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What salary to expect for a real estate agent? - Page 2


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Old 7th September 2008, 08:06 AM
 
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Thank you all for your great answers! I've read somewhere that brokerages in Dubai charge around 3% and that it was about to go up but 30 to 40% of 1%??? ouchhh that's not very high, real estate agents here in canada get 6% working for RE/MAX (but you gotta pay them 1800$ a month for office/brand/etc) or around 2% with no monthly fees to broker. I understand it will be hard to break the 100 000$/year barrier with this type of commission structure.

I thought Dubai was a good place to go since from what I've heard the service is very bad and agents are lazy, I plan on bringing them my disciplined hard working professional attitude, and that should help me do good.

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Old 7th September 2008, 08:15 AM
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$100,000 US is extremally easy to break here, trust me!!!, you can make that in one deal.

espcailly if you bring your service and professionalism along with you!

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Old 7th September 2008, 05:46 PM
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Originally Posted by Pimpin80 View Post
Thank you all for your great answers! I've read somewhere that brokerages in Dubai charge around 3% and that it was about to go up but 30 to 40% of 1%??? ouchhh that's not very high, real estate agents here in canada get 6% working for RE/MAX (but you gotta pay them 1800$ a month for office/brand/etc) or around 2% with no monthly fees to broker. I understand it will be hard to break the 100 000$/year barrier with this type of commission structure.

I thought Dubai was a good place to go since from what I've heard the service is very bad and agents are lazy, I plan on bringing them my disciplined hard working professional attitude, and that should help me do good.
Don't compare the dynamic in your country with what is happening here. I too was an associate on 96.5% of 7.5% and in Dubai you can kinda work on a comm rate of 40-80K AED per month and some people I know have done deals of 1 Mill and above in commission per month.

IF I break that down for you it is 4-6 deals per month on 4 mill properties which appears to be middle of the road figures here. If you act professionally my opinion is that you can be looking at a minimum of 80 -100K AED per month ( Tax free) paid within 6 weeks of the deal. That is AWESOME

Marc ..your comments please ?

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Old 8th September 2008, 12:27 AM
 
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WOW this is sick! People making up to a million a month in commission! are you for real, i mean this is crazy! I'm very much of a go getter so I intend to do anything necessary to sell as much as I can and keep the clients coming back for the great service. But where do the clients come from? Does the company you work for supply them or do you need your own client base? My friend over there said the clients just come by themselves and its very easy to establish contact with them, can anyone confirm this?

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Old 8th September 2008, 07:39 AM
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Yes absolutley right, I know a load of people who have made 1m + in a month, forget unit selling, floors and plots, buildings e.t.c, buildings get sold around here like groceries!!

some companies will give you the leads, but lots will not, i dont get my own leads, so you go out and network - like crazzyyy!!!, property launches / dinners, anything...

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Old 8th September 2008, 02:10 PM
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Originally Posted by Pimpin80 View Post
Hello all!

I currently live in Canada and am completing my real estate agent certification. I would like to have some detailed information on possible earnings for real estate agents in dubai. What's the typical base salary/commission structure for real estate sales. How hard is it to get a job at a real estate firm? The more info I can get the better off I'll be! Here are the specifics about me:

-25 years old
-Male
-Born raised and educated in Canada
-parents from arab origins
-I have experience in real estate investing, but I have never been a real estate agent before.
-I am fluent in french, english, arabic, and I can speak some spanish also.
-Good looking and very good in creating relationships/bonding with people/networking
-Very goal oriented "go getter" type

I know some of these might sound superficial, but from what I have heard nationality/age/looks and such can make a great deal of a difference in earnings.

Thanx in advance and good luck to all!

Khaled
Hi Khaled,

I am due to move out to Dubai in about 1 weeks time. My background is London based real estate agency work, mainly 2nd hand stock focused. I have been an agent for over 12 years for a large firm based in Central London. I have secured a senior managerial position with a large res/com Dubai based firm.

As you know, this industry is all about performance and experience which pays dividends when negotiating a good package. I have a AED2Ok basic a month and a large overide on my teams comm, ill be looking after about 15 sales people and overseeing introducer agents.

A friend of mine has 3 years experience who is also going out the same time as me and he will be going in at "consultant" level, level 1, and is payed comm only no reloaction package or anything which is going to be quite difficult in the short term but as others have suggested on here, the earning potential sounds limitless if you are prepared to put in the time, effort and provide top customer service. Demanding clients in London are the ONLY clients i deal with so this shouldn't be a problem for others coming from high profile locations.

Best of luck and in stay in touch, will be good for me and you and others in this industry to keep names!

Cheers

Dean

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Old 12th September 2008, 04:23 AM
 
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Thank you all for the great information, it's all soaking in now and I feel like I made the right decision to go work in Dubai, I'm an extremely determined and focused individual and i feel like i need a challenging AND rewarding market to work in.

How hard is it to sell 10 000 000AED in a month? Would it be considered realistic? im figuring if i can sell that much i might be abe to pull in around 30k or so (in canadian dollars). I'd also like to know if most companies expect you to have your own car when they hire you, assuming a lot of the work gets done on the road.

And when you say 10k extra cash is a good idea is it 10k aed or 10k in us currency? Does that include accomodations and everything else? As for the networking part, I totally agree that this is what this game is all about, and I'd I'll be staying in touch with people on this board!

Thanks again!

Khaled

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Old 12th September 2008, 09:49 AM
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Some companies provide cars for which you pay a monthly fee ( 1000 AED or more ) but most expect you to have your own. Initially you will have to rent until your residency visa is completed by your company and this can be done at about 1500-1950 per month for say a Mitsubishi Lancer.

Amounts are always quoted in AED and never in foreign currency and currently it takes about 6-8 weeks for a sale to be completed and comm to be earned / paid

Have a look on the websites for the average price of property and you can work out for yourself what you can be earning . Agencies may expect you to sell a property per week at say 2 to 4 mill each and upwards. You can work out what the income is from there

A well known agency quoted me a return of 480K per annum and another over a mill per annum so the first quote gives you approx 40 000 AED per month. I think you may just be about to eat out of that :-> These figures are worked on 50% of 1 % and if you make target your share can increase

Please remember that on commission there is no guarantee that you will make a sale and when looking at the potential it is very easy to forget that important point. Competition is fierce & u are going to have to pull out all the "stops". But if u are in Real Estate already you already know that

Also , if your deal is shared by other agents you will get less than the quoted figures here depending on what your agreed split will be .ie you may have the buyer and they the stock or vice versa

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Last edited by MichaelJ47; 12th September 2008 at 09:51 AM. Reason: add info
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Old 13th September 2008, 08:35 PM
 
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Quote:
Originally Posted by MichaelJ47 View Post
Some companies provide cars for which you pay a monthly fee ( 1000 AED or more ) but most expect you to have your own. Initially you will have to rent until your residency visa is completed by your company and this can be done at about 1500-1950 per month for say a Mitsubishi Lancer.

Amounts are always quoted in AED and never in foreign currency and currently it takes about 6-8 weeks for a sale to be completed and comm to be earned / paid

Have a look on the websites for the average price of property and you can work out for yourself what you can be earning . Agencies may expect you to sell a property per week at say 2 to 4 mill each and upwards. You can work out what the income is from there

A well known agency quoted me a return of 480K per annum and another over a mill per annum so the first quote gives you approx 40 000 AED per month. I think you may just be about to eat out of that :-> These figures are worked on 50% of 1 % and if you make target your share can increase

Please remember that on commission there is no guarantee that you will make a sale and when looking at the potential it is very easy to forget that important point. Competition is fierce & u are going to have to pull out all the "stops". But if u are in Real Estate already you already know that

Also , if your deal is shared by other agents you will get less than the quoted figures here depending on what your agreed split will be .ie you may have the buyer and they the stock or vice versa
I'll be renting a car for the first few months so i have a way to move around, and i think 1500-2000 aed per month is reasonable. Is there insurance or any other fees to pay on top of that?

So if i understand correctly I'll be spending a good chunk of time networking/attending events/parties/launches (wherever i can basically meet and give out business cards to potential buyers/investors). Well that's good, I love networking and meeting people

I realize it is a competitive market, as in any free market, high profits drive competition, and there seems to be plenty of profit to be made

So it seems the average % you get is 0.5% wich is not so bad considering the price of properties.

Does anyone here believe the Dubai real estate market is gonna go through a major correction at some point in the near future? This idea seems to be all over the internet, however with the ruling family controlling the 3 largest devellopers i tend to believe that they will hold back projects in order to prevent oversupply if necessary. Any thoughts on that?

BTW if anyone is already in Dubai I've got my friend down there she has a full floor to sell in the Dubai Marina + 2 veneto townhouses + 2 appartments in Sports City Universal tower. Let me know if anyone is interested in those I'll put you in touch with her.

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Old 29th October 2008, 06:23 AM
 
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Ok no one has replied to this thread in a while and I was curious to know if anyone changed their minds on average salary for real estate agents in Dubai. Could one realisticly expect to make 40k or 50k a month? I've read the Macdonald and Company 2008 Middle Easy Salary Report and for real estate sales/leasing they list a salary of 641,9k per annum including all benefits/bonuses. Are these numbers credible? I'm puzzled because I checked on payscale.com and the average salary for a real estate agent in dubai is 52,336 dirham per annum, but I'm thinking it could be a mistake because 641,9k is 53 491 dirham per month wich is pretty close. Anyone can either confirm this or tell me I'm a total nut please


Last edited by Pimpin80; 29th October 2008 at 06:27 AM.
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