YOUR PROPERTY PARTNER

Last year, about 270,000 transactions took place in the property market. It is estimated that real estate agents handled approximately 30% to 40% of these transactions, which is about 100,000 transactions. With estates agents having such a stronghold in the property market, you my need to appoint one who can effectively represent you in achieving the following objectives.. 1. To sell the property as fast as possible and 2. To get the best value with the right terms and conditions Selecting the right real estate firm to help you buy and sell your home is essential for a smoother and speedier transactions. If you're planning to buy, sell or lease your property, it is vital to know how to appoint an estate agent who will be able to assist you achieve the objectives above. 1. AGENT SEARCH *Check whether the agent/negotiator is active in you area and whether he is registered with the Board *Ask around and get referrals from sellers who have had experience with them *Get referrals from family friends, associates and even solicitor or financial advisor *Look out for agents who have the most signboards in your area; they may be focused or specialized in your area and that gives them depth and good knowledge *Also look at newspaper advertisement for agents with most listings in your area Agents/Negotiators who focus on one area may be in contact with buyers looking in that area. Naturally, you want to engage someone you are comfortable with and who can do his best to assist you. 2. EVALUATION These are some of the qualities that a good negotiator must have; *Makes you comfortable *Promptly returns your call *Is punctual for appointments *Can advise you, as a seller, on pricing, improvements that need to be made and ways to market your property *Can advise you, as a buyer , of properties that suit you in terms of location and budget *Is knowledgeable and knows comparative values *Knows property law *Conversant with the market and the developments in the country that affect real estate transactions It is important for you to develop a good relationship with your agent. It should be a two-way communication where the agent reciprocates to find out what you really want. It is the agent's responsibility to understand the owner or buyer's needs and demands and find a way to address them. Good agents will have ready information regarding the property market to answer any queries. At the initial stage, get feel of the agent's style of communication and see if you are at ease. If you are a seller., the agent should be able to recommend the best way to sell your property quickly. 3 QUALITIES The agent you choose should * Have good track record, especially in the particular area * Have a marketing plan * Update you on the progress of your property transaction including marketing activities and offers made by potential buyers * Know what strategy would work and what wouldn't * Know the target market for your property and how to reach them * Work with the financial adviser and solicitor to smooth en the transaction The majority of agents are well versed in areas they are familiar with. They should know of the supply and demand and the transacted prices of properties in their area to better advise the house owner on suitable asking price for the property. The asking price will not be the selling price ; it serves as a guide for the agent to negotiate the price. A competent agent must be able to advise the owner, especially if the property he is selling is overpriced. Demanding a price above the market value may harm the transaction. An agent should also be able to convey and negotiate any offer that is put across by a buyer. 4 SUPPORTING AN AGENT There are several ways you can help your agent/negotiator to help you effectively; * Have the paperwork ready e.g S&P agreement,titles, quit rent assessment receipts, etc * Make sure appointment is in writing * Encourage exclusive listing as it is an easy way to monitor performance * Do touch ups and improvement to your property * Keep the property clean and presentable * Allow the agent to place 'For Sale' or "for Rent signboards * Agree on the selling price and keep to your promise * Always believe in a win-win situation in negotiations If you are the buyer, be clear of what you want so that the agent can search for the listing clearly and quickly for a match. nothing is more frustrating to an agent than a vague property requirement or one that is too general. Be clear about your timeline to purchase. This will help the agent priorities based on urgency A well-presented house would reflect happy occupants and allay fears of problems attached to the home. Touch ups may cost a little but the upside is, it can boost your chances of concluding the sale. A well-maintained house gives a first good impression and has a magnetic effect on potential buyers. In every trade and profession,there will always be bad apples. Such cases are few and far between, Getting the right agent to work for you is just the first step of the process. the good relationship you develop with your agent will make the rest of the course far smoother, as many happy clients can attest. Contributed by: Chan Ai Cheng * An article at real estate education programme by the Malaysian Institute of Estate Agents (MIEA),88-B, Jln SS21/39 Damansara Utama,47400 PJ Tel: 03-7727477 Fax: 03-77293693. E-mail: secretariat@miea .com.my. Website: http://www.miea.com.my