By Viktor Chong viktorchong@thestar.com.my

With the Movement Control Order (MCO) enforced, Malaysia is effectively in a stasis. Businesses have largely shut down, except those from the key industries, namely food production and essential services.

As for the property industry, developers and real estate agents alike must come up with radical ideas to push their products to house buyers, since traditional methods of meeting up, viewing properties or visiting sales galleries are out of the question.

Then there is the looming question of the global recession, brought about by the Covid-19 and how this implies to the property industry. On a local scale, there are speculations and questions regarding the immediate situation right after the lifting of the MCO period.

Also, the virus had ushered Malaysians rapidly into digital communication. Will the future hold a place for real estate agents now that technology has been purported to replace the middleman? Two prominent figures in the real estate industry had been called to answer these burning questions, and this is what they have to say:

Propedia Consultancy founder Vicky How is relatively optimistic when prompted about the economic condition. She explained that the market sentiment follows an 80:20 rule, which designates the predominant 80% of buyers as followers, while the 20% minority are the leaders.

Based on the rule, the 80% majority exhibits a lower risk appetite, and they may make economic decisions only after the minority has proven success in a certain undertaking. How stated that with the current MCO in place and the soft market, there is still 20% of the buyers looking forward to a good deal.

With the economic downturn, she pointed out that sellers are also inclined to sell their properties and to sell quickly. Hence, this presents an opportunity for real estate agents to negotiate for a better price for their clients.

Although some may regard the MCO period as a time of inactivity, How pointed out that this is the best time for agents to make cold calls as customers are mostly at home and are more likely to be free for a conversation.

She visualises this period as a pressure cooker, where the opening of the lid, which translates to the ending of the MCO, will create a sudden spike in activity or a busy period.

How speculated that banking institutions, spurred by losses, may be more aggressive in running their businesses, and this might translate to higher loan approval. While the MCO is in progress, she stressed the importance of self-development, stating that agents need to familiarise themselves with their projects and products, such as the unique selling points.

“You must understand that for you to sell a property, you must like the property. If you cannot convince yourself to buy the property, then how will you convince others to buy it,” she pointed out. Concerning sales, she elaborated that the art of closing the deal is about answering and allaying every negative mindset that the client has.

How cautioned that the MCO would reduce job opportunities, ushering in an increase in crime rate after the control period has ended.

Esprit Estate Agent Sdn Bhd managing director Aldrin Tan acknowledged that these are challenging times. “We are moving into uncharted territories where things can be highly uncertain, and I think the keyword here is adaptability,” he said, adding that the adaptable person preempts a situation, even though the outcome may be different.

Concerning the MCO and its disruption, Tan explained that the execution of work might change, but the objective still remains the same. He advised that it is essential for agencies to acknowledge the situation, discover the implications associated with it, and embrace changes. However, there are certain basis and foundation in the field of real estate agency, and Tan listed integrity and transparency as the virtues that make a good agent.

Accordingly, real estate agents need to cultivate a good relationship with their customer base. “It is the simple act of constantly engaging with your clients,” he advised, saying that this is not about sales, but the fundamentals of being a human being. People often call someone up only when they desire help and lose touch when the person’s aid is not required.

Regarding technology, there have been opinions floating about that real estate agents as a middleman may be replaced in the future. Tan addressed this concern by stating that agents will remain relevant as long as they can bring value to the table.

“Moving forward, there are more values that we need to impart to our clients, not just information. Information today is everywhere. We should be able to analyse and make a deduction of all the information that is coming in, and give sound advice to our clients,” he advised.

Agents should update themselves in skills such as economy, accountancy, and legality to provide good counsel, he added.

On the other hand, How said the technology would never replace humans in the property sector as buying a property entails a huge investment, which is radically different from selling or buying clothes online. There is also the element of trust required, and technology is unable to provide that.

People still need to speak to each other and buyers will want to view the property themselves, so it is imperative that real estate agents maintain their perseverance and consistency qualities. How concluded by saying that future technology would serve as an add-on to enhance the process of the property transaction.