By Nirmelraj Pathchimuthu
PETALING JAYA: Real estate agents have to be diligent when conducting business across borders to ensure growth internationally, said Institute of Estate Agents Singapore immediate past president Jeff Foo.
He said by researching about the market of the location and familiarising with different measuring systems, for example, would benefit agents by familiarising themselves with different markets. Foo also added that transferring money from local to foreign or vice versa through external banks, understanding different the types of taxes and visas in foreign countries as well as the value concepts of properties to clients as some of the measures that can be taken by agents.
“How much money is involved in setting up investments? When do you exchange currencies? How do you exchange currencies? How do you move money from one country to another? Does the foreign country provide mortgage financing? For real estate agents wanting to embark on cross border real estate transactions, all this information is important,” he said during his talk on ‘Opportunities and Challenges in Cross Border Real Estate Transactions’ during the 32nd edition of the Malaysian Annual Real Estate Convention hosted by Malaysian Institute of Estate Agents (MIEA) in Kuala Lumpur.
To further bolster their sales, Foo said that agents should look out for foreign land owners who are looking for investors. He gave the example of India which has a lot of landowners who looking for investors to invest in their land for exchange for monetary returns.
He also added another opportunity are investors who buy properties for vacation purposes or for their children; “As such, it is important to know if the country’s real estate ownership policies would allow a foreigner to hold properties only for limited time.”
“It also paramount to understand the geography of the land, its infrastructure, the economic and political stability. You should also do your research if foreigners are looking for investors to actually invest in their properties, like how landowners in India are looking for investors to invest in their lands,” added Jeff.
Malaysian Institute of Estate Agents (MIEA) recently held its 32nd edition of Malaysian Annual Real Estate Convention, MAREC’18. The event was convened industry leaders, real estate agents, investors, and service providers to share their thoughts on the issues facing the future of the real estate industry.
