Egyptian Association for Realtors calls on government to establish independent body for licensing and regulating real estate brokerage
Eighty real estate marketing companies have started the work on establishing the Egyptian Association for Realtors in 2018, with the aim to create an entity that organizes the market and cooperates with the government to solve its issues, said President of Egyptian Association for Realtors Ahmed Shafik.
The Association’s board of directors was chosen to develop a good legal form for representing realtors.
Shafik noted that at the top of the association’s goals is to create a good work environment to improve the profession, and that they have rights in exchange for setting their obligations towards clients. Accordingly, the broker who joins the Association must have a high level of distinguished service. The Association’s members would enjoy its benefits and protection. It sets a corporate code of honour to protect the interests of customers, marketers, and developers. In addition, it regulates the relationship between the three sides and organizes training courses for all realtors.
Shafik said: “We have professional training and administrative cadres, but we need an entity to help the government issues brokerage licences.”
He added: “One of the main goals of the association is to regulate the profession.”
Shafik expressed his dissatisfaction with the General Organisation for Export and Import Control’s rule that a real estate brokerage could operate without a licence.
“We have more than 30,000 realtors and more than 6,500 registered real estate marketing companies,” he added. “Real estate marketing has an effective role in the sector, especially after the growth of the local property market and its huge expansion plans.”
The first person that real estate investors deal with is the broker, so brokers and real estate marketers must follow a specialised body and have correct and audited information about transactions in the real estate market.”
When investors trust brokers, property sales would increase massively, he explained.
Regarding other markets’ experience in regulating real estate brokerage, Shafik highlighted the experience of both American and Emirati markets. He said that they were the most important models in the sector.
