Most of us used to imagine the normal broker as the one who guards the building and used to be a person from Upper Egypt and used to wear Jalabiya (Robe) and turban. He is the one who used to know everything about properties, Real Estate Mediator market, and what is for sale or rent. But, there still the normal worry from brokers and fraud.
That’s why we do not go for brokers as we do not trust them.
Consequently, the Realtor or real estate Mediator appeared as a reaction to the growth of construction and business sector to improve the economy. That’s why, the realtor comes as a cope with the real estate mortgage law which indicates that organization is the one who is responsible for recording the names of real Estate mediators whose their job will be with the companies and banks to give loans to the ones who want to buy a property via a bank mortgage.
However, the realtor is responsible for providing all the needed info about the property. Not only that but also, he is responsible for real estate’s investigation; as he is the mediator between the owner and the buyer. But, it is not as most of us think that the mediator is responsible only for showing the available properties and easing the real estate exchange. Moreover, the percentage that the realtor takes from the owner is 2.5% of the total value of the property and 1.5% from the buyer.
Of course, when time passes, the broker will disappear and the real estate mediator will be the one as he has all the knowledge about real estate market which will consequently affect the country’s economy.