It was supposed to be 2 weeks before yesterday that we were supposed to meet for a quick tour of the newly refurbished The Nomad Residences “TNR”. However, due to both our schedules (not extremely busy but enough to postpone the meet up), we moved it to yesterday.
I never really have the chance to view TNR before this as it is not exactly something that would suit most of my tenants before this. But as I grew my portfolio, this is now something that I may feed my potential tenants if they are looking for a place in Bangsar – especially those looking for a short stay. Hence, I got hold of this lady Heryati Ismail. She is the Sales Manager for TNR and I have only one word for her. Lovely!
She is one if not the most friendly and welcoming person you will meet at such residences. She has the most courteous ways to respond to your messages and at pretty speedy too! During my 1 hour tour, she was constantly providing me details of the residence and hopping from one end to the other just to show me the refurbished units that were recently completed. I was feeling more like a Datuk than a real estate agent for a moment.
Most would’ve seen this building when you travel from Pantai towards Bangsar Shopping Complex via Jalan Ara. It’s a dark-khaki colored building with an simple Italian twist. It may not look fancy on the outside, but I was kinda drawn to it. Once you got I myself in the lobby, I sort of have the same feeling I did when I was in Los Angeles checking in to those smaller inns and suites. With its slightly low ceiling walkways and European furnishing, you have just that feeling. Not to mention with all the expats and foreigners occupying the place, checking in and out.
Some of the rooms are slightly aged if you noticed the designs and materials used. But those recently refurbished, it’s sweet. The single room unit is typically for a backpacker who demand higher quality and comfort. You could visualize yourself unpacking, take a quick shower when it’s almost dusk, and can’t wait to walk to the nearby BSC (Bangsar Shopping Complex) for a nice meal and chill out at one of those bars/cafes before heading back to the apartment for a little TV show just before calling it a night.
These units comes with laundry and cleaning services 3 times a week. It’s just like a hotel – minus the profile. The place is also easy to get a taxi or Grab services. Not too far away, the new MRT is at your service too. The only setback is, they didn’t have a cafe/lounge/restaurant to serve daily meals for it’s tenants. But with the amenities around, you won’t think of it too much.
For a family traveling with limited budget and little knowledge of KL, this would be an excellent point to start. Bangsar is almost like a center for both KL and the rest of the surrounding areas. With it’s multi-colored life-scene, exciting nightspots and variety of food choices, this is a location you will not want to miss. And The Nomad Residences is just the place to begin it all. Thanks Heryati!
A few days ago, I saw a friend’s post on social media about successfully bidding for an auction property. A few weeks ago, I had a conversation with another friend about being advised to buy auctioned property as a first-time home buyer. It seems that it is an increasingly acceptable alternative when purchasing property, especially for first-time home buyers.
Leslie Low, an auction specialist, said that with the economic slowdown, the number of people defaulting on their housing loans has been on an increase. This then means that more properties are being auctioned off in Malaysia these days. As of 2017, an average of 2,500 houses has been auctioned off every month.
“This is a 10% increase from last year. And if you compare it to 2013, it is a 50% increase because back then the monthly average was 1,000 to 1,500 auctioned off houses.’’ – Leslie Low
Prem Kumar, executive director at Jones Lang Wootton, said the mismatch between property supply and demand is obvious because property price growth continues to far exceed income growth of most Malaysians.
“The rate of increase in property prices is greater than the rate of increase in employment income. New property launches are too expensive for those just starting work. They cannot afford to buy from the secondary market either, so we are seeing a trend of the young generation starting to hunt for auction properties as their first house.’’ – Prem Kumar
Here’s how to take part in a house auction in 10 steps
Many young Malaysians are also looking to buy property from the auction market because it is cheaper. The procedure for a house auction is as below:
Identify the property – You can find properties that will be auctioned from platforms such as lelongtips and auctionlist. Otherwise, you can also have a look at the classifieds section of newspapers.
Do a search on the property – get the proclamation of sale (POS), and also to do a title search of the property. This will provide you with the location and description of the property for auction.
Inspect the property – Don’t rely on the description only. Go to the location so you can see the surrounding area.
Call the auctioneer or sales agent to obtain other information on the property not available in the description
Prepare bank draft equivalent to 10% of the reserve price
Register on the auction day and get a copy of the terms and conditions of sale from the auctioneer. A bidder’s card with a number will also be issued to you for identification during the auction process.
Read the conditions of sale, and seek clarification from the auctioneer on any queries before the auction starts.
Bidding on the property will start when the auctioneer announce commencement of the auction. Bidders raise their hands to bid for the property.
The Successful bidder will be the bidder with the highest offer during the bidding process. When the auctioneer’s hammer falls, property is considered sold.
Sign the sales contract, and the successful bidder will be advised to collect the stamped contract at a later time. Contact your bank to arrange for financing.
Your To-Do Checklist Before Bidding on an Auctioned Property
While there are various benefits of buying property at auction, with the most obvious being the cheaper prices, purchasing an auctioned property can come with some risks too.
If you are considering purchasing an auction property, here is a list things you need to be aware of. Buying a house in itself is most often a once-in-a-lifetime financial decision. Therefore here are 4 items you need to cross off your checklist when buying an auctioned property.
Check the property
When it comes to auctioned properties, one of the disadvantages is that as a bidder, you won’t get a chance to view the interior of the property. Therefore, bidders won’t really know what the condition of the house is when they are making their bid making this a pretty risky investment.
Did you know, a man bought an auctioned condominium at Mont Kiara only to find a body that had been chopped into 11 pieces stuffed inside the unit’s fridge?
It is always important to do as much research as possible on the property. Even if you don’t have access to the interior of the property there are other factors to look at. For example, the picture of the auctioned property may look acceptable, however, you can’t tell if it is located at a busy T-junction or next to a sewerage plant.
Caveat
A caveat is a Latin word which means “let him or her beware”. A caveat is a temporary measure to protect the rights of the land. A private caveat serves as a purpose of protecting an individual’s rights under the sale and purchase agreement temporarily, in anticipation of legal proceedings that he lodges the private caveat. So a private caveat will cause a hindrance as it will prevent any dealings from registering to even change of ownership while the private caveat is in force.
Auction properties have a risk of having a private caveat. If an auctioned property does have a private caveat, even if you win the bid and pay the full amount, you will still have to challenge the third party (who submitted the caveat) for the property. This is because a private caveat may only be removed:
by the caveator (a person who files or enters a caveat)
by the Registrar
by an order of the court
Application for the removal by court order could be done by any person aggrieved by the existence of the private caveat. In this case, the person who won the bid on the auctioned house which had a private caveat.
An auctioned property with a private caveat will also mean you will not be able to get a home loan. This is because no bank will approve a loan if there is a private caveat on the property. Therefore, unless you can afford to pay in cash, it is advisable to not proceed to bid for a caveated auction property.
But do take note that, even if you win the bid and have the money to pay for it in cash, you will also have to go to court to challenge the third-party to remove the caveat, which can be a long procedure and incur additional costs as a result of the legal fees charged.
Before proceeding to bid for an auctioned property, it is advisable to get the proclamation of sale (POS), and also to do a title search of the property. You can request thins from the auction agent. Doing so will give a bidder useful information such as the address, and if there are any restrictions such as a caveat on the property. Having the address means you can check out the surrounding location of the house, even if you can’t see the interior at least you will know what the location is like.
Developer
It is important for those who plan to purchase an auctioned house to do a background check on the developer of the property. If the property’s title is still under the developer’s name, a bidder should first check if the developer is still an existing company. Remember, the terms and conditions in an auction contract always protect the bank. If the developer is bankrupt and the company has been liquidated, then transferring the title to you after you have won the bid will be a hassle.
Type of tenure: is it leasehold or freehold?
Finally, do some homework to find out the type of tenure for the auctioned property, whether it is leasehold or freehold. If it is leasehold, you will need to check with a bank to make sure you can get a loan. If the number of years remaining on the lease for the leasehold property is less than 50 years, some banks might not give you a loan. Or if a bank does approve a loan, instead of a 30-year loan, you might get a 25-year loan.
Did you know, that when a property is auctioned off, the bank only takes the amount owed to it, and the rest goes to the defaulter? For those who have been unfortunate and will have their home auctioned off, do know that any extra money will be given back.
For example, a bank auctions Ahmad’s house for RM1.4mil. However, his default loan amount to the bank was only RM300,000. As such, after his house has been auctioned, Ahmad will get RM1.1mil, as the bank will only take the outstanding amount owed, which was RM300,000.
Buying a property, whether it is brand new, sub-sale or even an auctioned property will involve risks Read our other articles on purchasing the property so you can make a better-informed decision before taking that big financial leap.
JOINT management bodies (JMB) and management committees of stratified buildings in Shah Alam were briefed on new individual quit-rent in Selangor during a seminar. The individual quit-rent replaces the quit-rent charged to JMBs of stratified buildings on June 1.
Instead of billing the building management, the Selangor Land and Mines Department will charge the quit-rent to each unit owner. Previously, the quit-rent was divided and paid by unit owners through maintenance fees collected by each building management. But there were many cases of unit owners not paying the monies owed, and the burden fell onto the building management. A representative from the department briefed about 200 JMBs, management committees and developers’s representatives at the seminar in Wisma MBSA in Shah Alam yesterday.
Shah Alam City Council (MBSA) deputy secretary Rosli Bakar said the event served as a platform to inform the attendees about their responsibilities and to share ideas as well as their concerns. Rosli said there were 560 strata housing schemes in Shah Alam, with 87,000 units. He said many problems that cropped up in strata buildings had increased yearly. They comprised limited parking spaces, high maintenance cost, expensive utility repairs and poor strata management due to lack of cooperation between management and unit owners as well as poor cleanliness. “
The complaints we received this year were more than half of last year”, he said. The city council’s Commissioner of Buildings received 632 complaints last year ranging from financial, management and administration issues. It received 482 complaints this year. MBSA building department head Badrul Hisham Hussain said the city council had done its best. “We address complaints on cleanliness and small management issues, but we usually advise residents to forward other complaints to the Strata Management and Housing Tribunal”, he said. Attendees were also briefed on the role and responsibilities of the Housing and the Strata Management Tribunal as well as procedure in filing claims.
This week, Low & Partners managing partner Datuk Andy Low Hann Yong deals with readers’ questions regarding critical issues revolving around IWK bills, wiring and piping issues in a rented property.
Q1: If a tenant complains regarding issues such as wiring and piping which are clearly stated in the tenancy agreement to be the responsibility of the owner but the owner ignores, what is the recourse for the tenant?
A1: The tenant can terminate this tenancy or carry out the repair and reimburse from the landlord if it is provided in the tenancy agreement.
Q2: Who would be liable for the IWK bill if the unit is rented out since Day 1 and the owner does not pay for it throughout the duration of the tenancy?
A2: Subject to the tenancy agreement between the landlord and the tenant, if the agreement is drafted such that the tenant has to be liable for the IWK bill, then the tenant shall be liable for it throughout the duration of the tenancy. The usual norm is for this responsibility to fall into the hands of the tenants as they are the occupiers of the property. Nevertheless at the end of the day, the freedom to contract stands.
Designed to be a “city within a city”, Kuala Lumpur City Center (KLCC) is a 100-acre site that hosts the tallest twin towers in the world, a shopping mall, office buildings and several hotels. It is also home to a public park and mosque which is open to the public.
The site, which is much larger in size in contrast to the Tun Razak Exchange (TRX) is a brilliant example of developing a master plan for a modern central business district.
It has acted as the catalyst for the surrounding land with excellent office architecture, five-star hotels and apartment buildings mushrooming since.
Anchoring KLCC is the Petronas Twin Towers. According to the Council on Tall Buildings and Urban Habitat official definition and ranking, the Petronas Twin Towers were the tallest buildings in the world from 1998 to 2004 and remains the tallest twin towers in the world.
They define Kuala Lumpur’s skyline along with the nearby Kuala Lumpur Tower which has attracted tourists from around the globe.
Argentine architect Cesar Pelli designed the towers using a distinctive postmodern style which reflects a 21st-century icon for Kuala Lumpur. The construction of the superstructure commenced on April 1, 1994. On New Year’s of 1996 interiors with furniture were fitted into the building, while the spires of Tower 1 and Tower 2 were completed on Mar 1, 1996.
The first batch of Petronas personnel moved into the building on Jan 1, 1997. It was inaugurated by the Prime Minister of Malaysia, Tun Dr Mahathir bin Mohamad on Aug 31, 1999.
Adjacent to the Petronas Twin Towers is Suria KLCC which opened their doors in May 1998. It is a shopping centre that comprises of a six-storey building at the foot of the Petronas Twin Towers.
Created in 1999, it was soon the talk of the town because it introduced a new level of style to the city with its vast array of haute couture stores.
Likened to Manhattan’s Barney’s and Saks Fifth Avenue, the mall is famous not only for its strategic location and upscale stores but also because of its tourist attractions such as Aquaria KLCC, Petrosains; a science discovery centre and Aquaria, an oceanarium targeted at kids located beneath the Kuala Lumpur Convention Centre.
Besides that, the mall is also home to the Dewan Filharmonik Orkestra (Malaysia’s first concert hall) and the Petronas Art Gallery.
With its light rail transit (LRT) station set adjacent to the KLCC Park and the KL Convention Centre, the mall is easily accessible to the public.
Despite its modern design, Suria KLCC features little touches reminiscent of classic European malls, including plenty of greenery, white geometric-patterned marble floors with exposed glass panels that let in natural light.
What makes KLCC becoming an attraction is the fact that it has the Kuala Lumpur Convention Centre as part of its planning. It is Asia’s only AIPC (International Association of Congress Centres) Gold Standard venue.
Since opening in June 2005 through to Mar 31, 2017, the Centre has hosted over 12,276 events, bringing into Kuala Lumpur over 20.9 million delegates and visitors.
The Twin towers have become a magnet for some brilliant new architectural wonders that have sprung up around the KLCC site.
The new Prestigious Four Seasons Private Residences built next to the Twin Towers is a landmark in its own right and underlines how developers and occupiers view the importance of this iconic KLCC landmark.
Also, another development around the KLCC site; the Platinum Park has provided KLCC with some impressive architectural marvels, not to mention Norman Fosters Troika residences- his firm’s first foray into Malaysia.
KLCC brings together a fantastic concentration of the best hotels, restaurants, a prime convention centre, entertainment venues and shopping experiences with two of Malaysia top shopping destinations – Suria KLCC and the Pavilion in its footprint.
What makes this even more remarkable is that all the buildings are appropriately maintained and updated. It debunks the myth that Malaysia is good at building expensive projects and not managing them. The Twin Towers look as good now as they did 25 years ago.
However, KLCC’s iconic status was under threat recently with the sprouting of other projects such as KL118, TRX Signature Tower, Bukit Bintang City Centre (BBCC) Signature Tower and Bandar Malaysia in Klang Valley.
It is going to change when the proposed development at Lot L, M, N (Lot 164, 165 and 166) is finalised as KLCC Property Sdn Bhd is planning to build the tallest tower in Malaysia at 145-storeys (taller than KL118) with a six-storey retail podium and access to an MRT station.
Despite all the hype surrounding these new developments, KLCC has a competitive advantage over the rest because much of it existed before the land prices started to skyrocket in KL.
Its high occupancy levels in today’s challenging leasing market are a testimony to this.
Our Prime Minister then (who is also today the country’s newly elected Leader) had the vision to spearhead the building of this iconic development and its resounding and enduring success.
He has given the Malaysian people a skyline in their capital city to challenge any of the
great cities in the world.
About the Contributor
Dato’ Stewart is an engineer by training and a member of the Institute of Engineers, Malaysia. He earned a Bachelor of Engineering (Hons) degree in 1973 and a Post Graduate Diploma in Business Studies in 1974 from the University of Sheffield.
Dato’ Stewart is the Chief Executive Office of AXIS REIT, the first Shariah compliant industry REIT in the world and one of the first REITs to be listed on Bursa Malaysia. He is also the Chairman of the Malaysian REIT Managers Association and a Board Member of the Asia Pacific Real Estate Association.
He has over 40 years of experience in manufacturing, operations management, property development and REIT management. He is a prominent speaker on the subject of real estate investment and has presented numerous papers at conferences globally.
Contributed by AREA Management Sdn Bhd chairman Datuk Stewart Labrooy
Since Malaysians like anything Feng Shui, this article may feed your appetite a little. These are just tips, not a sure-fire to solve your problems though…
Feng Shui, an ancient Chinese art is not only a trend in Asia but also in the western world. Although feng shui might not be on your list, do note that as a homeowner, you can get a better bargaining value when selling or renting your property. Since the appreciation of your property is sometimes tied to feng shui, these basic tips should get you started on the way.
Landscape:
The structure and design of the house aren’t the only concern when it comes to dealing with feng shui. Contours, hills, rivers and roads all determine the flow of positive or negative energy.
For starters, avoid buying homes that are situated at junctions or those at the dead end of the road. Sharp angles or “poison arrows” form in these areas, affecting the property either directly or indirectly.
When it comes to the shape of the land, the property should be located in an area that is either rectangular or square and is neither too long nor too wide. You can easily observe this via Google maps or by looking through every window of the home. There should be no sloping land behind the property or a house situated on the low side of a hill, or at the top of it.
A house located in the lower region of the hill lacks support. Take note that the road should also bend towards the house, not away from it.
Atmosphere:
The prospective buyer should not feel a sense of dread when entering the house that he or she is interested in buying. This environment is extended towards the surrounding neighbourhood as well.
An area that is too quiet, with many vacant unsold homes is a sign of inactive energy. People subconsciously avoid places that give an uneasy vibe, and that makes it difficult to sell or rent out your future home.
A good neighbourhood is filled with activities. There should be children playing, pets around and people tending to their yards. Observe the condition of the streets. Tidy neighbours and clean streets are a bonus advantage. Ideally, the backyard of the house should be slightly larger than the front yard.
Main door:
The main entrance represents the mouth of the house which receives most of the energy. Hence, it is essential to consider the design that complements the property’s feng shui flow. The open area in front of the main entrance accommodates the collection of energy. Therefore, the bigger the area, the easier it is for power to stay. Note that the steps leading to the front door shouldn’t be too near.
When opening the main door, it is important that we should not see the toilet or the door to the backyard immediately. Avoid the main entrance that overlooks the ocean. Door alignments are also to be avoided as it creates a fast flowing current of energy. The energy flow should be softened, where it slowly nourishes all the areas of the house. The ratio of the main door to the size of the house should be proportionate as well.
Another factor is the presence of a staircase facing the main door. A construction such as this will lead the energy flow directly to the top of the house, leaving the ground area without good energy.
Living room:
A strategically placed living room is ideally located in the centre of the house. To retain positive energy, the shape of the area should be rectangular or square, not an irregular polygon. Note the ambience of the surrounding, the availability of windows and openings that allow the entry of light. The living room should also be visible the very moment you enter through the main door.
Consider if the ceiling is filled with spanning beams which are believed to create bad luck for the occupant. However, it can be softened by adding decorations.
Kitchen:
It is auspicious to have the kitchen situated at the back door of the house. Avoid having a kitchen near the front door or at the centre of the home. It should not be directly underneath a bedroom or toilet. Windows should ideally be located at either the eastern or western region of the kitchen while the sink at the north.
Inspect the tap water or faucets and make sure that they are not leaking. The constant flow of water signifies the draining of one’s wealth from the house. If possible, have them repaired.
Toilet:
Consider painting the walls of the bathroom with the right colours. Most bathrooms are painted white by default which is acceptable. Consider the colour blue as it signifies purity and the cleansing effects of water. While green, on the other hand, represents growth and life. The bathroom and bedroom should be visually separated due to their differences in energy. You can use a screen or either a curtain for that measure.
Bedroom:
Overhead beams should be avoided due to the pointy edges of the beam because it creates unease due to the effect of the beam pointing downwards.
Rooms that are located at the top of the house are less than ideal if the ceiling is slanted or sloped. Besides the lack of space, it would also be an uncomfortable area to sleep in, especially when you are sleeping on the side of the slant.
Anyone here delayed signing their Sales & Purchase agreement after they heard about the GST becoming zero in less than 2 weeks’ time? Actually, GST does not affect only the property market. There are chatters that car prices may inch upwards when the Sales & Service Tax (SST) returns. Here’s an article in paultan.org The reason is because the SST is likely to be in a higher percentage than the GST which is 6 percent and will become zero from1st June 2018. Anyway, many car brands have stepped up their promotions to entice buyers to make their decisions sooner rather than later. What are your thoughts for the property market then? My earlier thoughts here: Will the market get better? Does it even matter? The below would be the thoughts from the Real Estate and Housing Developers’ Association (REHDA) president Datuk Seri FD Iskandar in Edgeprop.my
FD Iskandar commented, “Construction material prices and costs should go down. But we expect big-ticket shopping to be delayed until June, [when the new rate takes effect].” He also shared that some developers had already lowered their prices in response to the new GST rate and hopes more will follow suit. He added, “GST is about 2% to 4% of our cost… it is good that some have reduced prices. In the long run, the savings should be passed on to consumers. Hopefully, there will then be a higher number of people looking at properties.” He shared something which has to be improved; effective implementation and enforcement so that unscrupulous vendors could not profit from the move. As for permanently removing the GST, FD Iskandar said, “GST is an act of Parliament, so they will need to go through Parliament, if they wish to repeal it? Give a waiver? We shall see.” This is the article in TheEdgeMarkets.com
If it’s just about the GST, actually the rebates that some developers are giving today is already higher than the 2-4 percent mentioned by FD Iskandar. We should already be savvy to this fact. In fact, some developers are giving renovation packages which are sometimes already higher than the 2-4 percent as mentioned earlier. However, if the developer is giving an additional 2-4 percent discount on top of what they are already offering, then perhaps that’s really an additional sweetener. Anyway, GST has never been directly involved in the residential property pricing. It’s only a direct tax on the commercial properties. That’s why FD Iskandar said that GST is 2-4 percent of the cost (which came from the material costs). GST is not the main reason to buy yeah. Evaluate as usual and buy if it meets our expectations. On a long term basis, that 2-4 percent or even 6 percent will not be significant. Happy investing.
Article written on 20 May 2018 by kopiandproperty.com
The answer is definitely YES! Not to the extent of staging but tidying up the place and make sure the house or apartment unit is easy on the eyes for buyers and tenants alike. No one likes to view a messy, stinky and cluttered space where they would call ‘home’ eventually.
It is fair to say that some of these owners are first time ‘offenders’ as they are not familiar with the selling and tenancy do & don’ts. Since it is their first time, these are probably the things that they may overlook. Not that it is a must to do so, but imagine yourself, as a tenant or buyer, viewing the house for the first time. A good impression is always the lasting image for these prospects. More often than not, you were greeted with a disorganized place where dirty clothes are scattered across the hall and bathrooms, books and glasses are everywhere, coffee stains and out of place sofa etc. to name a few. Would you even want to view on? Can you even begin to visualize that this is going to be your next home? I doubt it.
When I first started the real estate business, I wasn’t too concerned about such trivial request. Well, not that I practiced, informing my clients to begin with. To me, it is understood that they would try to get their units as presentable as possible to impress the potential tenants or buyers. I would. But it happened one time that me and my tenant ended up in messy, unkempt and musty house that the tenant, after less than 2 minutes of viewing, had to apologized to the owner and leave. She couldn’t take the stench and the state of the unit any longer. Embarrass I was.
After awhile, I tend to missed getting some landlords or house-owners to prepare the place for viewing. And a week ago, it happened. I was out the whole day bringing one of my prospect buyer looking for a house around Bangsar. I’ve arranged a few units and unfortunately, there was one that made the whole episode unpleasant.
I’ve never did a preview of the house before that and from the pictures that were sent to me by the owner, looked pretty decent. But when we got there.. oh, what horror! The moment we entered the house, the stench of cigarette smell is all over the place. It smelt like a pub than a house. Since the place is not exactly airy, made it worse. There were newspapers everywhere and also dirty mugs with coffee stains lying around the house. Dirty clothes are on the floor of the master bathroom. Can’t recall if there were underwear too. Sigh. Though there were not much he can do to some of those broken wooden doors, but at least clean it up a little to make it look more decent. Although the owner is a chatty and friendly chap, the impression of the house wasn’t that pleasing anymore. True enough, my tenant hurriedly viewed the house and we left without mentioning about it for the whole time.
But how do we do it? Would it offend the owners/landlords?
Well, if we are tactful and professional enough in our request, they are more than welcome to our suggestion about getting the place spruce up. Just inform them when is the viewing, a little background of the tenant/buyer, what are they expecting from the place and some guidelines form us agents about getting the place ready. Usually, if the place is frequently well managed, there isn’t much to do. However, most would need to clear the air of bad odors, de-clutter books, papers, boxes, electronic items and utensils, tidy up dirty linens, make the bed, and re-arrange the furniture so that it looked neat. All these are to help the tenant/buyer to be able to visualize the place better and make them feel at home.
Explain to these landlords/owners that you would do the same to all your clients just to make sure you are able to position the property better and able to help them dispose the unit in the shortest time possible. Who wouldn’t agree to that eh?
So, the next time you arrange for viewings, do remember to give the landlord/owner a call 2 days earlier to prepare the place. The result of such simple gesture, sometimes, do make a lot of difference! Cheers!
We should always leave the predictions to property experts. So, who are the experts? Actually, most of us are property experts in our small way, especially those who stay in some not so popular areas. Haha. You would know exactly about new shop openings in your area. In fact when McDonald’s and a new bank branch opens, it will tell you that the population for the neighbourhood has grown to a good number. By the way, when many shops start to open one after another every few weeks or even months, you have bought at a really good potential area. Hold on to your unit and enjoy… By the way, when you see shops closing one after another and even the local bank branch is closing, it may also mean that they are not having sufficient support from the local population. May not be positive. 🙂 Oh yeah, coming back to our topic for the day; general election and the property market.
Reported in TheMalaysianReserve, Property consultancy firm Savills (M) Sdn Bhd executive chairman Datuk Christopher Boyd said, “We have seen a lack of confidence in the market. I think there is an issue of affordability in the residential market, which has been overplayed. I feel very sure that once the general election is over, whatever the outcome would be, there will be increase in demand for the overall property market.” (Positive statement) Boyd went on to share that even when the market starts to pick up, the current excess unsold units in the market would prevent prices from suddenly explode. He said that developers would have to clear quite a number of units before any major price corrections could take place.
In the same article in TMR, Axis Real Estate Investment Trust Managers Bhd head of investment Siva Shanker says something similar. He said, “Everything is on track, but it looks a little bit quiet now because everyone is worried about the election. Barring something really unfortunate, I think as soon as the election is over, the economy will kick-start and the sector will move along nicely. So, 2018 should see the start of a small recovery in the property sector.” In terms of the future for the office market, Boyd shared that the demand for co-working spaces would mean a reposition of the supply and demand in the market. He said, “As time passes, co-working spaces will definitely spread out to the suburban areas, satellite offices, as well as other cities such as Penang, Johor Baru and Kuantan driven by the flexibility and lifestyle amenities, which would meet the youths’ current wants and needs.” Full article here for reference.
I also think the property transactions should normalise (means growing slowly again) after the general election. Yes, just an hour ago, a friend said he is sure it will be end April 2018 or latest first week of May. I love his confidence. These few weeks, the actions from potential buyers have really reduced in intensity. In one bank property auction just last week, instead of the usual 20-30 bidders / guests like usual there were just 6 people in the auction hall. Actually, this may present an opportunity to all potential bidders in propertyauctions because every property may have just one bidder! So, one may get to buy the property at the reserve price which sometimes may already be 20 percent below market. Happy anticipating the actual election date announcement yeah. Yes, should be pretty soon.
The literal meaning of an open house is “a place or situation in which all visitors are welcome”. It is a period when sellers or real estate agents open their property to potential purchasers so that they can swing by and have a look at the property without any appointments. An open house is an ideal method of concentrating an extensive number of showings into a constrained period.
7 Tips for an Effective Open house 1. Select an Appropriate time
It is important to choose an appropriate time during which most people can visit your open house. Among the best times to organise open house are weekends and off-peak hours.
Preferably, an hour or two in the early afternoon would be effective in attracting visitors to the open house. It would also do good to provide limited time access to the open house as it will gather heavy traffic and develop more interest among the potential buyers and passers-by.
Raphael is a Real Estate Coach, Trainer & Entrepreneur
2. Cleaning and Repairing
It is highly necessary to clean your property before staging it for an open house.
Renovations, refurbishments and repairs to make it visually and functionally appealing will increase the market value of any property.
Dirty windows, stained walls and peeling paints off the walls will draw the attention of people and result in a negative impression. It is crucial to make a good first impression to keep the potential buyers attracted to the property.
Hence, hiring a cleaner, painter and plumber to make the necessary changes to the property will go a long way into making it attractive.
3. Illuminate your House
What can be more lovely and homely that sunlight streaming into your house? Draw the curtains and let the natural light in. This will increase the appeal of the house during open house as well as create an open and airy look.
On the other hand, if the open house is held in the evening or at night, it is wise to turn on all the lights in the house. This will enable you to showcase every part of the house properly.
Keep in mind to not turn on any appliance that creates noise since it will leave a bad impression on the visitors. Remove all vehicles from the driveway and keep the driveway clear.
4. Soothing Environment
It is important to create an environment that will be soothing and well-loved by the visitors. When it comes to home, many people would want it to be calming, soothing and energising.
Place fragrant flowers in beautiful arrangements at various corners of the house. Play slow and calming music in the background. These will create a soothing environment while buyers roam around and make decisions regarding the property.
5. Put up Signboards
Putting up signs in the vicinity of your house for the open house is one of the creative ways to attract large traffic. Apart from a big attractive signboard in front of your house, you should also put up signs with the necessary details at busy corners around your house. Make sure the board is filled with attractive colours and words to draw the attention of the public and passers-by.
6. Serve Snacks
It is crucial to extend warm hospitality to the visitors to make them feel at home during the open house. So depending on your budget, serve some refreshments and snacks. Set the dining table with the snacks and encourage the visitors to enjoy them. This would leave them in a good mood and create a feel-good vibe about the house.
7. Invite Neighbours
Next, do not forget to invite your neighbours to the house before opening it to the public. Call them for a private lunch or a party. Apart from strengthening the bond with them, this move will develop curiosity among the other neighbours and might result in increased number of visitors during the open house.
All the steps above will result in a successful open house and give a glimpse of the house to the visitors. It will also pique the interests of many others in the house. Consequently, the closing rate of the property can be increased.
The above article is contributed by real estate practitioner Raphael Wong.
*Raphael is a Real Estate Coach, Trainer & Entrepreneur. He is recognized as the authority on how to make big money through real estate agent business. In less than 3 years, he has built a 7 figure business through his business. Over the years, Raphael has refined his 7 step system that has influenced well over thousands real estate professionals to increase their wealth. His system has been regarded as the most strategic and innovative approach to growing a real estate empire.
A few days ago, I saw a friend’s post on social media about successfully bidding for an auction property. A few weeks ago, I had a conversation with another friend about being advised to buy auctioned property as a first-time home buyer. It seems that it is an increasingly acceptable alternative when purchasing property, especially for first-time home buyers.
Many young Malaysians are also looking to buy property from the auction market because it is cheaper. The procedure for a house auction is as below:
Dato’ Stewart is an engineer by training and a member of the Institute of Engineers, Malaysia. He earned a Bachelor of Engineering (Hons) degree in 1973 and a Post Graduate Diploma in Business Studies in 1974 from the University of Sheffield.
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