Forging ahead in challenging times

Posted on
Share this article   

Hurdles also create opportunities for real estate industry stakeholders

The recent Covid-19 pandemic posed a great challenge for many industries, including the real estate industry in Malaysia. But it is not the only challenge. The subsequent reverberating effects from this root cause have triggered off other issues. But not everything is all doom and gloom.

Thankfully, 2022 has performed relatively much better than the previous year, said The Roof Realty Sdn Bhd real estate agent Ivan Chong.

“The Roof Realty, being the largest sub-sale agency in the market, has seen rapid growth in the industry this year compared to the previous year. The mass market has been actively sorting for properties after a long pandemic. 

“Many foreigners are flocking into Malaysia for business purposes, hence increasing property ownership by them. It is due to our multi-cultural diversity which attracts FDI (foreign direct investment) influx into the country. In addition, support and incentives given by the government also increased property ownership among locals. All these have contributed to a better real estate market in 2022,” he said.

No doubt that the unpredictable market environments of pre, current and post covid-19 pose new opportunities. “As tenants and buyers have to adjust their business strategy to adapt and survive, we too will need to assist landlords in adjusting our marketing efforts in order to fit into what the market need, that includes the methods we employ to attract interest, to conduct property inspections, and complete the documentation needed to conclude an offer and acceptance.

“For example, physical viewing to inspect the property has always been the gold standard pre-pandemic. During the covid-19, inspections using video calls were employed although many struggled to decide on such methods. Some accepted this as a solution, hence making it easier for them to accept that agents can witness the signing of a confirmation of sale document via a video call. The legality of this method can always be challenged, however as long as both parties honour what has been agreed and proceed to the next step and execute the deal, it is done,” said Tech Realtors Properties team leaders and senior negotiator Kevin Kho. 

“The award is an encouragement and affirmation for me to stay in this industry,” said Chai.

“The award is an encouragement and affirmation for me to stay in this industry,” said Chai.

Chong’s real estate industry journey was not an easy route but his hard work and commitment have definitely paid off.

Chong’s real estate industry journey was not an easy route but his hard work and commitment have definitely paid off.

New hurdles 

“The upcoming challenges for the real estate sector include the higher borrowing cost with the increasing Overnight Policy Rate (OPR), which may continue to increase to curb inflation. It may lead to lower buying sentiment among property buyers, and lower disposable income may slow decision-making among the buyers. However, I am confident that developers and estate agencies will come out with different packages and stimulating factors to overcome it,” said WEREG Properties chief executive officer Ethan Leong.

Another challenge, particularly for real estate agencies in Malaysia, would have been managing human resources. I can foresee a drop in professionalism due to pointless recruitment policies and lower entry of the agent or negotiator. It could jeopardise the professional quality of the agents or negotiators in the market, and many agencies need to look into that and not just focus on profit-making only. However, they could have done this better with training facilities and human resources management.

Overall, Chester Properties director Patrick Yong believes that the economy is transforming and the real estate market is recovering. 

“Personally, I believe that real estate is a good choice of investment vehicle that most Malaysians prefer. It is a medium to long-term investment vehicle that gives stable investment returns in terms of capital appreciation and rental income with manageable risks. The real estate market will be the investor’s choice for their hard-earned money to leverage towards their long-term financial goal,” he said.

Nevertheless, all four strongly believe the real estate market in 2023 will see greater growth as the country's borders have been reopened and the economy is in full gear.  

“During the covid-19, inspections using video calls were employed although many struggled to decide on such methods,” said Kho.

“During the covid-19, inspections using video calls were employed although many struggled to decide on such methods,” said Kho.

Being recognised as an awardee in the Awards will build up the branding and confidence level of real estate practitioners, said Yong.

Being recognised as an awardee in the Awards will build up the branding and confidence level of real estate practitioners, said Yong.


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.

Want to contribute articles to StarProperty.my? Email: editor@starproperty.my
Related News

Fresh from the news oven

14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
Latest News

Stories and news that might pique your interest

14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
00:11 AM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
14:11 PM
Property News
09:08 AM
Home & Living
10:07 AM
Home & Living
12:07 PM
Home & Living
14:07 PM
Home & Living
22:06 PM
Home & Living
11:06 AM
Home & Living
09:09 AM
Featured Dev
09:09 AM
Featured Dev
09:09 AM
Featured Dev
09:09 AM
Featured Dev
09:09 AM
Featured Dev
15:08 PM
Events
14:08 PM
Events
09:07 AM
Events
14:06 PM
Events
00:10 AM
Featured
10:02 AM
News & Articles
11:11 AM
News & Articles
11:09 AM
Featured
17:04 PM
News & Articles
11:01 AM
News & Articles
12:07 PM
潮樓產業
14:07 PM
潮樓產業
10:07 AM
潮樓產業
16:07 PM
潮樓產業
14:07 PM
潮樓產業
12:07 PM
潮樓產業