Multiple listings of same property unit

Rera directive states one property should not be listed with more than three registered brokerages

A property owner should not list his property with more than three registered real estate brokerage firms as per directives of Dubai’s Real Estate Regulatory Agency (Rera).

In reality, realty agents say the same property is quite often listed with numerous brokers and at different prices.

Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, says; “Despite Rera informing us (agents and brokers), who attend their courses, that a seller should not register his property with more than three registered agencies, we see the property being listed with numerous agencies.

“There is no way we or anyone can stop a seller from multi-listing his unit.”

He adds: “The only thing we do is to take an underwriting from the seller than we can advertise the property on their behalf and that they will not back out of a deal if we get them a buyer at the agreed price.”

The Dubai Land Department has more than 2,000 listed property brokers.

Property owners say they are oblivious of any such Rera policy on multi-listing.

Abdul Zakir, who owns an apartment in Dubai Silicon Oasis, says he has not heard of any such regulation by Rera restricting the owner from listing their unit with only three agents.

“I have my property listed with numerous real estate agencies. And why shouldn’t I?” he argues.

“I am at an advantage if I list my property with as many agents as possible.

“There is certainly a chance that I could get a better offer from someone than being limited to three brokers, who may not even manage to get me single buyer.”

He, however, claims that he has been contacted by at least three new brokers after they were aware of his listing with other agencies.

Sania Sharma, owner of a one-bedroom apartment in Jumeirah Beach Residence, got her apartment listed with a number of brokers. Moreover, she herself has put up adverts on community websites.

She says: “I have listed with property agents out here and also with some agents in India.

“I am also using social networking sites to sell my property.”

Although Sania says that real estate agents have come with cash buyers, but most are asking her to reduce the property price.

She asserts: “I am ready to wait for the right price. I am in no hurry to sell.”

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