Real estate plays numerous roles in the successful transaction process. If you want to know what the RERA certificate is, read on. Your hard work and positive attitude are two factors that will propel you to success in the UAE real estate industry.
In this article, you will learn everything about the RERA certificate. Here is a brief guide to the process of how to get a RERA certificate in Dubai. this guide will undoubtedly assist you in understanding the entire procedure and making it easy and smooth. Let us observe:
1. An overview
Do you want to learn how to become a real estate agent in UAE? Dubai is the pinnacle of modern infrastructure and a sprawling metropolis. UAE real estate employs the most cutting-edge expertise and technology in the world. It also provides consistent investment, attracting the world’s largest multinational corporations. This article focuses on the RERA certificate Dubai and the costs of establishing a real estate brokerage.
As a result, there are numerous business opportunities in UAE’s real estate industry. Many investors are interested in learning how to obtain a RERA certificate in Dubai and what its cost is.
However, it is also important to understand the requirements. UAE’s real estate sector is expanding, which is why opening a real estate brokerage in Dubai is in high demand. Setting up a real estate brokerage necessitates getting a license, thinking on a business plan, securing funds, and hiring agents.
Nevertheless, some additional requirements are unique to Dubai, UAE. As a result, it is preferable and more cost-effective to work with local business experts like Connect FZ, who provide end-to-end business assistance by doing all of the heavy lifting for you.
2. Why become a Dubai real estate agent?
To begin, there are several compelling reasons to work as a real estate agent, broker, or realtor in the UAE. First and foremost, you will be dealing with one of the most expensive assets on the market: real estate. If you have good sales and negotiation skills and work hard to build a good reputation, you can earn a good amount of commission on top of your base salary.
Second, being a real estate agent is an intriguing career path because you get to help people find their dream homes (or dream offices, for that matter). It is an interesting job that allows you to meet with a diverse, multicultural client portfolio.
Of course, becoming one of Dubai’s most respected and successful real estate brokers is no easy task. It is a competitive industry, so be prepared to work hard, interact with customers regularly, and learn to identify their needs.
2.1. More details
You should also be aware that some brokerage firms hire realtors on a commission-only basis, whereas others offer a basic-pay-plus-commission structure. Even in this case, the majority of the agent’s income is usually derived from commissions.
So, do you want to learn how to become a real estate agent in Dubai? While the process has many layers and successful agents spend years building a strong portfolio of prospective buyers and tenants, the basic process to become a real estate agent in Dubai begins with the DREI training modules.
After completing the classes, you will need to pass the exam and obtain the license required to work as a property dealer in Dubai.
3. Why is 100% UAE local ownership required for a real estate brokerage business in Dubai?
They require Mainland businesses in Dubai by law to assign a 51 percent partnership to a UAE national. To operate a real estate brokerage business in Dubai, you must give a UAE national 100 percent ownership.
It may appear that giving a UAE national complete ownership is risky. However, the UAE commercial law and the RERA, which is the regulatory arm of the Dubai Land Department, aim to provide the investor with complete security.
Establishing a real estate brokerage business entails a large number of transactions. There have been reports of ex-pat investors fleeing with large sums or abusing the license. As a result, to have complete control, a UAE national is given 100 percent ownership.
They have designed the establishment of a real estate brokerage business in Dubai to protect the interests of the investors. The Emirati is given 100 percent ownership, and the investor becomes the company’s manager. And they give the investor complete authority over the company.
The investor is also given complete operational ownership, as well as complete control over the company with proper documentation. In addition, in this article, you can learn more about real estate licenses in Dubai.
4. The steps to establishing a real estate brokerage in Dubai
When you follow the right steps, becoming a real estate broker in the UAE is fairly simple. To learn how to become a real estate agent in Dubai, follow the steps outlined below:
4.1. Approval of a name
Firstly, you must choose a name for your Dubai real estate brokerage. For a small fee, you can select any Arabic or English name. The name must adhere to the guidelines established by the Department of Economic Development (DED).
4.2. Tasheel + Initial approval
Secondly, you will need the initial approval. To begin a real estate brokerage in Dubai, obtain initial approval from the Department of Economic Development (DED) and the necessary documentation from Tasheel.
4.3. Memorandum of Association
Thirdly, they will require an MOA. At this point, the Memorandum of Association (MOA) must be typed by UAE commercial law and the Department of Economic Development’s protocols (DED). It is critical to record the MOA.
4.4. Local partner in the UAE
Lastly, find your local partner. Here is everything you need to know about becoming a real estate agent in Dubai with the help of a local sponsor. To start a real estate brokerage in Dubai, you must partner with a UAE national and give him 100 percent ownership.
Hence, you can engage in corporate sponsorship in Dubai by partnering with a reliable and trustworthy local partner. You should look for documents such as an Investor’s Right Protection Contract or the company’s Power of Attorney; this appoints you as manager and gives you 100 percent operational ownership of the company.
5. Services for Real Estate Broker Registration (RERA services)
To open a real estate brokerage in Dubai, the broker or agent must be certified by the Real Estate Brokers Registration Authority (RERA). It is mandatory to apply for the RERA Exam and obtain a Broker ID. They require completion of the following steps:
Firstly, you must obtain a residence visa through the company. Then, you need to apply for RERA-certified real estate broker training. After that, you will have to attend classes at the RERA training center of choice. Next, you will take the RERA exam. Finally, you will obtain the necessary licenses and certifications.
5.1. Certificate of good conduct
Dubai Police issues the Good Conduct Certificate to the Real Estate Regulatory Agency.
5.2. Approval from the Dubai Land Department
The Dubai Land Department must approve the establishment of a real estate brokerage in Dubai (DLD). The DLD is the government agency in charge of all real estate matters in the region.
5.3. Dubai office space rental
According to the regulations of the Department of Economic Development, all real estate brokerage licenses issued by RERA in Dubai require rented office space or even an office in a business center.
6. The cost of establishing a real estate brokerage in Dubai
The cost of obtaining a real estate brokerage license in Dubai is determined by several factors such as location and business activities. For instance, the cost of the RERA registration exam is determined by the educational qualifications. The exam fee is AED 3,200 for bachelor’s degree holders and AED 6,300 for non-bachelor degree holders.
On the other hand, the fee for applicants with no educational qualifications is AED 15,750. RERA charges a fee of AED 5,020 per activity. After obtaining a RERA training certificate, license processing can begin. A real estate brokerage license for an LLC costs around AED 12,950.
The approximate cost of establishing a real estate company in Dubai begins at AED 21,000. This cost can vary depending on the additional activities chosen as well as government fees.
7. The application process for a RERA license in Dubai
Obtaining a RERA license is only the first step toward becoming a successful real estate agent in Dubai. To obtain a RERA license, you must first pass the RERA exam and get certified. To obtain a RERA license in Dubai, you must go through the following steps:
7.1. Apply for a Residency Visa
If you are an ex-pat, the first step is to obtain a residency permit. Because UAE nationals and GCC residents already have this permit, they can easily proceed with the RERA licensing procedure. Non-residents of the UAE, however, must have a valid residency visa to apply for a real estate broker job in Dubai or to establish their firm.
Expatriates can obtain a work visa in Dubai from their employer. Expats are not required to complete a fixed tenure of residence to apply for a RERA license in Dubai. After obtaining a residency visa, you can apply for a license with the assistance of your business consultant.
7.2. Register for DREI certified training
After you have obtained your residency permit, the next step is to attend DREI training (Dubai Real Estate Institute). This is a four-day course designed to give you an understanding of the country’s real estate industry. This training has been approved by the RERA, the DLD’s regulatory body (Dubai Land Department). The Dubai Land Department offers online training classes as well as training institutes.
7.3. Take the RERA examination
Once you have completed all of the training modules, the next step is to take the written RERA exam for a certificate. This exam is a critical component of becoming a real estate agent in Dubai. As a result, they advise reading the syllabus material honestly.
Anyone, whether or not they have a bachelor’s degree, can apply for a RERA license in Dubai. However, if you have a degree in a related field, you will have a better chance of long-term success in your career.
7.4. Get your realtor’s license
After passing the exam, you will be able to obtain a RERA license in Dubai and begin your real estate business. They also require a good conduct certificate to obtain this license. Once you have met these requirements, the DED will issue your RERA license, and you will receive your credentials within a few days of successfully submitting all relevant documents.
If you still have doubts about how to get a real estate broker license in Dubai, you can look for some assistance. It is preferable to work with the experienced legal consultants at Connect FZ, as we will handle the headache of obtaining a RERA license, allowing you to focus on other important business activities.
8. How can Connect FZ help you find out more about the RERA certification cost?
Do you want to be a real estate agent in Dubai? We can assist you in finding an outstanding RERA certificate course in Dubai for you.
We provide the best UAE company formation consultation at Connect FZ. In this way, we assist you with all the aspects of your business setup, as well as the first steps in your entrepreneurial journey. Regarging real estate, we can provide you with a lot of relevant information about the RERA certificate cost as well as its obtention process.
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Are you looking forward to getting in touch with us? Contact us! By calling us, you will be in contact with an amazing team that is ready to assist you with anything you need. Do it now at +971 43 316 688. On the other hand, email us at firstname.lastname@example.org. We will be happy to answer your questions.