Dubai’s Real Estate Regulatory Agency (Rera) has ordered approved property brokerage firms to register all their available properties on Simsari.ae – the region’s only authenticated and trusted multiple listing service – by August-end, or face penalties, Emirates 24|7 can reveal.
In a notice sent to brokerage firms on July 19, the regulatory agency said: “We urge you to register on Simsari. Kindly note that the deadline for registration is August 31, 2012, and will be mandatory to use starting from September 1. Consequently, all Rera approved- brokers who fail to register on Simsari before the aforementioned deadlines will be penalised.”
The notice further said: “We believe that top performing companies such as yours along with Simsari, will shape and regulate the industry, establish transparency in the real estate market and align the relationship between owner and real estate broker.”
Real estate experts believe the move will reduce the number of “ghost” listings, common in the UAE, and, more possibly, the agency being able to limit listing of one property with not more than three agencies.
As per a Rera regulation, a seller can list his property with only three brokerage firms.
Unfortunately, sellers here try to list their property with numerous brokerage firms and at varying prices.
This website had reported in May 2011 that the Dubai Land Department was planning to launch Simsari.
At the time, Khalifa Al Suwaidi, Chief Executive Officer, Emirates Real Estate Solutions, had said: “The website is ready. Only listed brokers will be allowed to register properties, be it off-plan, or completed units for leasing or selling.”
He had said the listing on the website would initially be free of charge and renewable every 30 days.
Simsari was an online real estate portal, which was founded in 2006 by two Dubai-based companies - Tamweel and Tejari. The brand has subsequently been acquired by the Land Department.
In order to bring transparency in the market and control broker activities, Rera recently unveiled plans to fine brokers instead of their brokerage firms if the former was found to have misled investors, co-operated with unlicensed brokers or made phone calls to their clients to promote/advertise a project.
Earlier this month, Rera imposed fines totaling Dh900,000 on 22 real estate companies and brokerage firms during the first half of 201 for violations such as hiding information from investor; co-operation with unlicensed brokers; failure to maintain privacy of firm and client; using telephone calls for promotions and advertisement purposes without obtaining official approval and arranging deals without the knowledge of their accredited office.
In addition, Article (34) of the draft law on Dubai real estate investor protection, states an intending investor shall be entitled to terminate a contract for sale if it is proven that the seller or the lessor or a broker acting on his behalf has deliberately concealed any essential information that is likely to cause harm or loss to the intending investor.
Under Article 37 of the draft the intending investor will be entitled to recover compensation from whoever of the developer, investor or even broker has caused the loss.