By Anders Ong

Types of Agency Appointment We Can Arrange with Real Estate Agents

• Exclusive Agents: Appointment of one real estate agency to market and sell the property exclusively. No other agency can solicit from the owner to sell, only can direct co-agency to the appointed agency. Landlord/Vendor can’t sell/rent the property themselves to buyer/tenant.
• Sole Agents: One real estate agency will be engaged to market and sell the property. Landlord/Vendor can sell/rent the property themselves to any buyer/tenant and pay commission based on an agreed amount.
• Joint Agency: More than one real estate agency is appointed to market the property and only those whom manage to close the deal get paid. The number of agents appointed is limited to two to three, and all agents are aware of each other’s appointment.
• Ad-Hoc Agency: Clients may engage an unlimited number of estate agency on an ad hoc basis and fees are paid only upon successful conclusion to the successful estate agency transaction also known as open listing.

Benefits of Appointing Real Estate Agency

1. Your Hire Professionals to Work – The right and experienced property agent will be of great help in securing client in the fastest, shortest and quality client for your property. They may set the right price in getting the property marketed, advertised in multiple ways, screen potential client, and conduct the negotiations on owners’ behalf saving time and headache.
2. Their Services Are Monitored & Regulated – A Real Estate Agent (REA) is bound by codes of conduct and strict laws under the Valuers, Appraisers and Estate Agents Act 1981 (Act 242). Any wrongdoing by the REA or firm will be subjected to BOVAEA’s disciplinary action which includes fines, suspension or deregistration.
3. Knowledgeable & Educated – Every property agent may have different level of knowledge of property market and educated about all the whole transaction process. Clients could save up time by appointing an agent to assist in the whole process and getting advice from them.
4. Price Guidance – Property agents are not allowed to advice on the value of property for sales but they can show the market prices of property on sales and advice on rental rate for more efficient market matching and transactions.
5. Professional Networking & Wider Marker Coverage – Appointing one real estate agent exclusively may not mean it will limit the customer base as most people thought one agent may have less client compared to give open listing to all agency. Because one agency may have networking with other agency or we call it co-agency and still we have the same coverage of client and more control of the pricing.
6. Negotiation Skills & Confidentiality – Good agent could negotiate a deal well for the clients in getting the best rate or offer they wish to have and not just passing message between clients and customers. They can negotiate a higher rate for their vendor/seller and they can negotiate lower for their buyer/tenants. Besides, they are trained to represent their clients and do not reveal their client’s confidential information from competing parties.
7. Paper Work Handling & Marketing – Property agent may assist in marketing and advertising the property through a few mediums such as banner, flyers and online platform; besides, getting every documentation done for their clients including booking form, invoice, official receipt, tenancy agreement and inventory records. Notwithstanding that, they may also assist in arranging client and connecting them with solicitors in preparing the sales and purchase agreement.
8. Save Time & Energy – Appointed real estate agent will handle the whole process from staging of property, advertising, filtering serious customers, viewing arrangement, negotiating, closing, documentations and finalizing the transactions so clients don’t need to make those tedious arrangement themselves.

Real Estate Agents Commission Rate

Sales or Purchase

Rental or Lease

Myth & Truth

1. Real Estate Negotiators Make Easy Money – Truth is real estate negotiator had spent a lot of time in sourcing for client and put a lot of effort to make sure the vendor property is in the market reaching to clients. The income they get is appropriate to the time they invested in their work and not every client wanted to pay full commission so not every agent is having easy money as it seems.
2. Real Estate Negotiators Advertise Freely – Many clients were of the belief that realtors advertise and work are free of charge and realtors do not incur any cost in advertising. Truth is most advertising platform the realtor uses their time to strategize and edit on the web are charged a fees and they may need to pay more to make sure their clients property is on the top views and even banner they put on the property are costly if of certain sizes.
3. Real Estate Negotiators Have Fixed Income – Every or most property agent are under contract for service and they do not have basic salary to sustain their monthly expenses like most job in the market.

READ MORE: Everything about certified real estate negotiators & agents (Part 1 of 2) 

Anders Ong – PEA, Property Investor, Writer, Speaker, Real Estate Coach, Property Market Analyst & Author of Back To Property Investment To Create Wealth

Approximate location

Those with a love for automotive velocity may soon get their dose of it because Penang has earmarked a spot for a motorsport racing circuit in Batu Kawan next to the State Stadium complex.

Penang youth and sports committee chairman Soon Lip Chee said a 2.8ha plot had been identified to the east of the main stadium building beside Sungai Jawi.

“The state intends to build a conducive racing circuit to unearth new motorsports talents.

“It is among the projects listed in the state Pakatan Harapan manifesto during the 14th General Election and will serve as a component to turn the area into a ‘Sports City’.

“The state via Penang Stadium and Open Space Corporation called for proposals for the project last month,” he said.

The request for proposal was published on May 17 and closed last Tuesday but the state may extend the deadline for companies.

All proposals submitted by qualified companies must meet all the criteria of Motorsports Association of Malaysia.

The requirements include infrastructure like spectator areas, parking lots and administrative offices.

“The racing circuit will be used for events and competitions at the national and international levels.

“This will stimulate the growth of Penang,” said Soon.

He said Penang had a large number of talented motoring enthusiasts but they lack good opportunities to develop due to the absence of a proper racing circuit.

“This track will serve as a permanent space for people to race legally without endangering others on public roads.

“Races can be held for motor- cycles and probably other motor vehicles as well, depending on the track design.

“We hope to complete the project within three years.

“This project will be fully funded by the private sector,” said Soon.

Interested firms can go to http://ep.penang.gov.my for more information.

Source: TheStar.com.my

A proposed landed residential development by Gandingan Semangat Sdn. Bhd. (a subsidiary of Oriental Max Group) at Bertam. Located on 4.46 acres of land near Jalan Panglima 3, adjacent to Taman Keladi Indah by the same company. This development is only about 4km to Setia Fontaines township by S P Setia, under 10 minutes drive from Bertam toll plaza.

This project comprises 41 units 2-storey terrace, 16 units 2-storey semi-detached and a 2-storey bungalow houses. Judging from the previous launches within the vicinity, the guestimated price for the terrace houses should be around RM400,000 onwards.

The project is still pending approval. More details to be available upon official launch.

Project Name : (to be confirmed)
Location : Bertam, Penang
Property Type : 2-storey terrace and semi-detached
Land Area: 4.46 acres
Built-up Area: (to be confirmed)
Total Units: 41 (terrace), 16 (semi-d), 1 (bungalow)
Tenure : Freehold
Indicative Price: (to be confirmed)
Developer : Gandingan Semangat Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

The Penang government yesterday announced that the Penang Home Ownership Campaign (HOC) will be extended for another year until June 2022.

State Housing, Local Government and Town and Country Planning Committee chairman, Jagdeep Singh Deo said the HOC had ended on June 9 this year.

“During the HOC, the ceiling price of affordable housing on both the island and mainland will be lowered by up to 10 per cent.

“The original ceiling price on the island and mainland are RM300,000 and RM200,000 respectively, but the prices will be adjusted during the HOC,” he said at a press conference here.

He added that the state had approved the guidelines to increase the density limit of low-medium cost (LMC) units to 120 units per acre on the island.

“These revised guidelines are part and parcel of our war against COVID-19, whereby apart from our priority placed on public security and health, we also want to assist all to rise economically,” he said.

Meanwhile, Jagdeep also announced that the first affordable housing project to be developed by the Penang Housing Board (LPNPP) at Bukit Gedung, Bayan Baru was expected to be completed by 2025.

He said the housing project, occupying 3.076 hectares of land, would consist of 1,014 units of affordable homes and 253 LMC units.

“This project will also include facilities such as shop lots, swimming pool, surau, tai chi plaza and study room,” he added.

Source: Bernama

The Penang state housing board will be building its first affordable housing project in Bayan Baru which is scheduled for completion in 2025.

Housing, local government and town and country planning committee chairman Jagdeep Singh Deo said a total 1,267 affordable units will be built at the site in Bukit Gedung.

“There will be a total 253 low medium-cost units and 1,014 affordable housing units,” he said.

The low and medium-cost units, at 700 sq feet each unit, will be priced at RM72,500 each while the affordable housing units, at 850 sq feet each unit, will be priced at RM270,000 each.

Other than the affordable housing component, there will also be 21 units of a three-storey commercial block.

The development will be located on a plot land in Bukit Gedung measuring 7.6 acres (3 hectares).

Jagdeep said the project will be equipped with facilities such as a swimming pool, a jacuzzi, a children’s playground, a gymnasium and a study room.

“This is the very first project under the state housing board and we want to realise this project as soon as possible,” he said, adding that more projects will also be introduced in the future.

The project is expected to begin next year and it will take about three years to be fully completed, by 2025.

On the state’s objective to have 220,000 units of various types of affordable housing units in the state, he said there are now 119,116 affordable housing units in the state which make up 54.1 per cent of the state’s target.

Out of the 119,116 units, 38,149 units have been completed, 18,519 units are under construction and 62,448 units are under planning.

Out of the 119,116 units, 26,616 are low-cost units priced at RM42,000 each, 30,159 units are low medium cost units priced at RM72,500 each and 62,341 units are affordable housing units priced at RM270,000 each.

As part of the state’s homeownership campaign, which was extended until June 2022, Jagdeep said a 10 per cent discount is given for all housing units across the board.

“Under the buyer oriented initiative, the ceiling price for affordable housing units in Penang have been reduced to RM270,000 per unit on the island and RM180,000 on the mainland for units measuring a minimum of 850 sq feet,” he said.

He said this policy will be ongoing to encourage homebuyers to buy their first homes at affordable prices.

“As an incentive to developers to build more affordable housing units, the state has approved the guideline for developers to build 120 units per acre of low medium-cost housing on the island,” he said.

He said the long waiting list for low-cost and low medium-cost housing meant that there is a need to optimise land use especially on the island.

He said this meant that the state now allows developers to increase the density for low and medium-cost projects to a plot ratio of up to four, which is double of what they could originally build.

Source: MalayMail.com