The novel coronavirus pandemic (COVID-19) is anticipated to impact the overall Malaysian economy and there will be the need for some property investors and owners who are overleveraged or need a cash injection to quickly sell their properties once the MCO comes to an end.
To help the public, the Malaysian Institute of Estate Agents’ (MIEA) ongoing public awareness campaign called #MYREALAGENTS has taken the initiative to host a series of ‘MIEA Public Advisories’, free webinars where members of the public can learn how to best manage their property transactions in a post-COVID-19 world.
#MYREALAGENTS was developed to raise public awareness especially amongst first-time buyers and renters on the need to choose Registered Estate Agents or Negotiators for their property needs due to the continuous number of cases of Malaysians falling prey and losing their hard-earned savings or their interest being compromised by unscrupulous illegal brokers.
Lim Boon Ping, President of MIEA said, “we want to be proactive as we are already seeing signs that property investors and owners will be looking to sell their properties quickly once the MCO is over. It is important that during this time, we continue to protect ourselves and not be influenced by illegal brokers making fanciful claims.
“Buying, selling or renting property is a complex process so Malaysians should let the professionals help guide them”.
The first webinar took place on April 7th and saw insightful sharing two real estate industry experts, Mr. Siva Shanker, CEO, Real Estate Agency Rahim & Co International and Miss Chan Ai Cheng of, S K Brothers Realty (M) Sdn Bhd. Entitled “How To Sell Your Property Fast, Post-MCO”, the session was moderated by Imran Clyde, Director of Nextdor Property Communications Sdn Bhd.
Past MIEA President Siva Shankar said that regardless of whether we are in a downturn or rising market, property transactions will continue so it is vital that you work closely with your estate agent or negotiator.
Property owners were also advised to take into consideration the property curve, taking into account the inelastic price sensitivity of property which would affect consumer purchasing behaviour.
“Price ahead of the curve and do not chase the price. It is encouraged that you do your research and check your property values with your agent”, he added.
The MCO has become an obstacle for both registered estate agents and property owners, being unable to conduct physical viewings or even handing over house keys whilst complying with the restriction order which forced all non-essential operations to halt their business transactions temporarily until the MCO is called off.
“Packaging is also important. When it comes to keeping the house neat and tidy,” said Chan, who also spoke on how property owners should improve the presentation of their properties to increase their desirability.
She added that it is also essential for owners as well as agents to take good photos and videos of the property. This would prove useful in the event potential buyers are unable or unwilling to view the property directly.
#MYREALAGENTS will continue to hold webinars over the coming weeks, touching on topics such as avoiding property pitfalls and how to negotiate a winning formula with your tenants and landlords.
All webinars will also be shared on #MYREALAGENTS social media channels and website. The website will also contain content on the legal aspects of buying, selling or renting property and also tips, checklists and what to look for when engaging a registered estate agent or negotiator. The public can visit www.myrealagents.com or follow their page on Facebook and Instagram.