Real estate brokers operating in Dubai are reportedly going to be ranked on their performance under a new system being introduced by the emirate's Land Department.
Brokers will be scored on five factors – experience, number of transactions, commitment to real estate regulations, the structure of their offices and social works, reported The National.
It quoted Ali Abdulla Al Ali, the director of real estate license at the department, as saying the new system would be introduced in January.
The National said the ranking will be weighted, with 15 percent of the score based on the experience of the firm and the brokers, 30 percent on the size of transactions carried out, 40 percent on their adherence to DLD regulations, 10 percent on the structure of their organisation and 5 percent on community activity.
“The main reason for this is to enhance the efficiencies of real estate brokers, to create competitiveness between brokers to provide a better type of service for their clients and to reduce the number of violations in the market from brokers," Al Ali is quoted as saying.
He told the paper that Dubai has about 3,550 brokerage firms and more than 7,500 registered brokers.
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