Turning challenges into opportunities
Amidst an economic recovery, numerous sectors, including Malaysia's real estate industry, have grappled with substantial challenges. Despite the hurdles and their far-reaching consequences, stakeholders in the industry maintain an optimistic outlook and stand prepared to overcome these obstacles.
“The real estate industry has experienced significant challenges in 2023, with market uncertainty, rising bank interest rates and increasing prices of consumer goods and services impacting buyer behaviour as they strive to make wise investments,” said Quinco Realty Sdn Bhd Real Estate Agent Ken Yap.
“Looking ahead to 2024, it will be crucial for industry professionals to adapt and find innovative solutions to navigate these ongoing obstacles,” he said.
Possessing a property offers a feeling of stability and security, aligning with the wisdom passed down by our parents who often say It is better to buy than to rent, said Chester Properties Sdn Bhd real estate agent Alan Ng Boon Hsiung.
While many view property ownership as a long-term investment, anticipating appreciation in property value over time, it is important to acknowledge that it also entails a substantial and enduring commitment in one's life, he said.
The property market in Malaysia is not solely influenced by economic and political conditions; external factors such as interest rate hikes in the US and the Israeli–Palestinian conflict also play roles, he said.
“The increase in bank interest rates in Malaysia over the last one-and-a-half years has already resulted in increased rental activities, especially in the B40 category. This is primarily due to people's concerns about their ability to make monthly repayments to the bank. Ultimately, owning a property will likely remain a prevailing trend as it can help avoid potential rent increases in the future. However, the decision to buy or rent should depend on an individual's specific financial situation, lifestyle preferences, and long-term goals. These factors are crucial for making an informed decision,” he added.
Receiving the Key Personality Award has instilled in Tech Realtors Properties Sdn Bhd probationary estate agent Melissa Kee Noy Huang with a clear vision and inspired aspirations for the future.
The recognition serves as a powerful motivator, propelling her to persist in her pursuit of excellence within the real estate industry. Throughout my life, the quest for knowledge and personal growth has been a constant driving force.
Her journey has been remarkable, marked by diverse careers, each contributing significantly to her personal and professional development. Transitioning from a civil servant to a lawyer, followed by roles in insurance and will writing, and now finding herself immersed in the real estate profession, Kee serves as an inspiration for many.
As a person who has consistently embraced change and seized the opportunities it presents, Kee shows that it is never too late to pursue a career in real estate.
Approaching the milestone of 70 years old in a few months, she said her life has been a testament to continuous reinvention, with a dedication to achieving educational and professional accolades. Notably, at the age of 68 in 2021, she was honoured to receive the Chairman’s Gold Medal Award from UCSI University.
Drawing from her vast experience, Kee has four aspirations: Drawing on age-old wisdom to create value, mentoring and empowering the younger generation, making a positive impact on the lives of clients and seeking continuous professional and personal development.
“I will strive to give back, by mentoring and empowering others. I firmly believe in sharing my invaluable journey to inspire others, regardless of their age, to never give up on their dreams.
“As someone who has experienced the ups and downs of life, I share my experience and guide and encourage young minds to relentlessly pursue their aspirations. I plan to use this platform to provide mentorship to aspiring agents and guidance to newcomers
“I am committed to making a positive impact on the lives of my clients. I understand the significance of purchasing a home for one's family, as it establishes a lasting foundation where cherished memories are made. By helping my clients realise their dreams, I aim to bring joy and fulfilment to their lives. For me, real estate is not just about transactions; it's about creating homes and spaces that foster happiness and well-being for my clients.
“I live by the principle of continuous growth. I firmly believe that learning should never cease because life never stops teaching. I have a strong drive for continuous learning and innovation. I have intended to have a plan to invest in advanced education, attending specialised workshops, conferences and exploring emerging trends and technologies in the real estate industry,” she said.
As for IQI Realty Sdn Bhd senior real estate negotiator Race Phua Wan Hui, her plans forward include ways to enrich the real estate industry. Among her many aspirations include publishing a book that is useful for the market, creating more educational videos for the industry, building more leaders who are genuine which can provide more value to clients and growing her team in other states in Malaysia.