*Infographic courtesy of iMoney.my
*Infographic courtesy of iMoney.my
Let’s take a look at these 6 tips on how to become a successful real estate agent courtesy of Land&Property.com:
I know I’m doing the right things! Yeah…
Hey guys! Guess what. We are generating more and more visits thru The Fresco Apartment and it’s going great! But we do realise that most of the properties on display are of a higher value bracket. So, we thought, why not a place where there’s something for everyone and it is affordable, gorgeous and best of all, having us as your agents! We are proud to announce our buddy site The Frescoroom where we have rentals as low as RM2,000 and sales below the RM 1M mix.
We always believe that ‘Everyone deserves the best, even with a little less!’.
Hop on to the site and enjoy your stay. Let me know if you have comments or how we could improve the site better.
“An exclusive listing agreement means that that brokerage, and the designated agent within that brokerage you choose to work with, is the only brokerage that can represent you in the sale of your home during the time frame listed in the agreement. What it means is that you do not have different brokerages and agents attempting to market and sell your home on your behalf.
You are working with one brokerage and one agent that represents, advocates, and markets for you. It does not, however, inherently limit where your house is listed on the internet, or how it is marketed within your community. That is chosen/decided/agreed upon by you and the designated agent you are working with.
This is why it’s so important to interview agents prior to listing and find out about their experience, their web presence, their reputation within the real estate community, their macro- and micro-market awareness, and their specific marketing plan for your property.
The bottom line is, an exclusive listing agreement does not inherently dictate how or where your home is marketed, only who represents you and by whom your property can be marketed. However, a non-exclusive listing agreement may block your home from being listed in certain real estate websites. As a seller, you want to know that you are being represented by one solid and reputable brokerage, and an agent that is best suited to market and sell your property.” – Kevin Van Eck @Properties in Chicago, IL.
For properties owner:
When you come to the decision of selling your property, you can either list with multiple agencies or exclusively with one agency. If you decide to sell your property via an exclusive agent, you can only market and sell through the said agency as long as the timeframe of the exclusivity is effective. There are many benefits to list your property exclusively, some of these include:
For the buyers:
Buyers will likely agree to work exclusively with you if answer two implicit questions:
Here are some answers:
The above illustrates some of the more obvious reasons why an exclusive appointment is beneficial to all parties, the owner, the agent and the buyer.
Let me know your thoughts if you’ve encountered anything similar from the above article.
Article sources from Kendal & Co and Jim Luger, CDEI of www.continuingedexpress.com
We have been told countless times that buying a house is a lifetime commitment. Indeed it is one of the most important decisions we make besides marriage, having children and scratching all the other stuff on our bucket list.
But with so much information available, making sense of the property market can be intimidating, even downright confusing. What gets us most of the time is whether to opt for a freehold or leasehold property.
Actually, does it even matter? We find out what are the major differences between freehold and leasehold, and how it can affect your property buying decision.
Freehold property is when the state sets aside a plot of land and disposes it indefinitely to an individual. This is obvious when developers build freehold bungalows, private housing and condominiums.
As the developer owns the land, property built on it facilitates the transfer of land to the buyer provided it is a landed residential property such as a bungalow or a terraced house. This ownership will be in the form of Master Title.
As for a condominium or other high-rise residential properties, the buyer owns a stake in the condo by way of the unit but the developer still owns the land. In this case, the developer will distribute the ownership via Strata Title.
Beware!Unlike leasehold, only environmental and town planning controllers limit freehold developments. Under the Land Acquisition Act 1960, the state can take back freehold land if it is for public purposes, such as an MRT project, or economic development.
For example, the federal government acquired the land which the Ampang Park Shopping Centre was built on for the MRT project. If such an acquisition occurs, the owner will be paid the market value of the property.
Freehold land certainly does have its fair share of benefits. Owners face fewer and less stringent limitations should they want to transfer their land to someone else. They also have the right to subdivide and allocate the land, although it is still subject to town planning controls.
If there is no development taking place on a freehold land, the state cannot claim the land from the owner, meaning you are not required to stick to a specific timetable.
Generally, freehold properties go through stable growth provided all other aspects of the property are in good condition. There is also the possibility of redevelopment of old freehold properties where owners will be compensated.
But there’s one thing to note here: there are freehold properties that need the consent of the state when transferring ownership. An example of “restricted” freehold properties are the semi-detached houses in Kelana Jaya. The reason for this is these properties were converted from leasehold to freehold.
Potential buyers are advised to look at the title of the property to find out if there are any restrictions on the land before deciding to make a purchase.
Leasehold property are usually 30, 60, 99, or in some same cases, 999 years. There are some with 50 or fewer years such as PJ Old Town in Selangor, and some parts of Kuala Lumpur such as Sungai Besi and Setapak.
Such land comes with obvious restrictions where the dos and the don’ts are fleshed out in the lease.
The tenant has to care for the land as defined by the land legislation and may be responsible for developing some property and maintaining it. If the state deems the tenant unfit, the security of the tenure may be compromised. The state can forfeit the lease for non-performance.
Beware!1. It takes longer to sell
During the period of ownership, unlike most freehold titles, only the state or an equivalent can grant approval for a transfer of the lease. The sale for a leasehold property takes 3 + 1 months, which only starts after the state has given consent – this can take anywhere from six months to a year. This can make reselling your property a problem in the future.If you are purchasing a second-hand leasehold property, the paperwork for transferring ownership can take about a year or longer in Selangor and Kuala Lumpur due to the number of consent requests. It is believed that leasehold property bought on the primary market, or from a developer, usually doesn’t consume that much time.
2. Value may be lower than freehold
When it comes to value, experts observe that properties with a 99-year lease go up at a similar rate with its freehold counterparts during the first 20 to 30 years. Some leasehold properties do gain more value than freehold ones during the early years. But beyond 30 years, the values of leasehold properties stagnate and depreciate until the expiry of the lease.
3. Financing may be more difficult to obtain
There’s also the problem of financing. Financial institutions tend to not lend to those wanting to acquire leasehold properties with less than 50 years remaining on the lease. Most banks veer towards lending for leasehold properties with at least 75 years left on the lease. Even if you do get approved for financing, your margin of financing (loan amount) will likely be lower than the maximum 90%. This means you will have to fork out more cash for your down payment.
4. Value is lower than freehold
Price-wise, leasehold property may or may not be cheaper than that of a freehold of similar specifications. Assuming that all other details are equal, such as the built-up area of the building and the land size, the price of a leasehold property is often around 20% lower than a freehold one.
Finally, there’s renewing the lease. The last thing you want is to suddenly receive a notice that your lease is expiring within a few years and to renew it you have to pay an exorbitant amount, just like what happened to the folks in PJ Old Town.
However, it’s not all bad for leasehold. If you are getting a leasehold property, you may notice that these properties usually offer more facilities or features from the developers, or even priced lower than a freehold property. As developers understand the competition in the property market, they tend to compensate with more features for a leasehold property.
At the end of the day, making a decision between a leasehold and freehold property does not solely depend on the price and cost. There is a list of factors at play, and the individual’s spending power tops that list.
While not all leasehold properties are inferior price-wise, it’s clear that fetching a freehold property now, especially in a convenient part of Kuala Lumpur or Selangor, might come with a hefty price tag.
For example, a check on PropertyGuru for new property launches in Kuala Lumpur, displayed results with prices anywhere from RM813,000 upwards for a condo. Fancy a second-hand landed one? Listings on propwall.my revealed unfurnished single-storey houses with a built up of 1,600 sq ft in Taman Tun Dr. Ismail going for RM1,200,000.
You might argue that these are pricey due to their location, but accessibility is also something you’ll factor in when purchasing property. A double-storey freehold unit with a build-up of 1,875 sq ft in Bandar Country Homes, Rawang, might fetch you RM475,000, but if you are working in downtown Kuala Lumpur, that’s about a 40-minute drive to the office through tolled roads without traffic. That means additional daily expenditure in fuel, toll and general maintenance of the car.
On the other hand, a leasehold property, despite the apparent drawbacks, might be located in a very convenient location. Take Damansara Perdana for example. When Metropolitan Square was launched, the starting price for a condo was RM199,204. The asking price is now RM590 per sq ft. That aside, there are amenities within walking distance such as The Curve shopping mall, Empire Damansara, and IKEA. Getting around Kuala Lumpur and Petaling Jaya is a breeze especially with a car as all the major highways such as the LDP and Penchala Link are nearby.
It is also worthy to note that freehold properties in coveted locations are limited. If you are in the situation where all other factors are equal between two properties of different land tenures, you should obviously choose the freehold unit.
However, the land tenure should not be your primary or sole deciding factor when choosing a property to purchase. Perhaps the best place to start when thinking of buying your first home, whether it’s freehold or leasehold, is to look at your housing affordability and also your objective. Some of these considerations include, your monthly income, cash amount you have available, and how much you can borrow.
Once you’ve got these checked, only then shop for a property loan that offers the most competitive rate. You can use iMoney’s home loan calculator to compare the rates and apply online with no additional cost.
Article courtesy of iMoney.com.my July 26, 2016
*Image from The Sun Daily
Was having a drink last night at Sid’s when Ray and his friend Kevin (yup), suddenly came up to us with a nifty gadget. But it didn’t surprise me that much at first. It felt like something I’ve known all along. But after meddling with it for a while and also after much input from the bunch, it dawned on me that this is the perfect tool to take my listing presentation to another level.
I’ve tried, on several occasions to capture my home presentations on video with my mobile. However, all of it turned out horrible. That’s why none of it made it here.
The gadget, I can’t recall (actually, I forgot to notice) the brand. Not sure if it’s the Osmo Mobile or the Vimble S or something else similar. They looked almost the same although DJI’s Osmo feels a little polished. The grip was good and the navi-button feels almost like the ones from PS’s.
What does it do? Well, for starters, this little gadget holds your phone (preferably iPhone although it supports both iOS and Android), like a selfie stick. Then, you start to move around taking pictures or videos – without the faintest worry about shaky pics and vids. The holder comes with a 3-axis stabilization mechanism that will keep your phone steady.
Osmo Mobile turns your smartphone into a smart motion camera, making every moment you shoot look smooth, professional and ready to share. Shoot cinematic videos anytime, or use its intelligent functions to track your subject, capture stunning motion timelapses or even stream a moment live around the globe.
Since I’m not doing an out-and-out review of the gadget, I just want to point out a couple of its features that we estate agents could use to improve our listing presentations either with pictures or videos. Imagine having a shake-free video with an extremely good 330˚panoramic capability to capture those glorious corners of the house. Its Panorama function automatically captures and blends 9 separate photos together to create one stunning photo. ‘Stitching’ to me…
Since we can’t afford a drone as yet, we are planning to get this for the company and use it to level up our presentations. Everyone is going 360 and VR nowadays, let’s get this started and roll along the way as we go. See where technology bring us to…
See what it can do to your real estate video! The following video was shot using the DJI Osmo X3 (the non-mobile version) and Adobe CS6 editing. The owner of the video is Roley Chiu from Canada.
You can follow his channel at: https://www.youtube.com/channel/UCt_wCP5Q_I4mGgUDGSB_AYA
Images and videos courtesy of DJI and Roley Chiu
If you throw a frog into boiling water, it’ll jump straight out. However, if it’s placed in cold water and the temperature gradually increased, it’ll be found dead without any attempt to escape. We’ve all experienced that subtle death.
Neuromarketing takes advantage of that vast blind-spot beyond our conscious awareness; leveraging psychological phenomenons in subtle ways to lead us into certain decisions.
Here are 10 subtle neuromarketing strategies to start leveraging:
The classic “Xerox copy” study by Harvard psychologist Ellen Langer demonstrates the power of simply giving an explanation. The set-up was a student attempting to cut in line for the copier.
In the first scenario, she asked “Excuse me, I have five pages. May I use the Xerox machine?” Sixty percent allowed her to cut-in line. In the second scenario, she asked, “Excuse me, I have five pages. May I use the Xerox machine because I’m in a rush?” Compliance shot up to 94 percent with the addition of a reason.
The third scenario was the most surprising: “Excuse me, I have five pages. May I use the Xerox machine because I have to make some copies?” The rate was almost the same at 93 percent, even with a redundant and ridiculous explanation.
Our brains love answers; such is our love for crosswords and brainteasers. EEG recordings show a burst of neural activity whenever we have an “A-ha” or eureka moment, and on a lesser scale, when we’re given answers and reasons.
Compliance comes with satisfying that neurological and intellectual hunger for solutions. The most engaging speeches don’t simply convey information, but offer resolutions. The most effective products don’t address problems, they solve them.
Allan Pease gives a fascinating Ted Talk on how hand gestures completely change the public perception of a person’s presentation.
Repeating the same script, the only thing that changes is hand gestures and positioning: palms showing, palms hidden, and using the index finger. The speech delivered with palms showing was remembered 40 percent more people, and the speaker was described as likable and friendly. Palms hidden was described as authoritative. Using the index finger elicited the most negative response and least retention.
Pease explains that the presentation of our palms is historically a sign of peace, that we have nothing to hide. Hidden palms subconsciously reflected protectiveness, dominance or power. Just picture Hitler’s salute.
When giving presentations, being intentional about showing your palms will elicit a better response.
From salad dressings to computers and vehicles, we’re flooded with options. Most people celebrate that, but if you’re looking to make a sale, you’re better off giving fewer choices.
Only 3 percent of shoppers made purchases when presented with 24 different varieties of jam as opposed to 30% percent when six varieties were offered. Similar results were found when an employer offered 50 different mutual funds versus five.
More options produce paralysis. The mental processing required to assess and make a decision goes into overload. Avoid decision paralysis by narrowing your options down to three. In sales, increase your conversion rate by offering fewer options.
The effort to save $100 is much greater than the effort to gain it. That’s because our emotional reaction to loss is twice as intense as our joy in gain.
Put into practice, a group of teachers were given $4,000 upfront, but told they’d have to return the money if their students didn’t show academic improvement. Another group was promised $8,000 — twice as much — but only after student’s grades came in. The higher grades came from the teachers working not to lose their $4,000.
Savvy marketers always address what the customer stands to lose if they don’t purchase, not just what they gain. Productivity and goal-setting experts also use loss aversion, encouraging placing money on the line to increase motivation.
In many supermarkets, you’ll find the florist and bakery located by the entrance and checkout, along with walls of impeccably stacked candy and chip packets. The smells and colors are a sensory overload, releasing endorphins and a state of pleasure that results in more purchases.
Colors trigger emotional and physical responses: Park rangers will plant bright colors to deter loitering. Waitresses who wear red receive more tips. Hospitals use white to bring a calming effect. Restaurants use yellow to perk moods and stimulate hunger.
Low tempo music will cause shoppers to move slower and purchase more. Classical music has been linked with increased sales in wine stores and restaurants. Pleasant music played while you’re placed on hold keeps callers on the line longer.
Logic and reason can easily be overwhelmed by our senses. A simple shopping list is great advice from your spouse for many reasons, one of which being a great tool for breaking through these subtle influences.
Advertise “for a limited time only” and, suddenly, there’s a spike in sales. Airlines often advertise “three seats remaining” to prompt you into making a purchase. When options are scarce, what’s available becomes much more attractive.
Psychologists refer to it as a “temporary shrunken world,” causing our perceptions and decisions to change. The love at first sight on The Bachelor is lucky to get a second glance on a regular night out.
When we have a strong need for something, we’re prone to falling into a “shrunken world” and making irrational decisions. Having that awareness is key to breaking out of it.
We say blood is thicker than water, but face embarrassment when our love for a football team can eclipse our own child. Dr. Paul Zak’s study showed just that.
He monitored the release of the love molecule oxytocin while asking subjects questions related to products and significant people. Products evoked a stronger response over loved ones when they were framed within a story, e.g. the watch that belonged to your grandfather who went to war.
FMRI analysis show that when our brains engage in a story, it behaves more like a participant than a spectator. A story is the bridge between getting and keeping someone’s attention.
Copywriters are very intentional with the use of “you.” Although the goal is to reach millions, the method is to sound like you’re reaching one person.
Moving from general to personal breaks down the psychological “fundamental attribution error.” It’s our cognitive bias, we have one lens in which we judge other people, and another lens for ourselves; you’ll be furious seeing someone texting and driving, but find justification for your own crimes.
A generalized message will be interpreted through the critical judgmental lens, but a personal message is met with the sympathetic lens. Making someone feel as if they’re the only person in the room isn’t just good social intelligence, but very effective communication.
A company listed their bread maker for $275 and barely made any sales. They later doubled sales not by reducing the price, but by placing a similar bread maker for $429 right beside it. That $275 bread maker suddenly became a bargain.
A clever salesperson will offer the highest priced product straight off the bat. A $129 tie doesn’t seem much after you’ve spent over a thousand dollars on a suit. An initial price that’s sky-high becomes an anchor for comparison and makes everything else look reasonably priced.
It works beyond business. You could tell your partner you’re pregnant, followed by the dint you just put on the car. Our brain processes information relationally but these comparisons can be warped and unprofitable. It’s helpful to think in isolation also.
Increased success in negotiations may be as simple as crossing your legs at the same time your prospect does. Imitating another person’s posture, mannerisms and even tone of voice creates rapport. It happens unintentionally, but can be leveraged intentionally. Whenever we’re comfortable with another person, we naturally become in-synch. When they take a drink, you take a drink.
Italian scientist Giacomo Rizzolati affirmed this with his neurological discovery of “mirror neurons.” When we see someone scratch their nose, the same physical neurons that fired for their action sparks up in our own brain, as if we did the same thing. Evolutionists explain that it allows for empathy and bonding, a survival mechanism that can now be leveraged to build rapport and make people more inclined to accepting proposals.
Of course, it’s a fine line between mirroring and mockery. It has to begin with a genuine interest in the other person. Dressing in a similar fashion to your colleagues, and finding out the dress code for the upcoming conference is a good place to start.
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