Case studies, Houses, how to, Land Deals, Luxury condominiums, Real estate, References

Everything you need to know about hiring exclusive agents

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Are you looking to hire an exclusive agent to sell off your property? Here are some things you should consider before committing to the cause. 

There is a difference between an exclusive agent and a sole agent; even though  both indicates that only one agent is entitled to sell off a property. Real estate agents themselves always get these two terms mixed up. If you appoint a sole agency to sell off your home, you will not have to pay any commission to the agent, should you make the sale yourself. However, under an exclusive appointment, the seller will have to pay up the professional fee when the property is sold, regardless of who closes the deal.

The job scope for an exclusive agent is basically the same as a general one – nevertheless, once exclusivity is given, the property agent will definitely prioritise the seller’s property by putting in more effort, resources and time to market said property as the sale is almost guaranteed under an exclusive appointment.

Things to consider before hiring

Before hiring an exclusive agent,  sellers are advised to do their due diligence – check the agent’s background and validity by browsing through the Valuation and Property Services Department (JPPH) website. Also, do not forget to make sure that the agency is registered with the BOVAEA and is currently active as well.

Sellers can also evaluate the property agent’s suitability by checking if he or she is familiar with the area and property type. It is recommended to employ an agent who is an area specialist – this means that the agent will have valuable experience and expertise in the subject of property and is knowledgeable with the market  condition for that specific area. A plus point for the potential agent will be if he/she could provide legitimate testimonials from previous customers – a solid track record is a winning factor as it provides sellers with the necessary confidence and trust.

The advantages

An exclusive appointment will definitely  motivate and encourage the property agent to act more proactively and aggressively, besides convincing the property agent that disposing the property is a serious matter for the seller.

Hence, in return, the agent is willing to carry out various type of marketing activities and initiatives to ensure that the property will be sold at an optimum price in the shortest period possible. Sellers can expect to see their requirements being fulfilled efficiently or maybe even beyond their expectations.


Written by Fan Yea Jea, Founder of The Property Expert.

Image courtesy of Realtor.com

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Case studies, Houses, how to, Luxury condominiums, Marketing, Real estate, References

5 ways to rent out your property – fast

How else do you get your investment’s worth?

The occupancy rate for residential properties in Kuala Lumpur is relatively low, with a whooping 20,876 units that are completed and unsold recorded at the end of the first quarter of last year. Downward pressure on the economy, both locally and globally, is not helping to improve this phenomenon. Since occupancy rate is a key performance indicator of an investment property, as an investor it is crucial to have tenants occupying the property as frequently as possible.

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Here are 5 ways you can make this happen:

1. Location

This is probably something you’ve already heard countless times – location, location, location. Although most people have heard this, it is quite surprising how little attention is paid to it. Of all the things you could do to rent your property out fast, this is probably the most difficult to change. You cannot change the location of your property, so it is important that you get this right when you decide to invest.

Some important location-related questions to ask before investing:

• Does the property have good connectivity vis-à-vis proper roads, highways, rail links, and bus routes?
• Is the property close to important amenities like school, hospital, banks, and commercial centers?
• Are there plenty of job opportunities near your property? The more jobs available or created near your property, the more demand there will be for housing.
• Is the property close to a good mall? Notice that shopping malls like Midvalley Megamall, The Curve, and One Utama have played pivotal roles in influencing the popularity of its surrounding neighborhood.
• What is the current occupancy rate in the neighborhood like? The above are what we call demand drivers. If there are strong demand drivers for a property, it will probably fare well in the rental market and appreciate handsomely.

2. Treat your property like a business

If you are in the business of letting out properties, then you should be doing it like a proper business. Quite a number of years ago I had a client who was unable to rent her property for over 6 months. When I had a look at the property I realised the reason was because the property was dusty and dirty. It had a musty, stale odor lingering inside and there were cobwebs everywhere – it looked dreadful.

I suggested that we clean up the whole apartment and stage it nicely. She was very reluctant so I offered to do it at my own cost (yes, I was full of zest then). I got the apartment thoroughly cleaned and washed, rearranged some of the furniture, put on bed sheets, and used a good air-freshener. The apartment finished result was amazing and  the owner was so impressed, she offered to change the curtains. I found a tenant for this apartment a week later.

People who treat their buy-to-let properties like a proper business never seem to have problems with finding tenants. Every cost that can improve occupancy is an investment to them, thus everything has to be calculated. However, be careful not to spend aimlessly and be prudent enough to balance revenue and costs.

3. Realistic rental rates

Realistic rental rates do not necessarily mean low rental rates. Rather, it means giving perceived value. What’s the difference between a Rolex and a Tissot? There may be clear differences in quality, but this difference in quality is not necessarily marked by an equal difference in price. The difference in price can be 100% to over 1,000%. Yet, people are willing to pay this huge difference for the brand. This is because consumers perceive the brand to be worth the price. So, while John can tell the time just fine with his Tissot, he would be happy to pay RM30,000 for a Rolex if he can afford it. And that really is how you should be thinking about rental price. Would a potential tenant see your property and perceive your asking price as reasonable?

In 2011 I visited a studio apartment in Damansara Perdana. It literally blew me away. The renovation was not expensive but the apartment was classy, functional, and cozy. You could tell that a lot of thought had gone into this apartment. The owner’s asking price was RM1,500. It was about 10%-15% higher but I had no doubt it was worth it. I think everyone who saw it thought the same. This apartment has never experienced occupancy problems. I’ve also never seen it advertised in any of the online property portals. This owner is getting a hot supply of leads and does not even need to advertise!

I have also visited apartments that barely impress but have significantly higher price tags than the average. Needless to say, these apartments are vacant longer than usual. You do not necessarily have to put in expensive furniture or make your property look like a page out of the Malaysian Tatler. You just need to be realistic.

4. A manageable number of RENS with good track records

Real Estate Negotiators (RENs) are perhaps your most important partners in the business of finding tenants. A good REN will have a strong network of clients (corporate and individual), advertises her listings in a frequent and consistent manner, is specialized in a particular area or genre and has a good soft skills.

The biggest mistake you can make is to appoint 50 random agents to rent out your property, more so in the high-end market. You will find yourself wasting a lot of time dealing with unqualified leads and too many distractions. You could inadvertently also create a price war as RENs advertise on the same channels. 50 RENs with little marketing skills will end up reducing price to secure the same pool of leads.

A better approach is to have 5-10 RENs with solid tack records for your type of properties. Interview the REN you would like to appoint and ask her about her client base, ask her for the number of properties she has let out in the last 12 months, ask to see some of her advertised listings, and observe her soft skills. Having manageable number of RENs with solid track records by your side is akin to having the Dream Team play basketball for you.

5. Creative models

Changes in technology have made renting out your property a lot easier. One of the most significant developments in this step is the rise of AirBnB. With AirBnB, you can list your property in less than 30 minutes and have it seen by literally millions of people around the world. You become a host to holidaymakers and business travellers. I have been hosting hundreds of people from all over the world for nearly 2 years now and the experience has been wonderful.


Written by Ikhram Merican for iProperty.com.my.

Image courtesy of Harcourts International

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Happy Thanksgiving 2018 from the Fresco team!

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“St. Patrick’s Day is an enchanted time – a day to begin transforming winter’s dreams into summer’s magic.” -Adrienne Cook

Our friends from the western part of the world (Ireland to be precise) will be celebrating St.Patrick’s Day on the 17th March. Not much of a celebration here in Malaysia as this is seen as more of an excuse for a time out and drink session rather than the observance itself.

Nevertheless, to all my Irish tenants, notably Mark, we wish you and family a happy St. Patrick’s Day! *Still owe you the air-conditioning maintenance. ¯\_(”ꙭ,)/¯

Read more about the origin of St.Patrick here in Wikipedia: St.Patrick’s Day


Information courtesy of Wikipedia

 

Houses, Marketing, Real estate, References

Our next 19 Perdana semi-detached units exclusive open house.. this Saturday 10th March 2018

Time for the next 19 Perdana units exclusive open house again! This is to do our best to wrap up the project and it’s remaining units available. With just another 6 units to go, we are planning to go out on a high! Visit us at Jalan Perdana 1/91B, Pandan Perdana this Saturday (tomorrow) 10th March 2018 from 10am to 4pm. See you there!

Open house 19 Perdana 10th March

Case studies, Land Deals, Luxury condominiums, Marketing, Real estate, References

How do you handle a sudden cancellation of appointments and viewings?

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Us agents deals a lot with unexpected last minute cancellations of appointments and viewings. Yes, cancellations – not postponement or rescheduling. Whether it’s an emergency or simply a call or text to inform that they can’t make it just hours away from the appointment, it is always a challenge for the agents to inform the owner/landlord in time. Even if we pulled it off successfully, it will leave a not-so-good impression afterwards. But how do we do it such that both the owner/landlord and the buyer/tenant feel less annoyed and we maintain our professionalism beyond that call?

We know that we will do our best to salvage the appointment/viewing even with the most outrageous of reason/excuse. But what is the best way to deal with it?

Make the call to the buyer/tenant. Yes, a CALL, if they texted you of their intention to cancel the appointment . Do not text or Whatsapp them in return. We know that ‘Whatsapping’ is way faster and popular but there is another use for it later. Call them to understand what happened and is there a way to reschedule it to another time or day. If there is no longer an interest to proceed, at least we know from the call and clear about it.  Next, call the owner/landlord to inform them about the cancellations. This will make us look more professional and accountable towards our dealings. Once we made the call, follow up immediately with a text or Whatsapp to both parties to document the communication so everyone is clear of what is happening, or what happened.

Many a time we are too uneasy or feeling dreadful about the cancellation and just want to deal with it the quickest way possible to avoid further clarification and disappointment. But one must remember, this is not the only appointment/viewing we will have. Also, it is pretty common in the business world that such events gets cancelled in many ways. We just have to take it and move forward. And the best way to do it – tactfully and promptly! That will sets us apart.

Personally, I’ve done both and I come to the conclusion that making that call to inform is the way to go. I hope that helps and may you be more relaxed of such cancellations. Happy hunting and remember, make that CALL!

Case studies, Houses, Luxury condominiums, News, Real estate, References

Landlord, agent held after locking up tenant inside Subang Jaya condo

PETALING JAYA, Feb 26 — Two men who locked a woman inside a Subang Jaya, Selangor condominium unit over the weekend for failing to pay her monthly rent have instead found themselves in the police lock-up.

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The tenant, a 26-year-old woman, believed her landlord and his agent had padlocked the grille door to her rented unit at Pandora Residence in Tropicana Metropark at about 7.30pm Saturday, leaving her stuck inside for about 16 hours.

She was finally able to leave at 11.30am yesterday, after contacting her family who filed a police report on the incident.

“The victim was forcefully confined to her own home after she failed to pay the monthly rent of RM1,100 to one of the suspect. She was unhurt during the ordeal,” Subang Jaya police chief Assistant Commissioner Mohammad Azlin Sadari said.

He added that police tracked down and arrested a 44-year-old salesman and a 29-year-old real estate agent yesterday.

The case is being investigated under Section 342 of the Penal Code for wrongful confinement which carries a imprisonment for a term which may extend to a year or a fine which may extend to RM2,000 or with both upon conviction.


Article courtesy of Malay Mail Online by BY KENNETH TEE | Published: February 26, 2018 10:12 AM

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Happy Chinese New Year!! Year of the Doggy..

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Hey, it’s almost 16th Feb 2018, which is the date of this year’s Chinese New Year! And this year, it’s the year of the Dog (one of the 12 zodiac animals in Chinese astrology).  All of us here in Aid Estates and Fresco team would like to take this opportunity to wish all our Chinese clients, partners, family & friends a very happy, joyous and healthy Chinese New Year 2018!

The Dog (狗) is one of the 12-year cycle of animals which appear in the Chinese zodiac related to the Chinese calendar. The Year of the Dog is associated with the Earthly Branch symbol 戌. The character 狗 refers to the actual animal while 戌 refers to the zodiac animal. – Wikipedia

This year, I’ll be travelling back to my hometown Ipoh with my family and will be around for a few days. It is a good time to catch up with family members and relatives over dinner and drinks. Probably a surprise visit to a friend’s home also on the cards.

Usually there’s nothing much for me to do during CNY. I’ll stick around with wifey and the boy and we’ll wander around Ipoh for food and probably catch a movie if there’s nothing on for us.

For those who are travelling up North or down South, do drive safe and keep your eyes on the road all the time. Sometimes, it is really better late than never.

As usual, many will look for good signs as well as bad ones to avoid this year and horoscopes for each zodiac animals will be a hit again. Head on to this fun site:  Chinese Horoscope 2018 – Lunar New Year of the Earth Dog for a quick check on your sign and look at others for compatibility.

Take care ya’ll! See you soon!

 

Case studies, Food & Reviews, Houses, Luxury condominiums, Marketing, Real estate, References

What do you think of North Kiara? Would you shift your interest over the other side of Mont’ Kiara?

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More often than not, when mentioned Mont’ Kiara, it is mostly associated with high rise luxury condominiums and expensive penthouses and properties. Expatriates are most familiar with the area, and with its wide range of amenities and matured landscape, it’s easy to make a choice. However, since 10 years ago, Mont’ Kiara has outgrown its capacity. With every high rise apartment/condo built to accommodate demands, it’s running out of space and congestion is almost unbearable.

Everyone wants a piece of Mont’ Kiara but with the land drying up and prices are not as affordable as one would like, what are the alternative(s) for these people?

For tenants, it is merely a pick and choose situation as there are plenty of units available around the area but when it comes to price vs. building, they may have to think twice. Usually, older apartments comes with cheaper rental price and more simple furnishing. The ones in the middle category are those with the greater dilemma – those looking at around RM 3,000 +- rental per month. They wouldn’t want an old apartment that costs lower. Not that the money in view is a lot, but it is almost certain that it wouldn’t get them anything they are looking for and it is pretty rare a nice little unit is around for them to pick.

And usually, these units to-let are in the market for some time. As it goes, what started as a bare unit or partially furnished unit is now a fully furnished one. And it is again, almost certain that the landlord would increase the price a little in that aspect. Now, the tenant probably have a list of units that are older, pricier and fixed with some unwanted furniture (although some landlord could remove those not needed) to choose from. It is common that they take a longer time to view and choose and engaged with multiple agents to bring them around.

As for buyers, apart from some occasional fire sales or below market value units, anything that’s newer, well-kept and ‘investable’ costs about RM 700-800psf. And if you are talking about a 1,500 sqft apartment, that’ll set you around RM 1M to 1.2M. Although the market is slightly softer as we move in 2018, the price psf will still hover around that bracket and with bigger, newer and less costly units coming up around the other side of town, would they shift their sights?

North Kiara aka. Segambut stretch

Years ago, many would shy away when they were proposed something around that area. Couldn’t blame them. North Kiara or the Segambut area is not exactly what they have in mind when they speak of high-end living space. But technically, it is just a passage away from the fancy Mont’ Kiara proper. I was personally introduced to the location almost 15 years ago when I was looking around for a place and Mont’ Kiara is out of my league at that time and this was the next best thing. Question is, is it still, now?

For the past 5 years, there has been a-lot of activities around this part of town and newer condominiums sprouted with attractive prices and exciting layouts. The build quality and overall design is also comparable to the ones found in Mont’ Kiara. With the likes of Concerto, Anjali, Scenaria, Royalle, Verdana and 28 Dutamas holding the mantelpiece at the moment, there will be more coming up from this side of town to usher new homeowners to a location where they think is the next ‘place-to-be’.

The slightly reduced price psf for these developments mainly points to the fact that they are located at the less-affluent part of Segambut. But what will the future hold for this area in the next 5-10 years?

Just a mere 5 to 20mins away from its more illustrious neighbors, Segambut or North Kiara will no doubt rise to its potential. It’s just a matter of time. Old residential and undeveloped land will make way for its new projects and more and more home-buyers will definitely take notice of it soon.

Just a point to ponder. Many home-buyers within the next few years are more likely to opt for price over status. If living in a location with cheaper options and still within a stone-throw away to the superstar spot, would the answer be ‘why not’?

Let me know if you have any inquiry or simple looking for something in the above areas. I’ll be more than happy to be your guide. Cheers!


For a more detailed look at Segambut (North Kiara) transformation and it’s upcoming recognition as one of KL’s sought after location, please find the following article by PropertyInsight at http://propertyinsight.com.my/area-focus/segambut-comes-of-age/

Image courtesy of Anjali of TAGO.

Entertainment, Family, holidays, References

Happy Thaipusam to my friends!

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Very soon we will reach 31st January and it’s none other than the celebration of Thaipusam for all my Indians friends! This year, the front image of the website shows 2 arm chair with a coffee table with coconut and a diya. It represents a peaceful and traditional celebration for everyone an may it brings prosperity along. Avid Estates & Fresco would like to wish them a happy Thaipusam 2018!

I’ve written a small article about the celebration a year ago. You can read it here:

https://wordpress.com/post/thefrescoapartment.wordpress.com/2863