Elite Merit Real Estate LLC: Raising ethical standards in the UAE real estate market

Elite Merit Real Estate LLC has recently entered the Dubai real estate market, aiming to bring a fresh and innovative approach to property transactions.

By setting new benchmarks for ethical practices and professionalism, the company is reshaping market dynamics and establishing higher industry standards.

In an exclusive interview, Shadi Rimeh, Co-founder; and Elkhan Salikhov, Co-founder and CEO of Elite Merit Real Estate LLC. share Elite Merit's mission and what sets it apart.

Excerpts from the interview:

What inspired the creation of Elite Merit Real Estate LLC in Dubai, and what distinguishes your agency from others?

Shadi Rimeh: Before founding Elite Merit Real Estate LLC, I was deeply involved in the real estate market, actively acquiring and liquidating a diverse range of properties, while simultaneously navigating the intricate dynamics of market trends and investment strategies, which equipped me with valuable insights and a profound understanding of the industry's complexities.

Over time, I noticed a stagnation in the market, despite the introduction of technologies like electronic documents and online platforms. The process remained cumbersome, and broker interactions often fell short of expectations.

The real estate industry had become entrenched in outdated practices, with many brokers reluctant to adapt to a changing market. At Elite Merit Real Estate LLC, we wanted to break this cycle. We've fostered a culture where agents take initiative, think creatively, and collaborate closely with the company.

My co-founder, Elkhan Salikhov, and I shared a frustration with the status quo. We saw an opportunity to transform the industry through technology, streamlining processes to make them more efficient and transparent. Moreover, provide agents with a real career path, offering earning potential comparable to top professionals like doctors and lawyers.

What problems do you see in the UAE real estate market, and how does Elite Merit Real Estate LLC aim to fix them?

Elkhan Salikhov: The real estate industry involves five key pillars: consumers, agents, brokerages, developers, and the government. Each group faces its own challenges. Consumers, for example, often rely too heavily on agents or try to manage everything themselves, leading to poor decisions and financial losses.

One major issue is the low barrier to entry for agents. In Dubai, nearly anyone can become an agent after just a few days of training. Yet, only about 10 per cent stand out as true professionals. This is a critical issue that needs to be addressed.

At Elite Merit Real Estate LLC, we tackle these challenges head-on. Our goal is to empower consumers to approach real estate decisions with the same diligence they would use when selecting a doctor. We believe agents need comprehensive education and real-world experience - not just a brief training course.

How does Elite Merit Real Estate LLC enforce higher ethical standards?

Shadi Rimeh: We are committed to professionalism, transparency, and innovation in every transaction. Our brokers are thoroughly trained to provide clients with accurate information and sound advice. Recognizing the prevalence of unethical behavior, such as dishonesty and underhanded dealings, we strive to foster a culture of transparency. Our clients should feel fully confident that their broker is acting in their best interest.

Unlike many brokerages that rely on outdated methods, we leverage technology to ensure transparency. Our brokers have access to extensive resources covering laws, market trends, and best practices, ensuring they meet the highest standards.

What new approaches or technologies is Elite Merit Real Estate LLC using to enhance the client experience and streamline transactions?

Shadi Rimeh: We recognise that purchasing real estate is often one of the most significant financial decisions a person can make. With that in mind, we've introduced several tech-driven initiatives aimed at making this process smoother and more transparent for our clients.

One key initiative is our development of advanced project-tracking applications. These tools allow clients to access comprehensive, real-time information about the projects they are interested in. This level of transparency helps investors make well-informed decisions and reduces the uncertainty that often surrounds real estate transactions.

Moreover, we're leveraging innovative technologies like AI-driven analytics and blockchain to improve transaction security and accountability. These innovations allow us to provide a more secure and seamless client experience, ensuring every step of the process is clear and transparent.

How do you plan to build and maintain trust with clients who may be skeptical of your claims about ethical practices?

Elkhan Salikhov: At Elite Merit Real Estate LLC, building trust is not just a promise - it's central to our mission. We understand that clients may be skeptical of our claims, which is why we focus on demonstrating our ethics through actions, not just words.

Firstly, we prioritise quality service over quick or cheap transactions. Our approach is to invest time and effort into each client relationship, ensuring they receive top-tier service. Clients who prioritise price above all else may not be the right fit for us, as we focus on delivering value through professionalism and integrity.

We also take a firm stance against unethical practices like kickbacks, which are common in the market. Our philosophy is grounded in honesty and transparency, and we are not afraid to address potential issues with clients directly. If something seems off, we will correct the situation, always with the client's best interest in mind. We don't sugarcoat - we provide realistic advice to help clients make informed decisions.

Our transparency extends to our dealings with agents and developers as well. We prefer to work with well-established developers to avoid complications with documentation and ensure a smooth process. Even with developers who have strong reputations, we will advise against investments if we believe there are risks. This candid approach helps to build trust with our clients, who can see that we are looking out for their best interests, not just a quick profit.

Can you share any additional services Elite Merit Real Estate LLC plans to offer?

Shadi Rimeh: We are committed to providing a range of services that go beyond traditional real estate transactions. Our goal is to support our clients in all aspects of property investment and business setup.

For instance, we assist clients with practical tasks such as opening bank accounts, obtaining company trade licenses, and facilitating visa applications, including the Golden Visa. While these services are primarily business-to-business, they add tremendous value for clients who require comprehensive support.

Though we don't directly conduct property evaluations, we guide our clients through the process by referring them to certified professionals. These evaluations follow regulated procedures, ensuring accuracy and compliance with local standards.

Our focus is on delivering premium services related to real estate, not on becoming a one-stop shop for every need. By concentrating on what we do best - property transactions and client support - we can ensure an exceptional client experience.

What are Elite Merit Real Estate LLC's long-term goals, and how do you envision shaping the future of real estate in Dubai?

Elkhan Salikhov: While Dubai is often seen as an expensive market, we believe it's more accessible than many people realize. Our goal is to help investors see beyond the initial costs and explore financial strategies that make property ownership more affordable.

We work with banks, financial institutions, and developers to offer flexible payment plans and financing options. For example, while a property may be listed at $500,000, the initial investment required could be as low as $70,000. By demystifying the cost barriers, we aim to show that Dubai's real estate market is within reach for the middle class.

Additionally, we assist clients in navigating the legal complexities of purchasing property in Dubai. Our in-depth understanding of local laws and regulations ensures that our clients are well-informed and supported throughout the process. We empower them to make confident, informed decisions.

Looking ahead, our vision is to transform Dubai's real estate market by integrating innovative technology and fostering a culture of transparency and professionalism. Despite occasional market challenges, we see enormous opportunities and are committed to helping investors capitalise on them.