The development of systems and the addressing of their shortcomings always begin with insightful observations drawn from accumulated practical experience, especially when they relate to new legislation; where the real estate media plays a national and economic role in evaluating these experiences and highlighting the areas that require further refinement.
On a positive note, the tweet posted by the newspaper «Amlak» on its official account on Platform X generated significant engagement and was widely shared among real estate professionals; it addressed the listing of a single property at multiple prices with differences reaching half a million riyals (from 2 million to 2.5 million riyals). Faced with this marketing issue, the newspaper posed the question: Who is responsible for this discrepancy? It also asked: Do you think the solution is to prohibit multiple marketers and enforce «exclusivity»?
This raises the question: «Who set these prices? Does a real estate broker appraise and evaluate the property? Or is it a matter of cleverness, shrewdness, higher prices, and higher commissions?» In reality, real estate agents have no legal right to appraise property, but the lack of a clear standard leads some to raise prices to increase the value of their «commission,» and reactions confirm that some owners set a price, with any excess going to the broker, or that the owner himself gives each agent a different price, leading to «undervaluing the property» as mentioned in the tweet discussions?
Buyers are no longer easy prey; They have become too savvy to be swayed by ads scattered here and there, as open data—such as the real estate exchange and official indices—has helped them stay informed, make informed decisions, and compare similar properties to protect themselves from unfair practices. The proposals aim to provide practical solutions to end this fragmentation and ensure market stability; There is a clear need to standardize property prices and have them approved by a competent authority, or to mandate that marketing be restricted to a single entity under temporary «exclusive contracts» that protect the owner from their property becoming stagnant and being undervalued in the market.
In conclusion, tightening oversight and standardizing property valuation mechanisms are the cornerstones for ending price disparities; protecting buyers, safeguarding owners’ interests in selling their properties, and bolstering the confidence of both investors and consumers.
