SKAI Real Estate shakes up UAE's brokerage industry with commitment to lowest transaction commissions - capped at 1.99%
- United Arab Emirates: Sunday, January 27 - 2013 at 10:51
- PRESS RELEASE
SKAI Real Estate, a RERA-licensed property brokerage, announced the launch of its UAE operations with a commitment to taking the lowest industry commissions per transaction in the market, capped at a maximum of 1.99% of any sale. The innovative Dubai-based brokerage also made clear its fair deal agenda, by guaranteeing it will only represent one party, either buyer or seller - never both - in a single sale or transaction.
The company brings customer-centric changes to the market, reflecting global sector standards and best practice with an industry-shaping five-point agenda that the company believes can help the UAE property sector restore its credibility.
Announcing the launch of SKAI Real Estate's operations in the UAE, Kabir Mulchandani, CEO of SKAI Holding, said, "We are keen to be the change that property customers in the UAE and the wider region want to see. The real estate sector in Dubai is clearly now well into recovery. To help secure that recovery, and spur further sector growth, we have committed to a clear charter that is not only in the best interests of our customers and investors, but also in the best interests of the Dubai economy as a whole. It is our aim to help increase transparency, restore industry credibility and champion the sterling work being done by RERA in regulating our industry."
In addition to the promise of lowest commission rates being charged in the market, capped at 1.99%, and only ever representing one party in any sale, SKAI Real Estate will implement three more practices in its operations from day one. These are: not charging any hidden commissions or 'top-ups'; respecting customer privacy by not sharing their databases with third parties; and, being a partner from the start of a transaction to its completion, not leaving customers mid-stream.
Mulchandani added, "Despite the changes and regulation that RERA has introduced, there remain many unethical practices in our industry that need to be stamped out. These include the widespread practice of top-ups that can be described as unethical. The concept of conflict of interest too has been largely ignored by the industry as agents represent both parties to the deal. In a clear violation of customer service practices of any industry, agents often leave the customer once the deal is signed, forcing them into the arms of another agent to complete paperwork and handover. At SKAI, we are committed to ensuring that our success changes an industry that needs to regain public and investor trust and to do this it needs to make fundamental changes in its practices. We are here to put the real back into real estate."
A property brokerage firm headquartered in Downtown Dubai, SKAI Real Estate offers customers the option to buy, sell, rent or invest in property at any location in the UAE and at various price points. It works towards being a long-term trusted partner for property investors and offers real estate related investment advice.
Its strengths include a deep understanding of the UAE property sector and complete transparency in operations. Its property management skills and transactional services come with the highest standards of client care, transparency and a thorough understanding of the rules and regulations of the industry.
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