Right pricing key factor in secondary property market | Malaysian Institute of Estate Agents

Right pricing key factor in secondary property market


Property investors and owners with non-performing properties who are looking for a quick cash injection are advised to take appropriate steps to attract prospective buyers for their properties, starting with setting the right price.

Real estate agency Rahim & Co International Property Consultants chief executive officer Siva Shanker said even during this Movement Control Order (MCO) period, they would be able to find buyers, so long as they study market conditions and take the right approach to stay ahead of the ‘market curve’.

“You need to be smart...think of beautifying the properties, make it look good and desirable, groom it well like when you are going for a job interview.

“When you make it attractive and do your research, it will be a strong motivation for buyers to come in,” he said in a virtual conference today.

Themed “How To Sell Your Property Fast - Post MCO”, the webinar was organised by the Malaysian Institute of Estate Agents (MIEA).

Meanwhile, Siva also advised property investors and owners not to chase the market and to set the price for the properties based on the current situation.

This can be done by utilising useful data from real estate agents who would have access to recent transactions for similar properties in the locality to better gauge the market’s direction.

Meanwhile, S K Brothers Realty (M) Sdn Bhd’s principal Chan Ai Cheng said appointing the right real estate agent is also crucial in this secondary market segment.

“Find someone who is local, who understands the neighbourhood and knows the place. It is also important that these agents advise their client on how to market the properties.

“This includes taking the right photographs, angles, lighting and even videos..all these must be done well to make a great impression online. When the prospective buyer’s experience is good, there is a better chance of getting an offer,” said Chan, who is also a member of the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVEAP).

She said in the real estate business, the relationship between agents and clients are reciprocal and its best to treat each other well.

“Do bear in mind that appointing multiple agents may not be the best way to sell your properties. This is because some agents may lack motivation as they know other people are also working for you,” said Chan.

Both Chan and Siva also agreed that agents should also stop being a ‘postman’ and take a more progressive role when advising their clients, rather than just passing the message around.

“There is a duty of care on advising your clients, whether she/he is the seller or buyer. Do your research, provide relevant data, give the right indication and be ahead of your client,” said Siva.

Moving forward, Siva also noted that the rental market is still a promising one as it has been growing steadily in the past and the trend is expected to continue in the year ahead.

As the Industry Revolution 4.0(IR4.0) takes a more prominent role, he expects that industry players would increasingly adapt and incorporate the elements of Internet of Things (IoT), augmented reality (AR), virtual reality and artificial intelligence into their daily business life.