Dubai Real Estate Brokers guide to Choosing a Real Estate Niche to become an expert.
Choosing and finalizing a property type to work with, and transaction focus usually happens over time. However, the longer you choose, the longer you are out of focus, so decide as early as possible and aim to become an expert focusing on a specific property type and transaction type from the beginning. When generating properties, you know what to target.
So what are the property types, subtypes, and transaction types?
Focusing even further; you can choose to focus on subtypes within the type.
- Residential Lands etc.
- Retail Shops
- Commercial Lands
- Hotels, etc.
- Labor Camps
- Industrial Lands etc.
Working with only one transaction type without distractions may also result in better productivity as well.
Why do you have to choose?
The majority of the new brokers fail while trying to do everything everywhere. On the other hand, most successful Brokers are those who have found an area and a property type for themselves and stick to it.
Let’s say you chose to specialize in commercial property sales, you know everything about selling commercial buildings in a particular area, your listings are lined up on portals within that category; not only you will stand out with multiple options, but there is also a higher chance that the property seekers will call you before those who have fewer listings.
Additionally, quite often, sellers and landlords check the portals’ listings for the latest market prices to sell or rent. By having more listing options, you put yourself in front of them and increase your chances to be approached by them to list their properties. And that’s the easiest way to gain more listings.
But most importantly, by focusing on a specific area and type of property, you have a higher chance of holding on to those properties you deal with. Even when owners change, the broker can establish a connection with the new owner and continue working with the property. The majority of brokers never get to keep the property under their control, but the area and property-type-focused, area-specialized brokers do, and that’s how they grow their database overtime. Narrowing your focus will allow you to get more done.
How to choose?
Residential properties are the easiest to start with, as they have fewer technical details vs. commercial properties. Commercial property Brokers must have additional knowledge about Licensing regulations and business setup basics, etc.
Let’s say you are offering residential property for sale or rent. Questions you will be answering are likely to be related to property details, agreements, and transfer processes and fees, etc.
Now let’s imagine you are offering office space or a warehouse for sale or rent. Questions commercial buyers or tenants are likely to ask are usually related to office permits, fit-out costs and processes, license activity and property permits, etc.
To choose a type to focus on, you have to ask yourself: which property-type is closer to you or you are passionate about and how fast you can learn or have enough knowledge to provide professional service to your clients in that property type?
We are here to help you with every step of the process, so continue reading. You will find some answers in other New Brokers Training lessons. If you can’t find the answer you are looking for, Ask HERE.