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