Using GIS in Real Estate Transactionsby Dr. Abdulrahman H.
Al-Husaini, CEO, Al Masfaq Company Limited, Riyadh,
Kingdom of Saudi Arabia.
|
| |
|
|
Abdulrahman H. Al-Husaini |
|
Abstract : |
Real Estate value accounts for over 50% of what the world
owns, and Real Estate business (transaction between buyers
and sellers through brokers) is considered to be one of the
oldest businesses conducted by man. Yet, the mechanism of
Real Estate transaction (i.e. a seller approaches a broker
who in turn approaches a buyer to sell the property for a
fee) did not change much.
Al-Masfaq Company (a Saudi Limited Liability Company) was
established in order to serve the Real Estate business in
Saudi Arabia through a Geographic Information System
(GIS).
The idea is simple. Each city map is digitized and the
relevant real estate information is added to that map in
different layers (such as street names, landmarks,
utilities, usage, zoning, ...etc). Then real estate brokers
are invited to bring all of their real estate opportunities
(which were given to them by sellers) to Al-Mastaq GIS
Center, where each opportunity is registered in the system
in its exact parcel location and the relevant information
associated, such as type of property, size, price, plan,
pictures ...etc are saved in the database.
Buyers look for real estate opportunities may approach
Al-Masfaq GIS and put forth their inquiries and
requirements. The system, with its vast resource of
information, is capable of giving them at least few good
choices in a very short time and refer them back to the
appropriate broker wher the transaction takes place.
The role of Al-Masfaq is really as an information provider
and a facilitator between the three components of real
estate (seller, buyer and broker). The revenue that
Al-Masfaq generates out of this is coming from the broker as
a nominal percentage of the brokerage fee he charges to the
buyer.
When a transaction is complete, all relevant information of
that real estate is registered. This information when
accumulated and sorted will give an excellent statistical
data of real estate such as price comparison by region,
number and value of transactions by time and district,
...etc. Ultimately, this information will help to establish
a REAL ESTATE INDEX, and will definitely make real estate
look like a COMMODITY; well defined and easier to
transact.
Al-Masfaq has already implemented the idea for the city of
Riyadh while the other three main regions (i.e. Jeddah,
Makkah and the Eastern province) are underway.
Abdulrahman H. Al-Husaini - Profile :
Dr. Abdulrahman H. Al-Husaini graduated with a BS in
Chemistry from King Fahd University of Petroleum and
Minerals (KFUPM); MS(chemistry) from University of
Illinois-Urbana, USA and took Ph.D. in Organic Chemistry
from University of California, Irvine, USA.
He has worked as Graduate Assistance; Assistant Professor,
Chemistry Department; Assistant Dean, Student Affairs;
Researcher, Research Institute; Chairman, KFUPM Schools;
Associate Professor; Chairman, Chemistry Department; all at
King Fahd University of Petroleum and Minerals (KFUPM).In
1992, he became the CEO of Saudi Advanced Industries
Company. He became the CEO , World Trade Centers (Riyadh,
Jeddah, Dammam); CEO, Al-Masfaq Company; CEO, Jawdah Company
Ltd.
He has published 12 Research papers and 3 books in the field
of chemistry. Other positions held by him are Board Member,
World Trade Centers Association (WTCA), New York; Chairman,
Finance & Planning Committee (WTCA), New york; Board
Member, Full Service Trade System Company (FSTS), Bermuda;
Chairman, Al-Uloum Schools and Visiting Professor, KFUPM.
|
|
|
| |
