RENs share their experiences and views
The challenges faced in the tumultuous year gave rise to a period of success for many in the real estate sector. The StarProperty Awards 2023 Realtor Edition emerged as a beacon, acknowledging real estate negotiators (RENs) for their unwavering efforts and determination. Here's a glimpse into the sentiments shared by experienced negotiators regarding the industry.
Tech Realtors Properties Sdn Bhd
Senior REN
Chen Ching Huei
“The Malaysian real estate sector grapples with a range of challenges, including economic fluctuations, potential imbalances in property supply and demand, affordability constraints and the impact of government policies. Economic uncertainties introduce unpredictabilities that influence property demand and investment dynamics. Striking a balance between property supply and demand, especially concerning the affordability concerns of first-time homebuyers, remains a pivotal focus. Adaptability to evolving government policies is essential, as regulatory changes can shape investor behaviour and consumer confidence. Furthermore, integrating sustainable practices and navigating the impacts of technological advancements pose ongoing challenges for the sector. Success in this dynamic landscape requires a proactive approach to address these multifaceted challenges.”
IQI Realty Sdn Bhd
Senior REN
Lisa Khoo
“Looking ahead, my primary focus is on expanding my team and empowering them to thrive in the real estate industry. My goal is to identify and nurture future leaders within the team who share the same drive for excellence. At the same time, I am absolutely committed to assisting homebuyers in finding their dream homes.”
Foreward Realty Sdn Bhd
Senior REN
Cindy Lee
“Looking ahead, there are several challenges that I foresee for the real estate sector. One significant challenge is the ongoing impact of economic fluctuations and market volatility. Economic uncertainties can affect property values and create uncertainty among buyers and sellers. To address this challenge, real estate professionals must closely monitor economic indicators, stay informed about market trends, and provide clients with a clear understanding of the potential impact on their real estate investments.
“Another challenge is the evolving preferences of consumers, including a growing interest in sustainable and eco-friendly properties. The sector needs to adapt to meet these changing demands by promoting energy-efficient homes and eco-conscious practices. Embracing technology and data-driven insights is also crucial to improving the overall customer experience and remaining competitive. By recognizing these challenges, embracing innovation, collaborating with industry peers, and putting clients at the centre of our efforts, we can not only overcome these challenges but also create opportunities for growth and advancement within the real estate sector.”
Tech Realtors Properties Sdn Bhd
Senior REN
Shirley Beh Siew Luan
“Economic volatility at both global and national levels, along with fluctuations in inflation and interest rates, can impact the real estate market. The instability in the economy may lead to a cautious attitude among homebuyers and investors, influencing market demand.
“If loan interest rates increase, it can make purchasing a home more expensive and have an impact on the real estate market. Higher interest rates may reduce the purchasing power of homebuyers, slowing down market activity.”
Knight World Realty (M) Sdn Bhd
Senior REN
John Lee
“In the dynamic realm of real estate, challenges such as economic fluctuations, changing interest rates, and technological shifts are not roadblocks but opportunities for growth. Solutions? Dive into innovative technologies, dance with agility in response to economic changes, champion sustainability, and master the art of adapting to evolving regulations. By uniting in collaborative efforts and unleashing the power of data analytics, the real estate sector transforms challenges into stepping stones, propelling itself towards a vibrant and thriving future.”
Foreward Realty Sdn Bhd
Senior REN
Vincent Chan
“In my opinion, the upcoming trend in 2024 suggests that more people will choose to rent rather than own a property. However, there's a bright side to this: the demand for rentals will increase, leading to higher rental yields and occupancy rates. For those who have the capability to buy a house, now is the best time for you to make a purchase. Considering the growth of our nation, here's a tip for you: A good location and neighbourhood matter the most. A good location equals higher demand, and a good neighbourhood translates to higher rental rates. Therefore, choose your property wisely to make a sound investment.”
IQI Realty Sdn Bhd
Senior REN
John Teh Yew Seng
“There are currently numerous new developments, providing buyers with a wide range of options in both the primary and secondary markets. In this fast-paced world, buyers can easily access various property information through the internet and social media. In other words, buyers are more knowledgeable and informed. This requires agents to equip themselves with comprehensive property information, stay updated on the latest market trends, financial news and government regulations, and possess investment knowledge. In essence, agents must be professional, resilient, and well-versed in market changes. In the era of social media, agents also need to establish their own online presence to stand out among the increasing number of agents and gain recognition from a larger audience in the market.”
Nexsgen Realty Sdn Bhd
Senior REN
Zax Phooi Yik Chun
“Real estate may face challenges from economic fluctuations, evolving market demands, and regulatory changes. However, proactive adaptation, technological integration, and strategic responses can help the sector overcome these obstacles.”
Nexsgen Realty
Senior REN
Will Khor Tze Hong
“One of the challenges anticipated for the real estate sector is the growing competition arising from an influx of new entrants, intensifying the industry's overall competitiveness. Furthermore, advertising has become more daunting in this competitive landscape. With the ascent of social media and digital platforms, the audience's interest has shifted towards engaging and creative content. Consequently, real estate agents are compelled to formulate innovative marketing strategies to capture the attention of potential buyers. Additionally, current market trends point towards a buyer's market, where customers have a plethora of choices, further escalating the competition for real estate agents. To address these challenges, it is crucial to stay abreast of market trends, leverage engaging short videos, and prioritise exceptional customer service.”
Knight World Realty (M) Sdn Bhd
Senior REN
Pui Teck Sin
“The choice between buying and renting property depends on various factors, and it can vary among individuals. There is no one-size-fits-all answer to this question. The decision to buy or rent largely depends on several key considerations, as outlined below:
Market Conditions: This reason can significantly impact and influence the decision. In a strong seller’s market with rising home prices, potential purchasers might opt to rent until the market becomes favourable for the purchasers. It is a different scenario if the market becomes favourable to the purchasers, in which the prices are lower and affordable, plus an abundance of housing projects, more people might choose to buy a property.
Lifestyle and Mobility: Renting allows individuals to move freely and easily when it comes to job opportunities or other relocation reasons. There is no commitment of selling a property as it offers flexibility.
Interest Rates: Financial institutions' mortgage interest rates can influence the decision to purchase a property. If the banks offer lower interest rates, it will definitely attract the purchasers to enter the market as the monthly instalments would be lower.
Economic Uncertainty: Global and regional economic conditions, especially in the turmoil of events like recessions, job losses, economic downturns, natural disasters, pandemics and wars between countries definitely would impact the confidence in real estate investments. For those who are not confident, they would rather rent and wait.
Government Policies: Alterations in real estate policies at national and local government levels could impact the market dynamics and the outcomes, for example, fiscal policy changes in taxes, trade, subsidies, regulations and much more, that will shape the buying market and rental market instantly.
Investment Goals: Buying a property can provide potential long-term value and appreciation growth. Others may prefer to invest in other assets, therefore they opt for renting.
Financial Situations: Factors like income, credit score and down payment affordability will play a significant role in how to make decisions in order to own a property or not. In some cases, renting is far more affordable as it requires less down payment, instead of purchasing a property which requires a hefty sum initially.”
Foreward Realty
Senior REN
Desmend Goh
People will choose to buy property because people are seeing more benefits of purchasing property instead of rent such as building equity and a sense of belonging. For example, It’s a long-term investment to purchase property as property has been known to increase its value over time which helps to build your wealth. Besides that, it’s important to acquire a home as it provides you and your family with empowerment and the stability to create lasting memories while you build a life together.
Knight World Realty (M) Sdn Bhd
Senior REN
Rahim Zulkifli
“My plans for the future involve maintaining momentum and improving individual sales. I also aim to enhance my skills in selling projects that are currently under construction. Additionally, I plan to add members to the team who are eager to develop their careers in the real estate industry. My goal is to assist more people in owning homes and provide the best service for my clients. Furthermore, I will strive to achieve various prestigious awards in the future..”
Foreward Realty Sdn Bhd
Senior REN
Frederick Tan Yek Hui
“One compelling reason why more people may choose to buy property in Malaysia is the attractive cost of living and relatively affordable real estate prices compared to our neighbouring country and Western countries. Malaysia offers a diverse range of property options, from city condos to landed houses, making it an appealing destination for both investors and those looking for a high-quality lifestyle at a lower cost. Additionally, Malaysia has introduced various property investment incentives and programs for local and foreign buyers, further increasing its appeal as a real estate destination.”
IQI Realty Sdn Bhd
REN
Chong Khai Jia
"I have faced a significant challenge in my endeavour to comprehend the intricacies of real estate investment and its mechanisms for value generation. The complexity of this subject arises from its profound connection to economic dynamics and political decisions, making it a formidable obstacle. To address this challenge, I have adopted a multifaceted approach to broaden my knowledge base. This strategy has involved engaging with professionals from diverse fields, including but not limited to the banking, finance and construction industries. Through these interactions, I have gained valuable insights into the precise determinants of property value generation, encompassing aspects such as inflation, supply and demand dynamics and the influence of governmental financial policies. This comprehensive understanding has significantly enhanced my capabilities in the real estate industry, enabling me to make more informed decisions and navigate the complexities of this dynamic field with a higher degree of proficiency."
Tech Realtors Properties
Senior REN
Jenny Ong Chen Hee
“My plan is to become a comprehensive real estate agent, starting by getting involved in new projects to have the opportunity to be at the forefront of the real estate ecosystem. This initial step allows me to grasp new market trends and establish a network with key industry professionals such as developers and builders. Subsequently, I aim to gradually expand into the secondary market, providing clients with professional services and assistance to build a reliable reputation, laying a solid foundation for future business growth. Once firmly established, the plan is to further expand into the land transaction sector, a more complex yet challenging area that requires profound market understanding and strategic insight.”
Nexsgen Realty Sdn Bhd
Senior REM
Yee Yong Fatt
“So far, our team has been focusing exclusively on the Subang & Petaling Jaya area. We are planning to expand into other areas to tap into more opportunities, as well as to access larger markets, for example, Seremban, Melaka, Johor, and the Penang market. In order to achieve the goal, we need more manpower. We will be ramping up our recruitment efforts. We will also allocate additional funds for research into marketing, as we all know that marketing is very important for real estate agents. I hope that we can achieve our goals.”
Stay ahead of the crowd and enjoy fresh insights on real estate, property development, and lifestyle trends when you subscribe to our newsletter and follow us on social media.
