May 23rd, 2017 by Own A Space
Owners believe, greater the number of middlemen and the stages where the property is listed, the easier and quicker it will be to make deals, but it is actually the opposite. Let’s know the reason:-
The Stain of being “Not So Good”
When you see same home being advertised almost everywhere you look, you get a feeling that there’s something wrong with it. Or you feel it is a must view property. Such a prolonged view and lack of interest visible all the time is a warning for future buyers, especially if it’s evident that the price is reduced many times. Scarcity is desirable whereas the ubiquity isn’t.
Picture Courtesy: newsapi.com.au
Motivation for Agent
An exclusive listing given to an agent would result him working hard to sell or rent that property. Advertising with several agents would rather question their worth putting the time and effort when piped by rival and end up without commission instead of creating competition.
Additional and unscrupulous brokers are hard to stop when the property is listed with multiple platforms. They copy the advert and add it to their own listings without consulting their owners. Unsanctioned advertisements offer low prices than the market value, luring the customers who are told that the property got sold and instead are shown to others.
Picture Courtesy: operahouse.biz
When properties get listed multiple times, there are more units for sale as it might appear. Oversupply can drive the selling prices low. This is another reason to reduce the chaos of duplicate advertisements.
Legality of Posting Adverts
This is an initiative made by Dubai Government in order to increase the transparency in the emirate’s real estate market. Now the real estate broker should have to first be trakheesi registered to be able to place an advertisement in the media which also involves specialist websites. After it gets approved, a copy of the unit’s title deed gets submitted by them, which is a form, confirming that the owner agrees to broker advertising the property along with a letter from the broker saying about the type property to be promoted.
Picture Courtesy: arabianbusiness.com
These rules are same for rental as well as for selling in which the brokers are required to include permit number in the advertisement. These requirements will spur the buyers to move to one agent one property listings.
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