Richland Properties -Your Real Estate Solution!!!

Using an estate agent who is a member and having the authority to practice from the Ministry of Finance's Board of Valuers, Appraisers and Estate Agents Malaysia, offer sellers additional protection because it's members attend regular specialised training courses, update their knowledge of legislation affecting the property industry and understand better of your property. Using a registered estate agent like Richland Properties also means you are dealing with someone who must adhere to the Board's strict Code of Ethics.

The agent is highly trained and skilled in real estate knowledge, including the all-important areas of marketing, negotiation and finance

The agent will use market analysis and comparative sales techniques to determine the value of your property

The agent is like a good shopkeeper – your Richland Negotiators knows your area and all of the available stock and can quickly find the right property to suit a buyer's needs

The agent will provide you with an effective marketing plan and feedback.

The agent will ask you for recent title information, a copy of your mortgage documents and other complete property details to be given to the potential buyers

The agent will advise you to complete minor repairs before listing the property

The agent will get approval for access to the property at all times once it is listed

The Letter of Appointment

The agent's authority to sell your home must be in writing and signed by all parties pursuant to Malaysian Estate Agency Standard set by Board of Valuers, Appraisers and Estate Agent Malaysia.

Your Richland Negotiators will outline the various types of listing agreements that are available and will recommend the most appropriate approach for your property.

The Most Common Methods of Selling Your Property Using a Real Estate Agent are:-

• Exclusive Agency

By appointing a real estate agent on the basis of an Exclusive Agency or Sole agreement, the seller should limit himself or herself to one agent selling their property to potential buyers. This can be advantageous as the one agent may be more focused on selling your property for the best price possible by virtue of the fact that he or she does not have to compete with other agents. If the seller succeeds in selling the property by their own efforts, they are not required to pay the original agent any Professional Fee if it is a sole agency. Under an Exclusive arrangement, the sellers pay Professional Fee to the agent regardless of whether the sellers sell the property themselves.

The Sole or Exclusive Agency method is recommended over the ad-hoc agency method because the sale of the property is in the hands of one party only, saving the seller the confusion of having to liaise with more than one agent. Furthermore, this will save the seller the money and time involved when a number of agents are trying to sell the property.

Ad-hoc agency listing is where the seller lists their property with a number of real estate agents in the local area. Only the agent that introduces the buyer to the property will receive the Professional Fee from the seller.

The Cost of Selling Properties through Real Estate Agent

The Professional Agency Fee as prescribed under the Seventh Schedule of the Valuers, Appraisers and Estate Agent Rules 1986 is a maximum of 2.75% of the first RM500,000 of the sale price and 2.0% of the balance of the sale price. 5% GST is also payable on the agent's Professional Fee

Keeping in mind that you want your agent to fully commit all of his or her time and resources to achieving a great result for you, be prepared to grant a reasonable listing period of at least 90 to 120 days.

Regardless of how you decide to list, your property will appear within 24 hours on www.richland.com.my for the whole world to see 24 hours every day.

You are about to place the sale of your most valuable asset in the hands of someone who you usually will not know well, if at all. It is extremely important that your first mistake isn't choosing the person who is not registered. Ensure that you only dealings with the registered real estate agent.

The Property Appraisal

Your Richland Negotiators will provide you with an honest and professional estimate of what your property is worth in today's marketplace. He or she will do a lot of homework to ensure the appraisal is reliable including:-

Checking with the Valuer to compare recent sales in your area. Comparing your property with other similar properties for sale but remembering that “asking price is rarely selling price”. The strength of the current market. The current supply and demand.

Preparing your Property for Sale

Accept the suggestion of your trained Richland Negotiators on maintenance and other adjustments required before you offer the property for sale. This may avoid wasting your time and money and will ensure you maximize your selling price.

It is normal for all fixtures and fittings (items which are screwed, nailed or permanently fixed to the property) to remain with the property. Failure to clearly list all of the chattels included in the sale price at the time of listing the property for sale, can result in a dispute with a purchaser later.

It is recommended that the purchaser ask for a final inspection of the property prior to the settlement. In this way, both the vendor and the purchaser are satisfied that there are no contentious items to be disputed after the settlement has been finalized.

The “For-Sale” Poster / Signboard

The distinctive red and white Richland's “for-sale” poster/signboard is often called the “24-hour silent salesperson” and our studies show that up to thirty percent of inquiry is influenced by the for-sale poster/signboard.

Further, if prospective buyers inquire as a result of seeing a for-sale poster/signboard you can be confident that they already like the outside of the house and the location.

What price should I ask?

How much you decide to ask for your property will determine the number of potential buyers who are attracted to “have a look” and consequently the length of time it will take to sell.

Shorter time means a higher price … The two most frequently asked buyer questions are, “how much will they take” and “how long has it been on the market”. The first question is a great opportunity for a good agent to invite an offer but the second question is always a curly one. When people ask how long a property has been for sale, it is usually because, the longer it's been for sale, the less they think they will need to pay.

It has been proven that the best opportunity to achieve top price for your property is within the first 30 to 45 days.

The general rule is to let your agent show the property without interference. Potential purchasers are usually happier if the owner is not present when they are inspecting the property.

Never apologize for the appearance of your property, because genuine purchasers understand that you cannot keep it in showroom condition twenty-four hours per day!

First appearances are important and this means the garden area, driveway, guttering, windows, window frames and other obvious areas should all be clean and in good condition.

The interior of the home should be neat and tidy and not cluttered with too much furniture for the size of the various rooms.

Keep your pets under control and turn the radio or television volumes low when the agent arrives with customers to inspect.

If the weather is fine, perhaps you can move into the garden while the inspection is taking place. Buyers are conscious of the fact that they are invading your privacy and may rush the inspection if you are too close at hand. If is far better to leave them and your sales consultant to enjoy a relaxed stroll through your property so that they can get the true feel of it as their possible future home.

A word of caution . If someone comes to your door without your appointed agent or without prior arrangement between you and your agent and wants to see your home, we strongly recommend for security reasons that you politely decline to show them your home. Instead give them your agent business card and ask them to call your agent to schedule a showing appointment. If they are prepared to give you their name and telephone number, write it down and give the information to your agent to follow up.

The best advice for sellers is to always negotiate through your Richland Negotiator. In explanation, a potential purchaser will sometimes attempt to negotiate directly with the property vendor, perhaps to establish what the lowest price you are prepared to take is. It is wise to politely refer the purchaser back to the person you have appointed to act on your behalf.

Any agreement to purchase your property will be made in writing on the standard form and signed by the purchaser. Offers made verbally cannot be legally enforced and are therefore worthless.

When your agent arrives with the customer's written offer, you should clarify every clause ensuring you completely understand what is proposed. You may then decide to accept the offer by signing in the space provided, or to “counter” the offer. Your agent will then present your “counter-offer” back to the purchasers for their acceptance or rejection.

You should be aware that if the purchasers do not wish to accept your “counter-offer”, they can withdraw their original offer leaving you without a purchaser. Therefore your decision to counter the original offer at a higher price should be made with the clear understanding that you may run the risk of losing your purchaser altogether!

This event is more than a symbolic gesture because by handing over the keys to the property, the vendor hands over the physical possession of the property to the purchaser.

The keys to the property are usually handed over after final settlement, i.e. when the vendor has been notified that the transaction has been finalised by your solicitor and the solicitor is in receipt of the full purchase amount.

The careful vendor may decide not to pass over keys however, until official notification of the settlement has been received. Your solicitor or agent can advise you on this important matter.

We partner with customer to generate revolutionary ideas and creative solutions for your need. If you intend to sell your property and would like our assistance please contact us at (603) 8068 3141 or here.