In a recent move the Dubai Land Department announced plans to build a Real Estate Self Transaction (Rest) platform, scheduled to be launched in the first quarter of 2020. While many real estate experts feel that the new platform will allow complete digital management of real estate transactions, others feel good brokers add a lot of value and expertise to the property buying experience that cannot be ignored completely. Here’s what the market has to say.
Platforms like Rest will help buyers get all the information first hand and then discuss it with the real estate agents. It will also make sure that only well-trained, qualified agents are able to satisfy demanding clients. I feel the demand for professional agents with the right know-how will be there, so there should be no fear in the real estate fraternity.
Cut down client expenses
Rest, once introduced, will offer a significant advantage to the client in cutting down on their property management fee as the platform will help them manage their property. It will also help the owners and tenants in the rental market connect with each other directly, which would be beneficial. However, end users will continue to view multiple properties before they make a purchase. Hence, it will not cut down on the part of an agent in a property sale.
Speed up processes
Rest is unlikely to be the death knell of real estate brokers here in Dubai. This initiative will speed up the buying and leasing processes, and the use of blockchain will secure payments in the future. Buying and selling property online without the need of agents is not a new initiative and is practiced in the UK.
Assist global investors
Given that 40 per cent of real estate investors are not from the UAE, the Rest platform will address their needs, without them needing to be physically present. Use of auto-verification systems, with direct links to service providers and mortgage institutions on one platform will have a substantial positive impact on the real estate industry.
I really do not think this will change the market as people will always want to discuss face-to-face with someone, but it will help speed up the no-objection certificate (NOC) process with developers and take the legal aspect away from the agents. It may have more impact on the business of property management companies as landlords will be able to do most of the work themselves.
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