Penang Real Estate
Your Reliable Penang Real Estate Negotiator Since 2013 - Kay Hooy
Finding Penang Real Estate's best deal? Kay Hooy could assist you and she is confident in matching your property needs with the latest info, facts & figures.
This is a trusted guide who will help you find a home in Penang.
Ready to look for a home? It's a jungle out there: For my first-time experience dealing with home buying, many pieces of advice told me not to believe agents as they will do everything just to cover their pocket and not your "dream home".
The process can be complicated and stressful -- especially when I'm a first-time buyer. On the other hand, having a Reliable Real Estate professional can make all the difference, simple & smooth process without additional fee.
Continue to read on to learn how real estate negotiators can help, and how to find the right one for you.
Benefits Of Using Real Estate Negotiator When Buying Home
A good real estate negotiator able to guide you through the home-buying transaction and ready to help you with any questions or concerns as follows:
Find the right property.
With or without providing your home buying preferences, a good agent should be able to provide guidance and list out the home that may meet your requirements.
It also explains the ins and outs of various properties and communities, helping buyers identify the right home for them by explaining the pros and cons of various options.
Negotiate the offer
In Penang Real Estate practice, Agent commission is collected from both seller & buyer. The actual goal of this approach is transparent negotiations between buyers and sellers.
This is where an agent's experience in negotiating deals can save you money and help you to avoid fix & flip pitfalls, which is more trouble than it's worth.
Recommend other professional
Active agents got their experiences over the year(s), and connections with reliable mortgage bankers, lawyers, movers, valuers, plumbers, handymen, and other real estate professionals.
This can helps expedite each step of the process, allowing you to make successful real estate sales faster. Which saves cost, time & hassle.
Help overcome setbacks.
If a home inspector's report or assessment reveals new issues, the agent can advise you on how to proceed with the transaction and then act as a buffer between you and the seller or their broker. If negotiations become heated or hostile, it can be very helpful to have an experienced professional stay calm and offer a productive solution.
How to find a Reliable Penang Real Estate Negotiator
Why picking a reliable property agent is hard?
Simply because the majority of us only buy once or twice in our lifetime.
My first time buying a home in Penang was also not smooth with the agent, especially since I was misunderstood and don’t believe in agents last time.
The agent is senior and professional enough, just I am miseducated by my “circles” last time.
It’s not what we can get to work with 20 agents and spot the right one without dealing further after the sales concluded.
Without proceeding further, how we could have experience in practice?
Without proceeding further, how we could have experience in practice?
Fortunately, there are some clues to look for:
First, before clues and the most common sense one,
Always ensure the property negotiator is attached with licensed agency by MIEA (Malaysian Institute of Estate Agents).
Their license number should be prominently displayed on their name card, website, social media profile, listing and etc..
You can check wether they’re registered here.
1. Look at the property agent’s sales materials
Especially this year 2020, Malaysia's property market seems yet to recover, the market remains soft & “down time”, the picture of property listings & descriptions seem to improve in quality. The reason?
When the market turns bad, fly-by-night agents will leave in groups by default simply because of their quality work.
The few agents that persist in selling property, even during economic downturns, are the ones who’ve truly made a career of it.
And for the most part, it shows in the way they present things.
These agents set up the house before taking pictures, so you won’t see plastic bags and coins on the dining table.
Their listing description is well written, emphasizing nearby amenities, suggestions, modes of transportation, etc…
Rather than a huge text wall that says “Buy Now! Good deal! Only 2 units left! Malaysia, the best-selling apartment in Batu Kawan!”
These signs may be a little different, but this is a sure way to find a reliable Penang Real Estate agent, they care about the details and do things right.
2. If you are selling or renting, see how they handle the property when they visit
It’s a simple giveaway. A reliable real estate agent will do more than once, either inside or outside of Penang, and all applies.
We have seen agents doing things such as confirming the first impression of a house and whether it feels like home (Cleanliness).
And sometimes they have to be “the bad guy” to persuade you to spend some money to touch up a little bit, just to increase the value of your house effectively.
Lazy agents often just hang out, take a few photos, and go out in a few minutes.
All they have to do is make a list, collect money if someone answers, and don’t talk to you after the first few views.
3. Ask a question you already know the answer
Pretend to be ignorant and ask something you already know the answer to (eg, ask about the maintenance costs charged by the estate, even if you already know).
A reliable real estate agent will usually know the answer. If not, they will find the right answer first and get back to you later.
Beware of agents who give you the wrong answer; even if they‘re not lying, it means they don’t know enough about their job.
At the very least, they should be honest enough to tell you that they need to check.
4. Note if they’re listening to you, through the properties they show you
A reliable real estate agent will take you to the property that suits your needs. If you already mentioned that you looking for a small home that is easy to clean up and most wanted for lifestyle comfort, and the agent shows you a 3 bedroom with a super deal, then… guess who didn’t pay attention to your needs?
Some agents don’t listen to you at all, they just try to sell these properties with the best commission. They will design the “best of the best” house you can afford, not the most suitable one. We’ve seen some better agents refer customers to others because they don’t have the right listing for that particular homeowner.
5. A reliable real estate agent tells you about commission even before asking
Avoiding Conflicts
Good agents are serious about disclosure. An agent is supposed to reveal to you any potential conflict of interest, and all sources of referral fees.
If you ask them to help with your mortgage loan, for example, they can refer you to their banker who may serve you better; but they should immediately add that they’ll receive a referral fee from the bank.
The same goes when you ask them to recommend an interior designer, contractor, and so forth – professional agents dare to disclose if they’re receiving money, from anyone they direct you to.
And guess what? After getting a quotation and comparing, their referral can be a better deal somewhat…
It’s simply they are good in relationships with these and giving “big numbers” of business to the suppliers, it’s Givers Gain.
6. They have more specific numbers to explain
It doesn’t make sense to say “rental in the area will go up.” Despite the current rental market, especially since 2015 after the peak, the rental rate has slightly dropped.
But from 2018 to 2019 the rental has increased from RM 1.18 per square foot to RM 1.36 per square foot, which is a sign of deep understanding. The easiest way to spot a reliable property agent is to see if their answer is specific.
Agents who know what they are talking about can show numbers and the source; They may have saved articles/webpages/agency reports on the tablet to show you. Less competent agents will shy away from giving you specific answers.
Although this alone does not imply malicious intentions, it indicates that their suggestions lack the expertise to support them.
7. The agent is well known about the upcoming development in the area.
Any good & reliable property agent should be familiar with the Urban Redevelopment Authority’s master plan, which is the Bible for Malaysia’s real estate industry.
The master plan predicts developments in the area, from rezoning laws to plans for upcoming train stations, shopping centers, industrial parks, and more.
A good & reliable property agent should be able to explain these details.
If your agent's response given is blur one, you may be dealing with a rookie (or someone too lazy to do their homework). Such agents may be honest, but you must consider their possible ignorance.
