Luxury cars, iPhones, trips: How Dubai developers reward top brokers

These rewards to brokers are in addition to the commission that they get

Waheed Abbas

Published: Mon 2 Dec 2024, 6:00 AM

Last updated: Mon 2 Dec 2024, 7:33 AM

From Mercedes-Benz to Porsche to iPhone 16 Pro Max and even holiday trips and expensive watches — this is how Dubai developers reward brokers who sell properties briskly and bring them business worth hundreds of millions of dirhams.

Developers hold annual, semi-annual as well as quarterly awards to reward brokers, depending on the performance of their projects.

The role of real estate brokers is highly important for developers in Dubai as they sell a large chunk of their projects.

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Incentives encourage brokers to perform better, driving them to sell more properties and close deals faster which can lead to increased sales volume for developers. The other key aspect is developer awards because being viewed as a top ten real estate company or top broker is valuable in a highly competitive market.

Damac Properties, Samana Developers, and Azizi Developments are some of the top developers that recently hosted awards to reward brokers.

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Some of the award ceremonies that Khaleej Times attended saw developers rewarding top brokers with Mercedes-Benz and Porsche cars. Industry insiders said that top brokers also get latest iPhones and luxury watches such as RADO with each priced at hundreds of thousands of dirhams. These rewards are in addition to the commission given to brokers.

Samana Developers recently rewarded 20 top-performing real estate agencies. While the top firm received Mercedes Benz, the second and third-place winners received Rolex watches. Additionally, cash incentives and airline tickets were also offered.

Imran Farooq, CEO of Samana Developers, said such rewards foster a sense of loyalty and encourage brokers to prioritise the developer's projects and contribute significantly to their overall success.

Imran Farooq

“For us, rewarding top brokers is a token of appreciation for their invaluable contribution to the company's growth journey,” said Farooq, adding that the company has reached 4.6 per cent market share, which is a direct result of a commitment to quality and the contribution of its channel partners.

Recently, Samana launched a channel partner incentive programme with a total prize value of Dh3.2 million to recognise and reward top-performing brokers.

“While we do not disclose specific details of individual rewards, we can assure you that the programme offers a range of incentives, including luxury getaways, high-end gadgets, and other exclusive rewards,” said the CEO of Samana Developers.

With the support of its channel partners, Samana had a staggering 600 per cent surge in sales in 2023 and projected a 400 per cent growth for 2024.

According to Dubai-based real estate consultancy VVS Estate, 2024 saw the issuance of about 10,000 new broker licenses as compared to approximately 8,000 in 2023, 7,500 in 2022 and 7,000 in 2021.

“The significant increase in broker licenses highlights the vibrant and expanding nature of Dubai’s real estate market. More individuals are eager to join the industry as professional brokers, emphasising the need for formal training and certification to uphold high standards within the profession,” said Valentina Rusu, founder and managing partner of VVS Estate.

Valentina Rusu

Simon Baker, managing director of haus & haus Real Estate, said developers reward top-selling brokers mainly through commission, although occasionally there are bonus incentives like iPhones or holidays, etc.

“We have seen a few developers give away prizes like luxury cars, but to reiterate brokers’ main incentive is the amazing commission they can earn – 5 per cent on a high-end property worth millions is obviously an exciting financial incentive for brokers,” Baker told Khaleej Times.

Simon Baker

He elaborated that prizes and gifts go to individual brokers or brokerage firms, depending on the developer and the incentive scheme.

Baker elaborated that there is usually a requirement that brokers sell the minimum number of units or minimum amount of value for awards.

“Yes, that’s usually the case although each developer has different criteria and ways of structuring eligibility. A developer may give a real estate company a set sales target linked to an individual unit – so if you sell ‘x’ number of units, you (the company) get an agreed prize,” added Baker.

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