubai property for Sale and he was in a confused state. He had a bunch of real estate brokers working on his property to find a buyer. He assumed that if he gave it to as many brokers as possible he would stand a better chance of selling his property.

What he discovered was that he had a number of brokers fighting with each other, confusing him and negotiating the price lower and lower. How did this happen? Quite simply they all had the same buyer, wanting to buy Dubai Property. The Buyer was aware that all the brokers were negotiating on their behalf, but none of the agent knew this and neither did the Seller. Finally one of the brokers cottoned onto this and spoke to the Seller. Advising the Seller that there was only one Buyer but many brokers and that he should stop the confusion by selecting one broker to represent him and allow that person communicate with the Buyer and possibly the other parties involved. Finally the Seller’s phone stopped ringing and the price negotiations stabilized.

So what were the mistakes made here – by the various parties?

• Seller appointed too many brokers
• Buyer was using the brokers against each other to negotiate the price down
• The brokers failed in their fundamental requirement of having the paper work in place
  • Having a Buyer’s Agent Agreement in place
  • Having the Buyer sing an introduction of property form

What are the lessons learnt?

• Sellers with Dubai property for sale– let someone manage the process for you. Have a little faith. Appoint a reputable broker for a limited period and give him the responsibility.
  • He should market the property through all mediums possible
  • He should work with buyers agents and assist in negotiations
  • He should be present at all viewing to avoid you having to negotiate directly with other agents and the Buyer
  • He should be the one fielding the calls and the questions
• Buyers trying to buy Dubai property – do the same. Appoint a reputable broker and sing an agreement with them
  • He should have full requirements and details of your needs
  • He should search for the properties that match your requirements
  • He should negotiate with the Sellers agents and arrange viewings
  • He should keep you posted of what properties are available and help you short list them
• Buyers – be honest with your broker – if you have seen a property or are dealing with another broker be transparent – you would expect the same from the broker
• Brokers – be assertive – you are the professional. Get your broker appointment contracts in place. Work to your mandate and deliver an honest and comprehensive service. If you have a Buyer – look for the right property for him. If you have a Seller, market the property fully and work with Buyers agents to secure the best deal for your Seller.

These basic principles and time tested practices are the best for everyone. They work and they work well.