A new real estate company in Fez?

For a while there have been rumours flying around the Fez Medina about a new property company starting up. Given the growing interest in purchasing houses (dars or riads) it would hardly be surprising that new players would enter the market. The big question is - does Fez need a new property company?

The answer is yes. Over the last couple of years several new players have emerged with a varying degrees of success a development has left some of the more established firms a little flat-footed. One classic example is a company whose only offices are in the Ville Nouvelle, rather than the Medina and whose staff show a certain reluctance to venture there. Others have so inflated prices in the expectation that house hunters have no idea of market values, that they are pricing themselves out of consideration.

The newer companies have not had a uniformly smooth ride with buyers complaining of high commissions, viewing fees and other charges. What some companies have failed to grasp is that the Medina is a place in which news travels fast. The ex-patriot community has a good understanding of the price range for properties and what is more important - they talk to each other and they talk to newcomers. It normally takes less than a few hours for word to spread of a new arrival looking for a house and friendly advice is almost always forthcoming.

Another complicating factor in the Medina is the number of simsaars ( property agents) who operate at the local level. Their depth of knowledge, contacts and other expertise are invaluable. However many of them have failed to adapt to the new realities. A buyer arriving in Fez from France, England or the USA expects a system to be in place that gives them information and access to houses in their price range. Too often a simsaar will have little more than the address of the house and fail to provide size, exact price and whether the paperwork is in order so that the house can actually be sold.

So, what could a new company offer? Is there a niche waiting to be filled?

Ideally a new real estate company would be based in the Medina, have a transparent and possibly sliding, fee scale and an ethical approach to the way they do business. House hunters coming to Fez should be fully informed of the laws and regulations, the availability of all the paperwork on the vendors side, the likely cost of renovation and a commitment to follow up should there be any problems down the track. A company that has this approach as a bare minimum has every likelihood of succeeding. However, they would also need to have a close working relationship with the local simsaars and and assist them in providing a standard of service that meets the requirements of the prospective purchasers.

We understand that a new company will soon be in business - we will keep you posted.