DUBAI: Phoenix Homes is experiencing rapid growth and an influx of buyers, sellers and experienced brokers as the three-year old real estate agency continues to break the mould when it comes to traditional estate agency rules.
Founded in 2021 by three highly experienced and entrepreneurial brokers, Myles Bush, Martin Hyre and Padraic Hickey, Phoenix Homes was launched with one mission: to provide a better, more intelligent property brokerage service for both sellers and brokers.
For the first time in Dubai, Phoenix offered brokers an 80/20 commission split, rather than the traditional 50/50, and planned to only employ highly experienced brokers with quantifiable local experience.
That promise holds true, and the model – which also allows brokers to work from wherever they like – is truly successful, with the company growing from nine brokers three years ago to some 50 of the UAE’s best brokers today.
Co-founder Myles Bush says: “Our brokers are clearly very happy working with Phoenix Homes, evidenced by our high sales and rental rates, and some record-breaking sales. But of course, we wanted to do things differently for sellers, too. It seemed apparent to us that sellers were tired of being cold called by (very) junior brokers, fresh to Dubai and with little or no knowledge of the market, the culture and the client needs. That’s why we only decided to employ seasoned brokers with a demonstrable record, regardless of their age, nationality or background.”
As co-founder Martin Hyre puts it: “We judge our brokers only by results, experience and professional ability.”
Brokers take 80 percent of the commission, have flexible working hours, and can list in which ever area they like.
Phoenix Homes’ most notable sales include a large land sale of AED110m in 2023, and a huge Emirates Hills transaction worth AED102.8m in 2022, to name just a few.
The company occupies a stunning 3,000 square feet office in Barsha Heights, where its elite brokers can take advantage of all the normal admin support they need or expect, but they are given the freedom to work when and how they like.
Third partner in the growing firm, Padraic Hickey, adds: “We work closely with all developers and give our staff the ability to choose who they work with and which developers they gravitate towards. Select Group was recently a favourite, and back in October one of our investors calmly aquired nine side-by-side units in one sitting!”
Bush says the company will continue its aggressive growth plans into 2024, while maintaining they will never bring junior brokers from overseas.
“It’s refreshing to once again be a force within the market place and have our company name associated with intelligent, entrepreneurial brokers. Brokers are gravitating towards Phoenix for the better ‘work/life balance’, our more mature management style and of course, the larger commission share. I don’t see any signs of our success slowing down,” concludes Bush.