Dubai Land Department shows its new ranking system
DLD has addressed all real estate brokers working in the emirate to enter the log into the link in Trakheesi System in order to update the details in the system
Dubai Land Department (DLD) announced “Brokerage Offices Ranking System,” its latest initiatives for the real estate market, as well as many of its services for the investors, at Cityscape Global 2015.
DLD has addressed all real estate brokers working in the emirate to enter the log into the link in Trakheesi System (offices classification), in order to update the details in the system, specifically those related to the internal regulations of the office.
"DLD is aware of the high rank that Dubai real estate market, and its ability to attract investors from around the world, it has become necessary for us to provide our services and upgrade them to what exceed customer expectations. Hence, we have launched the system of rating real estate broker’s offices to find out the levels of offices they are dealing with, and to stimulate the development of office operations to reach the top spot on categories," said HE Sultan Butti Bin Mejren, director general of DLD.
This step was taken to enhance efficiencies of real estate service providers (brokers) in accordance with set policies for real estate sector and based on the strategic plan of RERA by creating ranking for brokerage offices, it will be applied by January 2016.
Four criteria were adopted for ranking of brokerage offices, Gold, Bronze, Silver and General category.
"One of the main tasks carried out by the department is to carefully raise the competencies of all the parties that are related to its operations with the mission of DLD, and in accordance with the policies set for the real estate sector, and based on the strategic plan developed by RERA," Mejren added.
Brokers will be scored on five factors – experience, number of transactions, commitment to real estate regulations, structure of their offices and social works.
The ranking will be weighted, with 15% of the score based on the experience of the firm and the brokers, 30% on the size of transactions carried out, 40% on their adherence to DLD regulations, 10% on the structure of their organisation and 5 per cent on community activity.
After studying all applicable standards, it will be issued a certificate of office by rating categories on the website.