HH Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, the Deputy Ruler of Dubai, visits Dubai Land Department (DLD) stand at Cityscape Global 2015. HH was introduced to the latest services provided by DLD, such as the Investment Map, Rental Dispute Center and Registration Trustees.
In the first day of Cityscape Global 2015, Dubai Land Department (DLD) has announced one of its “Brokerage Offices Ranking System” its latest initiatives for the real estate market, as well as many of its services for the investors.
DLD has addressed all real estate brokers working in the emirate offices to enter the log into the link in Trakheesi System (Offices Classification), in order to update the details in the system, specifically those related to the internal regulations of the Office.
“DLD is aware of the high rank that Dubai real estate market, and its ability to attract investors from around the world, it has become necessary for us to provide our services and upgrade them to what exceed customer expectations. Hence, we have launched the system of rating real estate broker’s offices to find out the levels of offices they are dealing with, and to stimulate the development of office operations to reach the top spot on categories,” said HE Sultan Butti Bin Mejren, Director General of DLD.
This step was taken to enhance efficiencies of real estate service providers (brokers) in accordance with set policies for real estate sector and based on the strategic plan of RERA by creating ranking for brokerage offices, it will be applied by January 2016. Four criteria were adopted for ranking of brokerage offices, Gold, Bronze, Silver and General category.
“One of the main tasks carried out by the department is to carefully raise the competencies of all the parties that are related to its operations with the mission of DLD, and in accordance with the policies set for the real estate sector, and based on the strategic plan developed by RERA,” He said bin Mejren.
Brokers will be scored on five factors – experience, number of transactions, commitment to real estate regulations, structure of their offices and social works.
The ranking will be weighted, with 15 per cent of the score based on the experience of the firm and the brokers, 30 per cent on the size of transactions carried out, 40 per cent on their adherence to DLD regulations, 10 per cent on the structure of their organisation and 5 per cent on community activity.
After studying all applicable standards, it will be issued a certificate of office by rating categories on the website, and gives the Office Card by four categories, gold star, or a silver star, or bronze or General Certificate star, and give a discount on course fees by 10% and 5% and 3% respectively, while the ceremony is held to honor the winner of the gold category offices.
DLD has announced that its participation at Cityscape this year will be under the theme of “Smart Investments in a Safe and Sustainable Environment”, an affirmation of its side on many smart solutions offered to their clients constantly, to replace the traditional systems, which lead in ultimately to provide a safe environment for attracting investment.