As an industry expert for over two decades and the host/producer of Golden Nuggets with Silvia Eldawi, I have interviewed a multitude of real estate leaders and exceptional guests as we inform and educate the real estate industry.
Here’s a compilation of Golden Nuggets from me and my guests that are useful for home buyers in the UAE.
1. Own the Home you Are in
The whole trick to wealth is to pay yourself “
Lewis Allsopp – Group Chairman of Allsopp & Allsopp – Episode #32
In this episode, Lewis convinced me that it makes no sense to go to work daily to pay off my landlord’s mortgage. Like many other expats, I own property in my hometown but not in the country I live in.
We all know how quickly time can fly by in the UAE, and in 5 years, the average tenant will have contributed nearly half a million to someone else’s investment.
2. Know your Target Budget
Get a clear understanding of your borrowing limit and financial capability for the initial costs (down payment, transfer fee, agent fees) before starting your search. This is the first step prior to beginning your to help keep you focused on options within range. Mortgage Finder can help you save time and money with this.
3. Do your Homework on Property Finder Before Calling Agents
Brokers, not tour guides”
Calum White – CEO of White & Co – Episode #25
Remember, brokers are your allies in finding your dream home, but they’re not tour guides. Play an active role in your own home hunting journey, and supplement their guidance with your own research.
With all the technology available in this day and age, you are able to:
- Gather data insights using DataGuru
- Conduct virtual tours on any listing with this 360 sign (insert 360 with arrows)
- Check out the latest building reviews on Property Finder listings with ratings from real residents.
- Use Google Maps to work out commute/school run distances.
4. Seek out a Super Agent
The length of a call between a consumer and a super agent is 6.5 minutes … the super agent is taking enough time to ask all the right questions where a non-super agent – the length of the call is a little bit less than 2.5 minutes”
Cherif Sleiman – Chief Revenue Officer of Property Finder – Episode #33
Once you’ve made the decision to buy, obtained your mortgage pre-approval, and narrowed down your ideal home criteria, you’re ready to start reaching out and meeting agents.
This is to be able to close on a property before your mortgage offer expires (typically 45-90 days from pre-approval).
Now the countdown is on, and you think you know what you want; there’s no time to waste with non-responsive agents or unavailable listings. This is precisely why Property Finder introduced the SuperAgent feature.
Think of it as a stamp of approval given to brokers who adhere to service standards and deliver top-notch service. Besides, you can view properties listed exclusively by SuperAgents, by toggling at the top of the search page.
5. Be Open and Honest on Viewings
Help your agent to help you”
Silvia Eldawi, Founder of PROPOLOGI – Bonus episode: Real Estate Expert’s Insider Journey.
Once you’ve found your SuperAgent, always keep in mind that they are working for free unless they transact with you. So it’s best to be 100% open and honest with them about everything you like and dislike about a property.
6. Decision Makers Should be Ready to Make Decisions
I need to speak to my husband – I can’t wait to use that line!”
Silvia Eldawi, Founder of PROPOLOGI – Bonus episode: Real Estate Expert’s Insider Journey
This is a standard rejection tactic that has been used since the dawn of home buying.
Deflecting decision-making responsibility only makes you look like someone who is unable to make decisions, which will make the agent reconsider continuing to provide a ‘free service’ to you.
Now I get it; it’s a decision not to be rushed and sometimes one decision maker is doing the ground work, then the other has the final say.
Nevertheless, with the speed of the market right now, that conversation between husband and wife can take place then and there at the property; then it should lead to a 2nd viewing being scheduled on the spot or the truth being shared with the agent on what the hesitation could be.
7. Don’t Compete Against Yourself
The final Golden Nugget I can offer to homebuyers is to avoid contacting multiple agents for the same property, which can create what I call a “negotiation bubble.”
This common error can prompt agents to compete for your business, potentially driving up the price because the seller believes there is a higher demand. Instead, dedicate time and trust a single skilled agent who can best represent your interests.
Happy home buying!
Silvia Eldawi – Founder of PROPOLOGI
Silvia is a Certified International Property Specialist (CIPS) with over two decades of experience holding Real Estate management positions from London to Dubai. As the visionary Founder behind PROPOLOGI, a community-driven platform for ambitious and aspiring property professionals around the world, she spreads the finest real estate Golden Nuggets to uplevel the industry. Tune in weekly for Golden Nuggets with Silvia Eldawi available across all podcast platforms and YouTube.
https://www.propologi.com/podcast
