Although many of us in the MENA real estate sector have been skeptical and resistant to recent changes, acknowledging the challenges and frustrations, it’s crucial to recognize the need for change and its eventual benefits. This sentiment particularly pertains to ongoing initiatives in the MENA region, aligning with existing legislation.
These changes not only alter the dynamics of our market but also address a deeper issue—the culture of mistrust and exploitation among buyers, sellers, and agents. Unethical practices have led to a perception of real estate professionals as non-transparent and unprofessional, driving away potential professionals and affecting the industry’s sustainability.
Brokers aren’t solely to blame; they often find themselves both victims and culprits in a system where buyers seek the cheapest listings, and sellers negotiate the lowest fees. This cycle of malpractice creates an environment where transparent brokers are perceived as naive.
The recent initiatives, including the implementation of the MLS system, aim to address the issue of false property marketing while introducing a more organized approach to exclusive listings. These changes, though met with skepticism, have the potential to establish a culture of transparency and professionalism with time.
Moving forward, our industry needs to embrace sustainable business models. Commissions should be paid by the represented party, and ethical brokers should take pride in their work without fear of engaging in illegal practices. Implementing escrow accounts, involving solicitors in transactions, and establishing ethical standards can contribute to a healthier real estate ecosystem.
While adjusting to these changes may induce panic among agencies, it’s an opportunity to reassess and focus on quality listings rather than quantity. The goal is to create an industry where professionals thrive, clients view us as trusted experts, and the real estate market operates ethically. Together, let’s stride toward a better culture in our business—an industry that thrives on professionalism and sustainability.
Ahmed Elbatrawy – CEO & Founder
