A property buyer in Cairo is not impressed by a real estate agent that is looking to charge a commission to their client in return for promoting the seller’s property. Real estate brokers in Cairo are viewed rather poorly. In fact, this attitude is shared around the world as well. People assume they are after the profit.
There are however, some real estate businesses in Egypt which put integrity and honesty above profits. The Egyptian Real Estate Association (EROA) was established in 1992. This association is the primary governing body of the Egyptian property market. It consists of more than 500 members who regulate the sale of commercial properties.
One of the most unfortunate things that can happen to anyone involved in the sale of a commercial property in Cairo is to deal with any one of the so called “real estate agents”. These agents do exist, but unfortunately they have very little credibility or integrity and will not hesitate to use intimidation tactics and outright lies when dealing with potential clients. They will try and sell you on buying property in the wrong neighborhood, or will try to convince you to buy property on a site where no one lives at all.
Some of these brokers are well intentioned, but the majority will try to sell you on a plan that doesn’t make any sense, either because it is their own unique way to do it, or they don’t want to pay for a lawyer or an accountant to figure out if their plan will work. These are the types of people that make me angry. But, in the long run I am glad that the EROA exists and it is here to help consumers in this area.
When dealing with a real estate agent from Egypt you need to get a copy of their licensing documents. Make sure they are in good standing with the Department of Trade. You can find out information about their license status and other information online.
You also want to ask them what type of experience the person you are dealing with has. If they have been in the business for a number of years and have a proven record of success, then it’s probably time to consider using them in your next real estate transaction.
A real estate agent will always ask you for an upfront fee and when you agree to it, they are usually going to try and get more money from you. Don’t let this happen. Do not feel pressured into signing any sort of agreement with a broker. If you are not comfortable with the fees they ask, then don’t sign.
If a real estate agent is trying to pressure you into buying something, then don’t be afraid to walk away. You should also never let a real estate agent call you directly with offers such as “just $8,000 down”. Never take a commission on the sale of your commercial property.