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Discuss this article (41 Comments)Are estate agents the smartest guys in town?
by This email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 22 March 2009
There are two schools of thought when it comes to estate agents. Either they are incredibly astute, sound, well informed and only interested in getting you the best deal going – or they are third rate shallow imbeciles who will sell their grandmother at the first available opportunity.
Which is it? In my search for a good property bargain over the past three months, I have been inundated with unsolicited calls from estate agents. Presumably word has got out on the street that “Bhoyrul is buying.” (or Bhoyrul is borrowing). As a result, they regularly pass vital market information on to me in “total confidence.”
Here are just a few recent lines.
“I shouldn’t be telling you this, but my boss's cousin works at HSBC. And they have been told that the market has already bottomed out, and in fact, prices in some parts of Dubai rose 12 percent in the past two weeks. This is triple A confidential. You really need to buy a property before the weekend or you will miss out.”
Really? I suggest the guys at HSBC get on the phone to the White House asap, as President Obama needs to get hold of this info right now.
How about this call I received yesterday. “I have a seller in the UK who wants 300,000 sterling. Now that works out, on today’s exchange rate of 5/1 at AED1.5m today. However, my uncle works at the Bank of England, and he told me – and please, don’t pass this on or I will get in serious trouble – that next week they are going to put the rate up at 7.5/1, which means the price will go up to AED2.25m. If you can complete the deal this weekend, you are saving yourself over AED700,000.”
Incredible! I had no idea the Bank of England sets the UAE exchange rate – again, I suggest Bank of England governor Mervyn King emails me at
This email address is being protected from spam bots, you need Javascript enabled to view it
, urgently, and I can pass on the estate agent’s contacts.
And let’s not forget the magnificent Ryan Mahoney, managing director of Better Homes, who suggested the market has turned because more people are visiting his website. Personally I think he’s a complete xxxxxx (use your imagination here).
So what is really happening? Could it just be, that after years of sitting by the phone taking sales orders in between eating Shawarmas, thousands of estate agents in the region have been struck by lightning.
They are having to make a sale, something they have never done before, and have no idea how to do. They will tell you nonsense, rubbish, or downright lies – take your pick. Or am I missing out on the deals of the century?
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
To BRAVO-AHMED-FOOL
Posted by M on Sunday 26 April 2009 at 12:09 UAE time
Have you not heard this one?
ONLY A FOOL CAN BE FOOLED!!!!
Won't you guys ever get it???
YOU are the fools... Agents never had to fool around, buyers were begging for the next available unit at xxx amount.
Accept your own foolishnes!!!
Posted by M on Sunday 26 April 2009 at 12:09 UAE time
Have you not heard this one?
ONLY A FOOL CAN BE FOOLED!!!!
Won't you guys ever get it???
YOU are the fools... Agents never had to fool around, buyers were begging for the next available unit at xxx amount.
Accept your own foolishnes!!!
Situation identical in most industries in UAE
Posted by AJ on Saturday 25 April 2009 at 11:53 UAE time
I feel what has been suggested by the author here doesnt hold solid ground without a summation of the scenario in some other industries in UAE. My experiences with people in many other industries like media, trading, retail, F&B, etc over the last many years has led me to believe that there is a dearth of talented, skilled, or even educated people that we see or deal with on a daily basis.
In fact this belief even raises some questions on the authors credibility as a journalist. The article & reader comments together, to a great extent, display a feel of jealousy more than anything else. Not to defend the real estate sector or the people working within, but the author & readers should look at the bigger picture if they really want to greater good for the country and its soceities.
Posted by AJ on Saturday 25 April 2009 at 11:53 UAE time
I feel what has been suggested by the author here doesnt hold solid ground without a summation of the scenario in some other industries in UAE. My experiences with people in many other industries like media, trading, retail, F&B, etc over the last many years has led me to believe that there is a dearth of talented, skilled, or even educated people that we see or deal with on a daily basis.
In fact this belief even raises some questions on the authors credibility as a journalist. The article & reader comments together, to a great extent, display a feel of jealousy more than anything else. Not to defend the real estate sector or the people working within, but the author & readers should look at the bigger picture if they really want to greater good for the country and its soceities.
estate agents & dubai
Posted by BJ, dammam, KSA on Friday 27 March 2009 at 23:21 UAE time
Q:) Why have Dubai real estate agents stopped looking out of the window in the morning?
A:) Because otherwise they'd have nothing to do in the afternoon.
Posted by BJ, dammam, KSA on Friday 27 March 2009 at 23:21 UAE time
Q:) Why have Dubai real estate agents stopped looking out of the window in the morning?
A:) Because otherwise they'd have nothing to do in the afternoon.
Bravo...
Posted by Ahmed on Thursday 26 March 2009 at 19:55 UAE time
Apparently the Real Estate Industry in Dubai did not know that...
You may fool All the people some of the time,
You may fool some of the people All the time,
But you cannot fool All of the people All of the time.
In spite of the current Realities, the Real estate Industry, as a whole, is still trying it's best to cover up all their misdemeanors.
Posted by Ahmed on Thursday 26 March 2009 at 19:55 UAE time
Apparently the Real Estate Industry in Dubai did not know that...
You may fool All the people some of the time,
You may fool some of the people All the time,
But you cannot fool All of the people All of the time.
In spite of the current Realities, the Real estate Industry, as a whole, is still trying it's best to cover up all their misdemeanors.
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