Despite the dark clouds apparently forming over the real estate industry, some signs of a continuing boom can still be found.
Some people are of the opinion that there is a bubble around Malaysia’s property market – and that it will burst sooner rather than later. If you’ve ever worried about keeping a roof over your head, you’ve probably heard it all: housing prices are up – wages not so much, “oversupply”, “bubble”. When investors want to get a read of the situation, to determine when to put money down on property, some may turn to home sales data.
Source: National Property Information Centre (NAPIC)
For some, these latest statistics from Malaysia’s finance ministry may point to signs of stagnating housing prices between the first and second quarters of 2018. To those who would cry “bubble”, this data may represent an ominous sign of things to come. To investors and real estate agents – the kind of people who handle the bulk of housing transactions in both the primary and secondary sectors of the property market – the future is still looking rosy.
Amidst all the pessimism and doomsayers, real estate agencies such as Full Homes Realty are opening new offices and setting lofty sales targets. This particular agency recently unveiled their new corporate headquarters in the strategic township of Bandar Kinrara, while exceeding their own sales target of one billion ringgit in one year.
They met the mark with a margin of three months to spare.
This high level of performance is a testament to the effectiveness of Full Homes Realty's efforts in consolidating their teams – with sustained effort put into producing a more collaborative workforce that regularly shares knowledge and cross-sells property products between teams – instead of requiring them to be in constant competition. Despite the apparent slow-down, developers are continually formulating new and more creative packages to attract buyers. The willingness of developers to make their offerings more appealing provides agents with a wider range of products to work with and creates more opportunities for agencies like Full Homes Realty to make more successful deals.
Full Homes Realty's recent consolidation exercise has apparently also created opportunities for younger talent to help drive this and other similar agencies toward a goal beyond mere survival. This emphasis on younger and leaner organisational structures has already borne fruit for agencies like Full Homes Realty, who have recently raised their target even higher – to a new height of 1.3 billion ringgit in total property transactions by the end of 2018.
This kind of optimism may seem rare these days – but that may not need always be the case. With the rise of search engines and social media in recent years, the property industry has evolved. Faced with these disruptive technologies, many real estate agencies have taken drastic steps to improve their services and stay competitive. Overall, this environment of competition is healthy for society – surviving agencies become better at what they do and the improved quality of service benefits homebuyers by setting a high bar of performance for other practitioners in the real estate industry to meet and surpass.
