Real Estate Negotiator's Challenges

I received an interesting e-mail the other day. Someone asking what are the challenges as Real Estate Negotiator and what is like to be real estate negotiator (REN).

There is big different between Negotiator and Agent.
Agent :  License holder. Able to open company and operate as agent/broker for transaction. Can have as many as 20 negotiators working for him.
Negotiator: Working for Agent.

Come back to 1st question....so let me open up and share my personal challenges as real estate negotiator...

Listings

Listings is stock. Without quality and sellable stock, I cant do business. Nowadays, to get a good listings is not easy. The technology make it easier for owners to sell it without intermediaries.   

Competitions

Every month there will be new rookie joining us. They are hungry. They are fierce. They want it all. Be it retiree or young chap or bored housewife. (I'm not afraid tho - Not many stay)

Marketing Cost Increasing

You know that print ad with The Start cost us RM29 125 character compared three years ago (RM21). But thanks to internet, some portal allow free advertising. My favourite : Mudah.my and Propwall.com

Patient 

In dealing with strangers and to fulfill expectation from sellers and buyers. Some sellers has ridiculous expectation in selling their properties even after transacted price is given. Some 'informed' potential buyer will test my patient too. Don't get me wrong, I like working with someone who does their homework, but you must know if the information relevant with your requirement in searching for your dream house. 

Buyer not qualify for loan

Well, after spending time for viewing, negotiating and finally collect earnest deposit nothing will break my heart more than buyer not qualify for loan. Oh come on! Please don't make cry. Check your qualification and availability before putting down earnest deposit. Even better, check with your banker before embark in house hunting. Note to to young investors, have some credit trail & PTPTN is not credit trail.

Low property appraisal & Strict Banks/Financial Institutions Rules   

Some area has low property appraisal due to no second hand transaction. Frustrating. I blame the valuer who do valuing at the comfort of their office instead to go out and assess the property.  About bank & finance institution, I can't complain...got to endure to sustain.  

Time 

Not enough time. So many to do so little time. Once I spent considerable amount of time preparing report and answering query from one particular potential and end up he bought direct from developer. 

Well, that is.  That's my challenges to stay in this line.

Me at Marini's during their CNY party 

 

Mission : Watch Wolf of Wall St and American Hustle

We really loves movies. We enjoy travelling too. So we made a trip down south just to watch movies. One, the movies probably will not be showing here. If there is, maybe during Oscar season. Two, if it ever be showing here, I believe the movies will be snap-snap by our ever efficient Censorship Board and left with, well almost nothing. 

We have travel to Singapore for theaters or Broadways but never for tengok wayang and I find the idea quite merepek.  Spending so much for something you can download or get it at Bangsar for RM7.  But I haven't do impromptu or any spur of the moment things for a long time. So let's do this!

We checked showing time and discovered that the timing for WoWS and American Hustle is a bit off if we want to watch at the same cinema. We have to go to two malls, Vivo City and The New World Mall to watch it. No problem. Afterall we have all Saturday for ourselves.

After we watched American Hustler during 4.20pm show at New World, we made a walk to Takashimya at Orchard Road for me to get my hands on the precious Laduree. Oh such joy!

Free Osim leg massage. Yippee!

Travelling with MRT. 

The walk from Jalan Besar to Orchard Road

Yay! Not sure I'll be as happy if they open in our country

my kind of heaven. Teehee

Deco at Changi Airport. I thot Gary doing part time job since Sponge Bob still unemployed

The reason.. Go watch it if you have time. American Hustle is my favourite. 

I'm not movie critics but all I can say that the travel worth the time! 

Wolf of Wall Street is one scary truth about greed and hedonistic life of a stock broker Jordan Belfort.  The controversy about the monie in Malaysia doesn't interest me at all but I was surprised to see full page credit with Special Thanks to Jho Low. Wow! Why is that? Who is Jho Low? You can read who is he here but yeah, it open for more speculation. Not smart. One of the producers is non other than PM's step son - Riza Aziz (his wiki here) but for me he is just business man. We should be proud of that. A Malaysian is already there in Hollywood. But hey, what do I know about politic?

Anyway, if you enjoy Inside Man (2006 movie.) I will love love American Hustle. Christian Bale, Amy Adams & Jennifer Lawrence at their top form. Trust me.  

That's it from me. I had great weekend and look forward for another. 

Enjoy new week! 

Horror...horror...Tenant from hell!

Yesterday, my friend Azah called. Well, that's not the news. We always calling each other every other day. However, it wasn't a social call. She is having a problem with her tenant.

The tenant refuse to move out. What can she do? Get court order. She said why too messy? That's the way it is. The law doesn't protect you Mrs. Landlord!

Azah gave me assignment to sell her property in April 2013. The property comes with tenant that has been renting since 2004. She is a Sometimes-I-Pay-Sometimes-I-Dont kind of tenant. Azah put up with her because she have never miss payment more than two moths.  I made request for tenant's cooperation for viewing. Easy peasy, the tenant give the OK.  My first visit to the unit, I was beyond shock. Kitchen - greasy. Bathrooms - moldy. Walls - full of contengan. Lights - no bulb. Doors - broken. Doorknobs - not working.

I have to negotiate with Azah as owner, to reduce the price as to attract buyers and she don't need to spend on repair, initially she refuse however after three rejections, she agreed.  Now I wonder if the tenant purposely not cleaning the house so they can stay longer. From April to end December I have brought about 7 or 8 potential buyers. From investors to own usage but no such luck. Most has given me the condition of the unit as reason. 

Again I consulted Azah to remove the tenant as they are the hinder to sell the property. Moreover, once the tenant out she can get the unit repainted, clean all rooms and bathrooms and sell it at market value. She took my advise and given notice to tenant in January and expect her to vacant the unit by end of February. 

Then the nightmare begin yesterday, the tenant told her that she has bank in this month rental and will not move out until June and with condition that if she manage to find a house. Best part, the amount deposited is RM100 lesser. You see, the tenant did not make January's payment and expect to live till June. 

What can you do when you have a nightmare tenant? The only way, get court order to evict them.  PRoperty Insight has an article bout it  here

My friend case made me feels frustrated because I sold properties with tenant from hell before. So why can't I close this one? 

In 2010 I sold one unit of double storey link house in Seksyen 7 Shah Alam. The house was a total rundown, the tenant did not made payment for almost one year. The owner has cut water supply and the tenant creatively put up pipe to main pipe -_-

Sold it to kind hearted UiTM lecturer who let the tenant to live for another 3 months.

In 2013, I sold one unit of condominium that being used as 'international hostel'. There was Indonesian, Nepalesse, Bangladeshi and unidentified nationality  guy staying there. They put up separators to create rooms.  For three months I showed the unit to potential buyer and no luck. Once the owner removed the tenants, I closed the deal with first viewer.

Anyway, I'm praying for happy ending for my friend's predicament and to tenants out there, please be considerate.

Good night!

btw, this is some pix what the tenant of office at Dataran Otomobil, Seksyen 15, Shah Alam left behind. Luckily manage to clean it before I let their potential tenant see it last month.

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