In the world of real estate, many claim to be experts. But finding the right people to help you build wealth through property can be tricky.
Whether you’re buying a home for yourself or making an investment, it’s a good idea to seek assistance from a real estate professional, especially if you lack experience.
Thankfully, there are plenty of professionals out there. However, it’s crucial to distinguish the ones who excel and can genuinely help you achieve real estate success.
The big question is, how can you tell them apart? Here are five criteria that can guide you in identifying the best professionals for your journey.
Licensing
Not all individuals calling themselves “property negotiators” are licensed under the Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEP). There are four types you should know about:
- Unlicensed agents: These individuals have no official designation or affiliation with BOVAEP.
- Real estate negotiators (REN): RENs become negotiators after completing a two-day real estate sales course.
- Probationary estate agents (PEA): PEAs have the required academic qualifications but are still in the process of gaining experience and building their activity logbook.
- Real estate agents (REA): REAs hold the highest professional qualification. To become an REA, they must complete the necessary academic requirements, log two years’ worth of activity, and pass a mandatory interview by BOVAEP.
When seeking help for your property matters, it’s best to choose a knowledgeable and experienced professional who is affiliated with a regulatory body. Look for REAs, PEAs, or RENs who have 2-3 years of experience in the industry. During your interactions, they should be able to show you their qualifications, giving you confidence in their expertise and abilities.
The Right Fit
It’s crucial to find a real estate negotiator whose values align with your own goals. For example, if your plan involves long-term investment, consistent rental income, and sustainable capital appreciation, you’ll want a negotiator who shares these objectives.
Such a compatible expert will be proactive and well-versed in finding relevant deals in the market. It wouldn’t make sense to hire someone passionate about flipping properties if that doesn’t align with your plans.
Before engaging a negotiator, clarify your objectives for buying real estate. Knowing your goals will help you find the right match.
However, a problem often arises: many property negotiators claim to cater to “anyone,” whether investors, flippers, or homebuyers. So, it becomes crucial to dig deeper and understand their core values. Asking some questions can help:
- Why did you join the real estate industry?
- How much experience do you have in real estate investing and/or ownership?
- What is your primary focus in real estate dealings?
Asking these questions will enable you to determine if they are the right fit for sourcing and securing property deals that align with your objectives.
Area of Expertise
When thinking about buying a property in Subang Jaya and you’re in the Klang Valley, it’s highly advantageous to hire a negotiator from Subang Jaya. That’s because a local expert will better understand the market activity in that specific area, providing you with more efficient service.
Choosing a negotiator based in Cheras, Ampang, Mont Kiara, or other distant locations wouldn’t be practical in this situation.
While some negotiators may brag about selling properties “everywhere,” those with in-depth knowledge about limited locations are more valuable than those with shallow knowledge about numerous areas.
Marketing & Presentation
This is about the negotiator’s professional appearance, which includes grooming, dressing, and overall image.
They should possess decent conversational skills, maintain a well-designed corporate website, and keep an organized workspace.
An added advantage would be if they are affiliated with various networking groups, have completed educational or upskilling courses, and actively participate in community initiatives like charities or volunteer organizations.
With a wide network, they can effectively source property deals, connect buyers with sellers, and find tenants for landlords. The key factor here is the personality and capabilities of the individual negotiator, rather than solely being associated with a bigger estate agency.
Relationship Building
While many professionals claim to be people-oriented, the truth is, most negotiators aren’t. This is because negotiators typically earn commission from securing deals, so many of them would be “friendly” up until they close the sale and receive their monies.
If this is the case, they are transaction-based and they won’t actively keep in touch with you thereafter.
But if you can find a negotiator who keeps you updated on property deals and industry news above and beyond the primary engagement, you might want to maintain a relationship with them.
Pro tip: he or she could be a diamond in the industry, so keep in touch with them every so often over coffee.
