Providing top level service to the crucial end-user market is the key to success for Dubai’s struggling real estate brokerages, according to the owner of a newly launched real estate agency.
“Agents now need to work for their money, instead of being merely order takers. Only those providing the best service to the end-user market will succeed in the foreseeable future,” Myles Bush, managing director of PowerHouse Properties, explained.
"Property sales will continue to happen in growing cities like Dubai for as long as people require a roof over their head. However, times have changed and buyers will be more selective in what they buy, what they pay, who they trust and the service they expect.”
According to HSBC Bank, Dubai property prices fell 4 per cent in October 2008, with villas falling by 19 per cent in four weeks from September 2008. According to HSBC property prices in Abu Dhabi have even started falling, with prices down 5 per cent in October 2008.
But Bush claimed that opening PowerHouse Properties while brokerages in Dubai are laying off sales agents is not a risky strategy.
“I believe in Dubai and am very confident about the market in the long term. Many agencies had become complacent during the good times and now, as competition heats up, brokerages have started to struggle, allowing PowerHouse to ‘cherry pick’ the best and most experienced agents out there.
“Many agencies aggressively accumulated the largest sales team they could, as quickly as possible and, as a result, they are now experiencing problems in the current climate.
“We have attracted twelve of the most professional, energetic and trustworthy RERA trained agents in the market by offering them higher commissions. I believe it’s only through offering this level of expertise that an agency can do well during this difficult period.
“Nobody can predict the future, but I personally believe the market in Dubai will pick up again early in 2009. A slight correction was inevitable and the global situation has acted as a catalyst. With the exception of off-plan developments, such as the Palm Jebel Ali, homeowners can sleep easy as people will continue to flood to Dubai and the end user market will continue to prosper.”
Sales agents at PowerHouse Properties can be contacted on +971 4 3476853 or info@powerhousedubai.com.
Originally from England, Myles Bush has sold real estate in Dubai over the past three years working with high net worth clients.
PowerHouse Properties currently specialises in end-user properties such as Emirates Hills, Greens, Views, Palm Jumeirah, Springs and Meadows. Based in Barsha, PowerHouse has twelve sales professionals from Europe, USA and Australia.
