Dubai is one of the world’s top destinations for foreign investors, expats, tourists, and, lately, influencers.
This cosmopolitan city offers excellent weather, a great lifestyle, and endless business opportunities. It’s no wonder Dubai is quickly becoming a paradise for real estate investors and a hotspot for real estate firms seeking to take advantage of the lucrative opportunities offered by this emirate.
If you’re considering taking the plunge and moving to Dubai to embark on a career in real estate, we’re right behind you! In this article, we examine how entrepreneurs can start and market a real estate firm in Dubai.
Types of real estate firms in Dubai
People from all over the world are flocking to Dubai in the hopes of securing a better and brighter future. Resultingly, numerous real estate firms have cropped up over the years to cater to the needs of the growing market.
There are various types of real estate firms and services on offer in Dubai. Here’s a quick look at the main types of real estate firms and what they do.
1. Residential
This is the most commonly known type of real estate firm. Faisal Durrani, Head of Middle East Research for Knight Frank real estate consultancy, said the property market in Dubai recorded over 15,000 residential transactions in Q1 2021, marking a 34.5% increase over the same period last year as the Emirate’s property market boomed after the impact of the Covid-19 pandemic.
Residential real estate firms include brokers, agents, and realtors who work with people to buy and sell private homes. There is a range of residential property options in Dubai. Apartments in soaring towers, waterside townhomes, luxury villas near the bay—it’s no wonder Dubai is a homeowners paradise!
2. Commercial
Commercial real estate companies work with businesses to find property opportunities for commercial purposes. For instance, businesses looking for office or retail spaces might turn to a commercial real estate firm to help them with the buying and selling process, which tends to be more complicated than residential investments.
In the wake of the pandemic, S&P Global predicts that the recovery of office real estate will be led by an increase in demand for office space from FinTech companies and Dubai retaining its status as a key business hub in the GCC. For this reason, commercial real estate firms remain a dominant figure in the Dubai real estate market.
3. Industrial
Industrial real estate firms operate within a subset of commercial property. These real estate firms possess specialized skills and knowledge to help clients find the best location while considering things like labor pool, regulatory and tax environment, etc. The agents and brokers operating within industrial real estate must be able to navigate complex approval systems to ensure investors are approved by local and state governments and community leaders.
4. Investor
Investor real estate firms are specialized in helping sole investors and investment groups find income-producing properties. Investment real estate firms must have a deep understanding of the property area, rental yields, and return on investment predictions to help clients choose the best investment opportunities in Dubai. Investor real estate firms use networking and business connections to help clients achieve quick sales.
5. Property Management
Some real estate firms manage rental properties for their clients. Essentially, they take care of all the paperwork and handle all the payments involved in property management, saving individual investors from having to deal with the day-to-day issues that crop up when renting properties. For this reason, property management specialists must be well versed in landlord and tenant law, as they’re responsible for securing and managing tenants on the behalf of the property owner.
Why start a real estate firm in Dubai?
One of the main reasons to start a real estate firm in Dubai is the sheer amount of potential this Emirate has as a destination for investors, expats, tourists, and business opportunists.
Dubai offers world-class infrastructure and vibrancy unmatched by any other location in the UAE or, perhaps, even the world. Property is one of the most expensive assets, and with the right skills and a good reputation, you can earn a large amount of commission on top of your basic salary. Essentially, real estate is a lucrative business, and it’s booming in the UAE.
Achieving that coveted spot as one of the most successful real estate firms in Dubai isn’t going to be an easy feat. As the market grows, there’s competition springing up left, right, and center. Not to mention the already established firms you’ll have to compete with. However, with the right amount of determination and a can-do attitude, it can be done.
Be prepared to work hard to cement your firm as a real estate industry leader and to engage regularly with clients to determine their needs and how you can best serve them.
Next, we’ve prepared a checklist featuring all the steps you’ll need to take to start a real estate firm in Dubai.
Checklist: What to do to start a real estate firm in Dubai?
1. Select your company’s business model
Once you’ve obtained any residency documents necessary, as a foreign entrepreneur you’ll need to decide which business model is best for your real estate firm. There are a few models you can choose from:
- Sole proprietorship
- One-person limited liability company
- Civil company
- Limited liability company
- Partnership company
You’ll need to do your research about each type of business model to understand the similarities and differences and decide which one is best for your company.
2. Register your business
Once you’ve chosen the type of business model, the next step is to register your trade name and file the necessary documents with the Department of Economic Development in the Emirates. It’s a good idea to include terms related to your business activities. For example, you might include “real estate” or “property management”.
Registering your business can mostly be completed online until you receive initial approval. However, you’ll need to re-submit the documents and a few other things to obtain final approval and start trading. Once you’ve done this, you’ll be granted a commercial real estate license that allows you to trade in this field.
3. Obtain certifications for licensing purposes
To become a licensed real estate agent in Dubai you’ll need to undertake professional training approved by the Real Estate Regulatory Authority (RERA). Different real estate activities will require different types of qualifications or licenses, so it’s a good idea to check the RERA website to ensure you’re meeting all the requirements necessary to establish your firm.
4. Choose the location
The physical location of your real estate firm office is the next step to consider. Once you’ve got all the paperwork in order, it’s time to set up shop. You can choose to rent or purchase office space in the free zone in Dubai or opt for a Flexi-desk option until you’re in a position to invest in a permanent office space. It’s important to ensure you update your Google My Business listing to reflect the correct address, operating hours, and business contact information.
5. Enhance your business network
It’s true, business success is largely determined by who you know, as well as what you know. It’s important to establish a business network of relevant connections who can help you to stay on top of your game or unlock lucrative business opportunities. Your network should include industry leaders, potential buyers and sellers, and any other players in the real estate industry that can help your business.
Plenty of real estate opportunities come via referrals, and it’s a good idea to contact established real estate firms and ask how they maximize opportunities. Also, check out their marketing strategies to learn how top real estate players in Dubai are maximizing their visibility online and offline.
6. Market yourself
Once you’re all set up, it’s time to develop a killer marketing strategy to get your name out there and start building a database of potential clients. Inbound marketing is making waves in the real estate industry and is a key factor contributing to the boom in the UAE.
Marketing a real estate business isn’t as simple as marketing a product. People don’t buy properties every day, so the marketing strategy you opt for must encourage your target audience to choose you over your competitors by gaining their trust.
In the next section, we take a look at some of the top inbound marketing ideas to help market your real estate firm in Dubai.
5 ideal inbound marketing ideas for a real estate firm in Dubai
Inbound marketing is a marketing methodology focused on growing long-lasting relationships with customers by providing value through a tailored customer experience. At the heart of inbound marketing lies your buyer personas—representations of your target audience. Understanding who your audience is is the first step to creating an inbound strategy to attract, engage, and delight your customers.
Real estate marketing used to focus on outbound tactics to increase visibility towards a general audience. In today’s digital world, marketers are empowered with a range of tools and strategies that can help them to draw customers in organically, without having to fork out huge budgets on outbound marketing campaigns.
Let’s take a look at some of the top inbound marketing ideas that’ll help you market your newly established real estate firm in Dubai.
1. Outline your target audience
Before embarking on any real estate marketing strategy, you’ll need to outline your target audience. This involves taking a good hard look at who your customers are, what types of investments they want to make, and what their problem points are. Understanding this will allow you to better tailor the experience of your business to their needs, making you much more likely to succeed.
Tip: You can use our buyer persona template to start getting to know your audience in no time at all!
2. Optimize your website
If you want to get ahead in the competitive real estate industry in Dubai, you’ll need to make sure your website is professional and highly optimized. Nothing deters potential clients like a clunky, poorly designed website that offers a terrible user experience! Here are a few tips:
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- Offer a great user experience: Make sure your site is fast, responsible, and mobile-friendly. This way, potential clients can easily navigate your site without bouncing out of frustration.
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- Optimize your content for SEO: This will help you to draw in customers organically by increasing your chance to appear in top search engine results pages. Feature specific keywords related to the real estate industry and your activities.
- Include effective CTAs: Call-to-actions tell visitors exactly what they need to do to take the next step. Include clear, concise CTAs that tell your audience how to contact you or how to arrange a viewing of a property.
- Images and video: To ensure visitors to your site are attracted by the properties or services you’re offering, it’s a good idea to include professional photos and walk-through videos of your latest listings.
3. Share valuable content
There’s no better way to connect with your audience than to share valuable content related to your industry or what you do.
This could be in the form of a regularly updated blog, podcasts, webinars, and any other type of content that’ll allow you to effectively communicate information with your audience.
Sharing content is a great way to boost brand awareness and establish yourself as an industry leader. What’s more, you can offer your audience a reason why they should trust your real estate firm as opposed to your competitors.
4. Hop on the social media bandwagon
Social media is one of the best modern marketing tools. A whopping 98.98% of the UAE population is active on social media. Being present on social media is a great way to connect and communicate with your audience. You can share updates about new property listings, explain your services, or share valuable content while encouraging them to share and interact with you.
When determining your buyer personas, it’s a good idea to think about which social media channels they’re active on. For instance, if you’re targeting a younger market you’ll want to ensure you’re present on Instagram, Facebook, and even Twitter. LinkedIn is a more professional social media marketing channel, which will allow you to connect with high-profile leads in a business context.
5. Take the time to create nurture email campaigns
Be sure to retain a regular channel of communication with your audience via email. You might send out a bi-weekly or monthly newsletter with updates about your services and listings, or share some of the amazing content you’ve been creating. Communicating with your audience via email is a great way to stay on their radar, nudging them closer towards the idea of doing business with you.
Those are our top 5 inbound marketing ideas for real estate. Be sure to check out our article “10 Smart Marketing Ideas to Get Property Buyers for Your Listings”, where we go in-depth about how to market your real estate business the right way.
Ready to plunge into Dubai’s real estate market?
It’s no secret that Dubai is full of high-income expats seeking lucrative investment opportunities or a place to settle down. Once you’ve followed all the correct steps to establish your real estate firm in Dubai, you can sit back, relax, and wait for the clients to roll in. Just kidding! It’s not quite that easy. With the right tools and inbound marketing strategies under your belt, there’s no reason you can’t surpass the competition and become one of Dubai’s most competitive real estate firms.
Want to know more about getting ahead in Dubai’s booming real estate industry? We know a thing or two. Book a free consultation to chat with one of our team today!
