10 STEPS TO SELLING PROPERTY
Selling or renting a property requires professional advice and involves legal obligations. They are required to protect your interest, render service with absolute fidelity and to provide a level of competent service. When you appoint a REN (Real Estate Negotator) you are actually engaging a firm who are required to safeguard your interest through the Real Estate Agent.
STEP 2: CHECK ON YOUR REAL ESTATE NEGOTIATOR
Check which REN can act in your best interest! Is he active in your area, how long has he been in the market, what value he/she can add and most importantly, is he certified and has a REN Tag?
STEP 3: MANAGE EXPECTATIONS
Whether it is for sale or purchase you need to be clear and specific on what you want in terms of price, terms of sale/purchase, time frame and payment structure.
STEP 4: BE REALISTIC IN PRICING
Be realistic as to market trends and values. Ask agents for comparative values or transacted values to make an informed decision. No one will buy an overpriced property. Remember an overexposed property will not yield high price.
STEP 5: KNOW THE TRENDS
It’s important to be aware of market trends, what is happening in your neighborhood, new accessibilities, townships, rail connections etc. Which makes a difference in pricing?
STEP 6: TYPE OF APPOINTMENTS
It’s important to be aware of market trends, what is happening in your neighborhood, new accessibilities, townships, rail connections etc. Which makes a difference in pricing?
STEP 6: TYPE OF APPOINTMENTS
There are two important type of appointments; Exclusive and Non Exclusive! Exclusive refers to appointing only one agent while Non- Exclusive refers to many agents. Understand what one agent and many agents can and cannot do. The perceptions in the market may not be true reflections of the real value in these type of appointments.
STEP 7: PUT IN WRITING
Never takes things for granted by verbally confirming anything. In real estate everything that is done has legal implications and as such it’s important to put everything in writing including type of appointments, fees payable, period of appointment, terms of sale, property details etc.
STEP 8: BUYER SELLER REPRESENTATION
In Malaysia, an agent can represent either a buyer or seller and not both as practiced in Johore and Penang. This is to protect the interest of the clients and collecting fees from both sides which is against the law.
STEP 9: CLIENTS ACCOUNT
Never give cash or issue checks in personal names. All monies collected are required by law to be deposited in a client’s account and this will safeguard your money from abuse or mishandling.
STEP 10: WHEN THINGS GO WRONG
When things go wrong don’t be afraid to check or report to the Board of Valuers, Appraisers and Estate Agents on the misconduct or unethical practice. This is to help improve the awareness that the public interests come first and they have to be protected.
Source: BOVAEA Booklet
STEP 8: BUYER SELLER REPRESENTATION
In Malaysia, an agent can represent either a buyer or seller and not both as practiced in Johore and Penang. This is to protect the interest of the clients and collecting fees from both sides which is against the law.
STEP 9: CLIENTS ACCOUNT
Never give cash or issue checks in personal names. All monies collected are required by law to be deposited in a client’s account and this will safeguard your money from abuse or mishandling.
STEP 10: WHEN THINGS GO WRONG
When things go wrong don’t be afraid to check or report to the Board of Valuers, Appraisers and Estate Agents on the misconduct or unethical practice. This is to help improve the awareness that the public interests come first and they have to be protected.
Source: BOVAEA Booklet