Real estate negotiator CS Ow

CS Ow, a seasoned real estate practitioner, on the nuances of the Malaysian property market.

Out of all the potential buyers you may meet in a day, how many of those meetings result in a signed purchase agreement?

For sub-sales only one in ten meetings will result in a signed sales and purchase agreement. For rentals, that figure is usually lower – between one in ten and one in 15.

How long on average does the whole purchase process take, from meeting a client for the first time up to the signed SPA?

It really depends on a lot of other factors like the property, the area, the seller, and the buyer. But on average, for sub-sales, that process could take around three to six months – for rentals, usually anywhere from one day up to a maximum of two weeks. If all the factors are aligned just right, I can get a rental agreement signed in a day.

For rentals, how long on average does a home remain empty before being rented out in your experience?

Depends on the home, the area, and the method of listing. Typically, a property listed online may only remain vacant for up to two months. I have only ever seen listings for rentals last up to two months.

Having worked with many different types of properties in many different areas around the Klang Valley, what are some of the significant differences that stand out to you?

One significant difference is that homes in Kepong and Batu Caves are usually more difficult to rent out. Homes in areas like Kuala Lumpur, Petaling Jaya, and Mont Kiara are much easier to find tenants for.

Why is that?

I think it could be because of the different quality of tenants in these areas. Tenants in the central areas tend to have higher salaries.

After meeting a lot of potential buyers, can you tell if the person you are meeting is a genuine buyer?

Not really, because of the current state of the property market, even units of good value may not receive a lot of genuine interest. For me, there is no really accurate way to tell potential buyers and genuine buyers apart.

What are some of the things you would want potential house buyers to know right now?

I think potential buyers should be more familiar with the procedure for sub-sale purchases and the deposit structure for rentals. This would greatly increase the chances of successful deals.

How has the age of search engines and social media affected the real estate industry?

The internet has made many things much easier than before. Google and Facebook have definitely made selling and renting out homes easier. Online listings are cheaper now than in the days when properties were advertised in print, and as a result we also get clients who are more informed now.

What kind of facilities or home improvements do you consider to be absolutely necessary in any home that you are showing?

The bare essentials in my opinion are air-conditioning, water heater, lighting, and fans.

Do you believe that there are enough affordable homes available to the average Malaysian?

Not for young people right now, I don’t think so.

Last question, would you ever attempt to sell a house that is haunted?

Yes, I will always try to help sell a house that may be haunted. These properties can be anywhere between 15 to 20 percent below average market value so there will always be some interest in purchasing them.