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Avoid Fake Real Estate Brokers and Online Property Fraud in Dubai by reading this Blog!

By Dhruva Bhatt - 13 Jul 2022 Last Updated: 06 Sep 2022
Avoid Fake Real Estate Brokers and Online Property Fraud in Dubai by reading this Blog!

Table of Contents 

  1. 1. What to check for ensuring the authenticity of a Real Estate Broker in Dubai?
  2. 2. How to recognise Online Real Estate Fraud in Dubai?
  3. 3. Conclusion

More people are considering entering the real estate market as a result of the lucrative nature of the sector. Unfortunately, not all practitioners are acting legally, leading to accusations of fraud.

Because it guarantees that your rights as a buyer or seller are safeguarded, working with a registered real estate broker is crucial. Professionals in the real estate industry are required by law to conduct their business responsibly or risk legal repercussions. This is because they are only permitted to practise if they possess a real estate broker license. In other words, they will exert every effort to serve you in a way that is in your best interests, or else they run the risk of losing their license and/or their good name.

Thus in this Blog, Dhanguard will extensively discuss how to check if a Real Estate Broker is licensed in Dubai. We will also cover the crucial aspects of how to spot online property frauds in the UAE, so that you don't get scammed. So without any further ado, let's learn!

What to check for ensuring the authenticity of a Real Estate Broker in Dubai?

Visit the RERA /Dubailand webpage.

The following details are provided in this section of the Dubailand website:


  • Name of the company (i.e. the Company Name)

  • Workplace Number (all brokerage companies have a specific identification number)

  • Trading Name

  • Trading Identification Number


Checklist:


  • The Broker must use the name that appears on the Dubailand online listing on the Broker Card that he or she provides.

  • The Broker's Card's left side should have a good view of the Broker's photograph.

  • The broker must be employed by the same business as that which is listed on his or her broker card. The Dubailand website and this information need to match.

  • The activity listed on the card can occasionally be either one or the other, or both. For instance, if it simply refers to "lease property brokerage agents," then he or she is not permitted to offer advice regarding the purchase or sale of a property, and vice versa.

  • Be cautious and aware, regardless of how believable the agent looks!


Some of the misinformation we hear from purportedly experienced Brokers is listed below:

Scenario 1:

The card is being transferred to my new workplace as I recently left my previous one.

Truth:

Broker Cards cannot be transferred, which is fact When a person leaves a company, their Broker's Card is immediately canceled. When the Broker's visa is approved, a new Card is issued if the Broker transfers to a new company. Therefore, they should not be working if they are unable to provide their Broker's Card.

Scenario 2:

I obtained my RERA certificate (Real Estate Regulatory Agency). Enough already.

Truth:

It's not. They ought not to be employed if they cannot show their Broker's Card.


Read More:Confused about the Differences between Freezone, Mainland & Offshore? Read this and get Your Answers!

Scenario 3:

Since I hold the post of General Manager (or some other title), I am not required to have a Broker's Card.

Truth:

A person should not work in real estate, regardless of their position within the organization, if they are unable to provide their Broker's Card.

Scenario 4:

I'll bring you a receipt, afterwards.

Truth:

Never hand over cash without receiving a receipt, and be sure the recipient is the one listed on the Broker's Card. Of course, there are various situations, and we'll run through the majority of them for you. But wait to part with your cash until you are certain it is headed in the proper direction.

  • Undoubtedly, this list will grow as a result of your experience renting or purchasing property in Dubai. You can contact us at any time. Any issues that the general public is having should be reported to the Land Department and RERA.

  • The greatest approach to stop illegal operations is to refuse to support them, so despite the aggressive sales tactics, keep your ground and ensure that you're working with a genuine agent and that all the necessary paperwork is in order.

  • There are many wonderful property options in Dubai, but it's always best to be safe than sorry.

  • You can contact the Land Department at any time if you are concerned about an agent. Rogue brokers shouldn't ruin life for everyone; this applies to Dubai, you, your friends, family, and other professional brokers.

How to recognise Online Real Estate Fraud in Dubai?

Below mentioned are the few tips you could follow in order to save yourselves from online property fraud in Dubai-

A Property Inspection should always be insisted upon

Never sign a contract without first visiting the property, and never consent to any advance payments. The easiest approach to be sure the listing is real is to visit the home and speak to the realtor in person.

Do not click on Ads that have been displayed more than once

One typical plot is for con artists to reproduce an existing (and valid) listing of a house for sale and repost it as a rental, along with their own contact information. Beware of ads with the same description but a different asking price.

Never provide Personal Information or Documents

Never provide anyone your bank account information or a copy of your personal identification documents over the Internet. It's important to note that you should never divulge your credit card verification code.

Check the Person's identity before doing Business with them

Take measures to ensure the agent you are working with is a licensed broker or agent. First, you can identify a fraud by conducting a quick online search. The address of the property, the agent's name, and their email address can all be found by conducting a search.

Keeping in mind, if anything seems too good to be true, it generally is not

If a deal seems too good to be true, it probably is not, according to one of the most fundamental real estate principles. Any internet listings for desirable properties that are extremely reasonably priced for the neighborhood should raise suspicion. These incredibly low pricing are frequently used by con artists to seduce potential buyers.

Get in contact if you notice a Scam

Ensure that the properties you are looking at are those that are advertised by reputable classifieds websites and well-known real estate firms. Inform the platform right away if you find any indications of a scam on a real estate search website.

Conclusion

Safeguarding yourselves from fraudulent real Estate Brokers and fraud online property scams can immensely save your time, money and a lot of headache. We are sure that following the above mentioned information, which has been carefully curated by our Experts studying the current scenarios will help you to a great extent. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to visit our Branch Office or our website as well.

Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.

Dhanguard provides faster and hassle-free Trade License with minimum paper work. With the guidance of our professional team of consultants you will get General trading license, Freelance license, Etrader license, Event Management License, Travel Agency license in Mainland and Freezone in UAE.

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