Real Estate Brokerage. Statistics and Challenge
عبدالعزيز العيسى
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A year after the implementation of the real estate brokerage system, the real estate market achieved many gains that confirmed that brokers play an important role in completing the rings of real estate transactions, buying, selling, leasing and property management, and despite the outstanding successes achieved by the real estate systems, there are major challenges facing the sector; which are natural challenges resulting from experience.
<Perhaps the statistics cited by Engineer Abdullah Al-Hammad, CEO of the General Real Estate Authority during the Real Estate Brokerage Forum held recently in Riyadh indicate the great positivity achieved by the system within a year, and observers were waiting for real estate during that period to prepare for and get used to the legal dealings, but the data went further than that; the number of real estate transactions jumped to 3.5 million real estate transactions, of which 2.9 million residential transactions, an increase of 18% and a value of 305 billion riyals, while commercial transactions reached 604 thousand transactions, an increase of 11% and realized and 300 billion riyals, meaning that the value of total transactions amounted to more than 605 billion riyals, while the value of commissions for real estate brokers from documented operations amounted to 355 million riyals, these stimulating results would reconsider those who are still sitting on the sidewalk looking for the transformation without being part of it.
The challenges faced by the real estate sector during that period are not part of it. One of the most prominent challenges facing the real estate brokerage profession is the competition between generations that grew up practicing trade in traditional ways and trying to keep up with reality using modern technologies, and other generations that have programmed their lives to take advantage of technology, this competition is increasing in the use of electronic platforms in the processes of searching and promoting real estate, analyzing information, and designing matrices of options to find the best opportunity, these shifts represent a challenge for traditional brokers, and a useful opportunity to exchange the experiences of those who are good at dealing with real estate and others who are professional in driving digital platforms.
We hope that the brokerage industry will be subjected to a lot of stimulating results that will stimulate those who are still sitting on the pavement to consider the transformation and be part of it. We hope that new real estate brokers will undergo more qualification and training courses to study everything related to real estate, the reasons for the rise and fall of prices, and the way to comply with regulations, in addition to refining their skills in valuation to develop their marketing tools and methods.
We hope that new real estate brokers will undergo more qualification and training courses to study everything related to real estate, the reasons for the rise and fall of prices, and the way to comply with regulations.
