Survey: Abdullah Al-Saleh: The real estate market has seen significant improvement one year after the implementation of Real Estate Brokerage System, as it has become more regulated and has significantly contributed to increased trust and transparency in real estate transactions. These positive developments have had a direct impact on real estate professionals and brokers, making the market more vibrant and attractive to investors and consumers alike. The real estate newspaper “Amlak” surveyed brokers to assess their experiences over the past period and gather further details…
Mukhalad Al-Rahimi: Market Regulation and Increased Demand
Mukhlad Al-Rahimi, CEO of Basamat Riyadh Real Estate, said: “A year after the implementation of the real estate brokerage system, the market has improved for the better, and the signs of this are becoming evident; the market has become promising for real estate professionals and brokers alike, and confidence has increased through the use of technology and the application of governance in accessing all required data and obtaining it quickly.”
He emphasized that the system has had a positive impact, which both real estate professionals and brokers have felt, noting that the market has become more organized, leading to increased demand. This system has streamlined procedures across all aspects of real estate, including sales, purchases, and rentals.
Al-Rahimi explained that the benefits brought about by the FAL real estate license are numerous, the most important of which are knowing the broker and how to deal with them in accordance with the system, as well as the broker obtaining the FAL license, which authorizes them to work in the real estate sector, emphasizing that clients now feel more secure than before, market demand has risen, and confidence has increased as a result of obtaining the FAL license and the growing popularity of using it to conduct real estate marketing.
Regarding new real estate agents, Al-Rahimi noted that they can be a valuable addition by operating in accordance with the Real Estate Authority’s regulations, which have enabled them to work smoothly and easily and to utilize the technology they are proficient in as a promising new generation of both men and women, The path is now open for them to stand out more and deliver the best, thereby constituting a clear asset to the market. It is worth noting that the system helps generate investment opportunities if they make good use of them and keep pace with new developments by applying regulations in the real estate sector in accordance with the Authority’s system, collaborating with clients, and meeting their requests.
Saad Al-Dosari: The introduction of the "Val" license… the most significant achievement
For his part, Saad Al-Dosari, a real estate broker, affirmed that the experience with the real estate brokerage system over the past year has been excellent and has boosted confidence and transparency in the real estate sector, and had a positive impact by providing young men and women with the opportunity to enter this field after receiving the necessary qualifications and training.
Al-Dosari explained that the introduction of the "Fal" license is considered one of the most important achievements implementation of the system, as it has provided employment for both men and women, created investment opportunities, and enhanced transparency and oversight of financial transactions.
Al-Dosari praised the entry of new, young brokers, describing them as the future of the real estate market and noting that they can contribute by providing services and fostering competition in the sector. He advised them to persevere, be patient, and avoid rushing, wishing them success. At the end of his interview with "Amlak," Al-Dosari said that the real estate brokerage system could be the key to generating more investment opportunities.
Muhsin Al-Harthi: Betting on the Success of New Brokers
For his part, Mohsen Zouid Al-Harthi, owner of the Mohsen Real Estate Services Group, that one year since the implementation of the real estate brokerage system has seen numerous and clear achievements, in terms of the market’s regulatory framework and the elimination of negative practices that previously existed in real estate transactions; everything has now become clear to all parties to the transaction.
Al-Harthi explained that the experience of one year under the new system has become tangible and the sector is reaping its benefits, emphasizing that their experience over the past year has surpassed that of many previous years; describing it as a "rich and blessed" experience and noting the significant professional growth he gained by operating in accordance with the regulations. "This will undoubtedly provide us with cumulative knowledge and experience that surpasses what we learned prior to the introduction of the VAL license," Al-Harthi expressed great optimism regarding the new male and female real estate brokers entering the market, saying he is confident in their success and that they will contribute significantly to the market.
Al-Harthi emphasized that the real estate brokerage system will be key to generating more investment opportunities that will benefit everyone, At the conclusion of his remarks, he thanked the General Real Estate Authority for all it does to serve this important sector and those who work and conduct business within it, He also thanked the real estate newspaper "Amlak" and all its staff for their insightful coverage, which benefits both readers and the real estate sector.
Abdulrahman Al-Faleej: Stimulating More Investment Opportunities
In the same vein, Abdulrahman Al-Faleh, a real estate broker, praised the real estate brokerage system’s performance this year, affirming that it has undoubtedly been a success. We now have an integrated system that is periodically evaluated, and one piece of evidence of its success is that real estate brokerage and marketing have opened the door for the sons and daughters of this nation to engage in organized self-employment, thereby increasing their expertise and financial resources.
Al-Faleej believes that the system has contributed to increased commercial activity and faster turnover of real estate products, which are direct results of its implementation, as it has enabled the expansion of marketing and the entry of a new player who performs the role traditionally carried out by real estate agencies—but in a digital format that reaches every location around the clock, noting that the market needed development and regulation through policies and regulations, as it is a key driver in increasing significant local production and contributing to the national economy.
Al-Faleej explained that the academic and skills-based training of brokers is the primary benefit of the introduction of the FAL license, as the three training programs required for the license provide training, education, and professional development for brokers, thereby ensuring we have qualified and competent brokers. Furthermore, the protection of rights afforded by the license serves to empower and motivate brokers.
He explained that new real estate brokers can be an asset to the real estate market by bringing properties to clients quickly and in innovative ways, which facilitates and accelerates the completion of deals, and all of this represents a qualitative addition to the market, making it more dynamic and widespread.
Al-Faleej emphasized that the brokerage system has helped generate and stimulate more investment opportunities, starting with its incentive tools and the presence of qualified brokers who search for and market real estate listings, not to mention that the cycle of investment opportunities in the market is accelerating through sales and resales, as well as through the introduction of leasing and subleasing opportunities, thereby directing capital toward finding successive investment opportunities.
Tahani Al-Flag: Landlords’ Culture and Awareness.. Key Challenges
In contrast, Tahani Al-Flagh, a real estate broker, said that her experience with the implementation of the real estate brokerage system has not been positive, as it has increased the financial burden on real estate brokers, and has currently restricted their work due to a lack of awareness among property owners regarding the importance of complying with regulations—which are in the best interest of all parties—and which is considered one of the most significant challenges.
Al-Falaaj explained that the system’s impact on the real estate market has been limited to licensed brokers only, while the market remains rife with violations. She expressed her hope that the system will eliminate these violations in the coming period.
Nevertheless, she believes that one of the most significant benefits of implementing the system following the introduction of the “Fal” license is that it promotes greater transparency and professionalism. and that new real estate brokers can contribute to the real estate market due to their technical background, which can help develop the real estate sector, she said.
Tahani Al-Falaaj emphasized that the implementation of the real estate brokerage system has helped create investment opportunities in the real estate market, noting at the end of her interview with the real estate newspaper “Amlak” that as the system continues to be implemented, we will achieve a regulated, precise, and transparent real estate market, which is what attracts investors from outside the Kingdom.
