Adapting to the shifting real estate market during MCO 3.0

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Learning how to create property viral videos is a growing trend among RENs.

Learning how to create property viral videos is a growing trend among RENs.

Contributed by Joseph Chan

The real estate market during the movement control order (MCO) 3.0 has been relatively much softer than the previous MCOs. As the number of new positive Covid-19 cases continue to remain high, there is also continued uncertainty and fear in the market. 

Unlike the previous MCOs, there was hope as the daily new cases were declining and there was huge optimism in the market as consumers felt assured with the situation.

But this time around, coupled with the political uncertainty, it does not make the situation better. The buyers and sellers became more cautious regarding their health and safety when the new covid variants emerged in Malaysia. 

This created more challenges for real estate negotiators (RENs) as they are not allowed to conduct the physical viewings during this time, resulting in many clients holding back their purchasing decision.

Nevertheless, as the property market value has dropped and with the low mortgage interest rate, we have seen many motivated buyers emerging looking to capitalise the good deals. As the fixed deposit rates are so low, investors are now investing in properties for higher returns and a safeguard against inflation.

Apart from that, there is a higher demand from first-time buyers due to the many incentives provided by the government. Even though we are in a pandemic, there will always be buyers looking for opportunities. We must remember that real estate is a need because people need homes. 

Moreover, the crisis creates an additional reason for them to either upgrade or downgrade. One thing we have learned from the previous MCOs is that virtual presentations have become a new norm. During the lockdowns, we are still able to transact several deals through zoom or video calls. 

RENs should by now have their property listings made into videos so they can present potential homes to buyers upfront before they physically view the property. These video listings will help give better clarity to the buyers and help them in making better decisions.

The pandemic has shifted the real estate market paradigm, and as RENs, we should constantly adapt to the new changes and apply new techniques in line with the market practices.

Joseph_Chan_2

Joseph Chan is the co-founder of real estate agency Kith and Kin Realty Sdn Bhd.


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