February, 2019
It has become customary for all RE/MAX Agents to eagerly wait for the Agent of the Year result to find out who was the most successful achiever of the year. This not only benefits the winner who is applauded for their exceptional efforts and achievements but also inspires other agents to work even harder as they strive to win next year’s title. This tradition, which RE/MAX Egypt continues to follow, celebrates hard work, productivity, talent, leadership, determination, and commitment; all of which signify the core characteristics of a true RE/MAX Agent.
This year, RE/MAX Egypt is not only celebrating one but two outstanding agents; Mr. Michael Fanous, first time winner of the Agent of the Year – Team Category – title, from RE/MAX 1st Choice, and Mr. Mohamed Abdel Razik, third time winner of the Agent of the Year – Individual Category – title, from RE/MAX Almohager I. We had the chance to speak to both winners who shared with us the secret behind their accomplishments, how they managed to earn their titles, and their predictions for Egypt’s real estate market in 2019.
Mr. Michael Fanous, first time winner of the Agent of the Year – Team Category, from RE/MAX 1st Choice
It feels like all this hard work has finally paid off. We made it at last! As for how we worked to achieve this success, it was all about being a team. This success is not only mine nor the team’s but all of RE/MAX 1st Choice’s.
Since it is such a huge market, you can do either one of the two. The most important thing to consider is which option is better for you. So, this is really based on each individual’s preference.
Don’t be selfish. The most important thing is not to think only about your interests but the interest of the entire team.
It helps but it never stops being intense.
Primary real estate is just as stressful as resale but in different ways. In the primary market many agents work on the same unit while in the resale market agents work on different units. Neither the primary nor the resale market is easier or harder; it is based on preference. I personally prefer the primary market; I am good at it and therefore this is what my team works on the most.
I expect that the market will be more intense in 2019 as it is a year where many developers will be delivering units as well as introducing new projects.
Mr. Mohamed Abdel Razik, third time winner of the Agent of the Year – Individual Category – from RE/MAX Almohager I
First of all because I was the first real estate agent in Egypt to sign a contract with RE/MAX and the first to complete the training courses, so I have a very good understanding of RE/MAX’s system. Second, I put it as my main goal this year to become Agent of the Year for the third time and to be the first one in RE/MAX Egypt to win the title three times.
Whether investing in compounds or the city, there are certain factors that one should first consider. As a start, Mr. Fanous believes the following is a good and helpful comparison. “The payment plan plays an important role in comparing the cash value of the down payment needed to purchase in a compound versus the value of the upfront cash needed to buy in the city. Other factors to consider include when the unit is expected to reach its potential as well as the demand in that area in order to sell with the maximum ROI,” he explains.
Definitely. The number of agents in RE/MAX Egypt has increased dramatically over the years. Our network has currently reached a total of 550+ associates compared to RE/MAX Egypt’s very first year where we were just over 50 associates. Our number of offices have also increased reaching a total of 40 Franchisee-owned offices sold and 31 opened offices across Egypt. So yes, it is much harder and more challenging.
The real estate market in Egypt has drastically changed with the presence of large companies such as RE/MAX that have significantly revived the real estate industry as it introduced agents into the market who are on a high level of competency. After all, RE/MAX does not give its training courses to just anyone. Another change that I feel is the increase in the number of people investing in Egypt. I have clients investing from the US, Canada, Thailand, and this is proof that the Egyptian real estate market is extremely strong because it offers investors a bigger return than that of banks.
I am expecting a huge surge in the market. There are many investors outside of Egypt who have invested huge sums of money in full confidence that the Egyptian market is very strong. I’m constantly speaking to foreigners and they believe that investment in Egypt is the strongest. Keep in mind that a studio apartment could sell for around 2 million EGP and if rented it can bring a profit of 15,000 EGP per month which is a very big number. There are also investors from Europe and the Gulf to whom these prices are affordable, $100,000 is not a lot. That is in addition to the fact that very big developers are investing in Egypt.
My next big step is of course a RE/MAX Franchise.