Dubai’s Real Estate Regulatory Agency (Rera) has ordered approved property
brokerage firms to register all their available properties on Simsari.ae – the
region’s only authenticated and trusted multiple listing service – by
August-end, face penalties, Emirates 24|7 can reveal.
In a notice sent to brokerage firms on July 19, the regulatory agency said: “We urge you to register on Simsari. Kindly note that the deadline for registration is August 31, 2012, and will be mandatory to use starting from September 1. Consequently, all Rera approved- brokers who fail to register on Simsari before the aforementioned deadlines will be penalised.”
The notice further said: “We believe that top performing companies such as yours along with Simsari, will shape and regulate the industry, establish transparency in the real estate market and align the relationship between owner and real estate broker.”
Real estate experts believe the move will reduce the number of “ghost” listings, common in the UAE, and, more possibly, the agency being able to limit listing of one property with not more than three agencies.
As per a Rera regulation, a seller can list his property with only three brokerage firms.
Unfortunately, sellers here try to list their property with numerous brokerage firms and at varying prices.
In a notice sent to brokerage firms on July 19, the regulatory agency said: “We urge you to register on Simsari. Kindly note that the deadline for registration is August 31, 2012, and will be mandatory to use starting from September 1. Consequently, all Rera approved- brokers who fail to register on Simsari before the aforementioned deadlines will be penalised.”
The notice further said: “We believe that top performing companies such as yours along with Simsari, will shape and regulate the industry, establish transparency in the real estate market and align the relationship between owner and real estate broker.”
Real estate experts believe the move will reduce the number of “ghost” listings, common in the UAE, and, more possibly, the agency being able to limit listing of one property with not more than three agencies.
As per a Rera regulation, a seller can list his property with only three brokerage firms.
Unfortunately, sellers here try to list their property with numerous brokerage firms and at varying prices.
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