Higher commission, bonuses for brokers at Dubai property agency

Harbor Real Estate, a Dubai-based real estate consultancy, is setting a new industry benchmark by offering compensation and benefits scheme to its brokers, who can now get up to 90 per cent commission on property sales, bonus and .

The package, known as “performance plus”, is the basis of Harbor’s latest recruitment drive, aimed to attract and reward high-performing brokers.

“The recovery in Dubai’s real estate industry has provided us with the opportunity to expand its operations and line of professional services. Therefore, the recruitment of high caliber brokers is fundamental and core to our expansion plans,” said Mohanad Alwadiya, Managing Director, Harbor Real Estate.

The package has been developed after conducting an extensive research study, which involved relevant professionals from several industries.

“We needed to develop a world class solution to the challenge of attracting world class professionals” Alwadiya said, adding, “And we believe we have achieved that with this new innovative and lucrative scheme”.

High performers have the opportunity to achieve sales commissions ranging from 45 to 90 per cent, monthly recognition rewards and 10 per cent additional annual performance bonuses.

The standard agency commission percentages from real estate transactions are two per cent of the selling price and five per cent of the annual rental value.

Normally, real estate companies (locally, regionally and globally) compensate their brokers based on a share from these earnings which ranges between 25 and 60 per cent of the total income the real estate agency generates from any specific transaction.

Most agencies will pay the broker who worked on this transaction 25-60 per cent of the commission earned and the real estate agency will retain the balance.

“This percentage has never been offered before by any other agency in the UAE and I am quite sure this is the case in global markets as well.”

So by how much will an agent’s income go up?

Alwadiya says, “Our brokers will be able to earn from 45-90 per cent from the total revenues they achieve for Harbor on any transaction. The percentage goes higher according to the size of the transaction. Plus there are so many amazing benefits that the brokers can benefit from including: an additional 10 per cent annual bonus, monthly bonuses, etc.

“Furthermore, brokers who reach a certain revenue target during the first six month of the year will be upgraded to 60 per cent as their base compensation which will allow them to earn very high commissions on any transaction they close and make it easier for them to reach the 90 per cent commission slab.”

Harbor plans to recruit 25 new brokers next year. Currently, the company has 20 brokers.

(Home page image courtesy Shutterstock)

Follow Emirates 24|7 on Google News.