While Dubai real estate analysts debate about whether prices will continue to decline in 2016, or have already stabilized, and others in the industry are hyping up the market, one thing is for certain – many brokerage companies continue to complain that the number and value of their transactions are down, and those transactions that are successful are taking longer to close. In fact, in the last year, the downturn in the market forced some companies to close, and others to merge.

So what are companies and brokers to do to not only survive, but thrive in the current market?

Speaking to successful brokers who continued to flourish through the financial crisis of 2008, there are common themes. They advise others to focus on customer service, adapt to change and manage resources carefully.

Mohanad (The Wolf of Real Estate) Alwadiya, CEO of Harbor Real Estate and host of Memaar TV show, states that in order to achieve a high level of customer satisfaction and referrals that lead to business growth, a company first needs to ensure that its staff is committed and dedicated to achieving the same objectives.

Zarah Evans, Managing Partner of Exclusive Links Real Estate, echoes the same sentiments: “Customer focus and satisfaction will give you long term repeat business and a great foundation. Keep your product simple and don’t diversify too much outside your core services. Do what you do well.”

Alwadiya states that during market upswings, companies easily get carried away by increasing profits, but that market highs and lows are part of economic reality. “Companies need to move with every ebb and flow that takes place. Developing this type of flexibility is no easy task, but it is not impossible to master.” He also believes that prudence and a meticulous attention to detail are qualities that all brokers should develop.

For those companies that are struggling financially or just starting out, Alwadiya suggests that they build their reputation online. Develop a website, utilize social media and other digital marketing options. “Get yourself out there, publish activities and your work, but make sure you prioritize quality over quantity.”

Evans believes that the trick is to grab any opportunity and think outside of the box. “Start with the right grounding and success will build itself. You need to build your business with passion for your product and belief in your brand.”

Says Alwadiya, “Not everyone strikes gold at their first venture…at least, not right away. Building a name takes years; ruining it only takes a few seconds. Work hard to develop your enterprise, protect and strengthen your brand. Keep your people happy. Be an employer of choice. When you get to be the best, the best will follow you.”