Choosing A Real Estate Agent – What I Have Learned Over The Years

by on February 12, 2013

George’s notes: this article was first published in the (new defunct) Delaware Property Times back in July 1984. If you would like a series of scanned articles from that periodical, email me at george@midatlanticconservation.org and I will send you a link to the zipped folder on Dropbox.

Since buying a house involves a huge investment in terms of finances, it would be a good idea for you to hire a reliable real estate agent who can make sure that you get your property transactions done in a completely hassle-free manner.

Real estate agents happen to play a very important role in various kinds of property dealings. For starters, these experts work as middlemen between sellers and buyers, and help with every stage of the process. Other than that, they play a vital role in the world of real estate since they are the ones who introduce potential tenants and buyers to the property owners to begin with. This, of course, is not limited to real estate deals in Delaware only.

The majority of the services that real estate agents offer are done in exchange of commissions that are based on a percentage of the overall sale amount or rental fee – typically 2% here in Malaysia. (Note that this is on top of the legal and administrative fees – see here). A lot of the time, service charges are paid after the completion of a property transaction, as well. If you need help choosing a reliable real estate agent, then here are several traits that you should look for:

  • Proficiency

Good real estate agents should know how to evaluate the client’s requirements and budget, as well as analyze the property’s potential value in the future. Aside from that, they should give relevant suggestions that will help both investors and property owners in the long run, as well. I have personally met with one-size-fits-all kind of realtor – very prevalent here in Malaysia. Some brokers claim to be experts in properties around the Kuala Lumpur City Center for example, but when asked about specific developments here (OneKL, Park Seven, Marc Residence – where I am living now, or St Regis), they often struggle to come up with good answers.

  • Awareness

Good agents should know everything there is to know about buying properties, selling properties and everything else regarding the real estate market, in general. They should know what the different kinds of properties are like, for example, and should be in the know when it comes to the latest trends in value in certain areas. If you want to engage with a real estate broker who claims to specialize in Malaysia properties for example, then make sure he knows about all the hot spots in the Klang Valley area, especially Mont Kiara, KLCC, Bangsar, Segambut, Puchong or Petaling Jaya. Nowadays, it’s quite easy to be aware of new real estate developments with the emergence of online property portals. In Malaysia, for example, MetroSherpa.com is a neat tool you can use when searching for real estate in boom areas in Malaysia.

  • Proper Knowledge on Real Estate Laws

Experienced real estate agents should be able to help you out if you need any help regarding local property laws, regulations and rules related to buying and selling properties. If any problems arise, they should also have the ability to help you deal with them, while taking care of any other obligatory procedures and documents needed at the same time. That’s why I took the effort to read up on real estate laws when I was actively practicing in order to protect my clients. Now I am here in Malaysia, I frequently go to this site to learn about Malaysia property law.

  • Rapport

Naturally, you will want to make sure that you get along well with your real estate agent of choice, too. To ensure that you do, make it a point to choose one who respects you, understands you, has faith in you and has all of the aforementioned skills to boot.

Aside from that, professional real estate agents should work hard to stay on good terms with you, help you reach your goals through their services, and still stay in touch with you even after your deal is over. If you can find all of these traits in a real estate agent, then you shouldn’t have any trouble closing a deal anymore. I still stay in touch with my previous clients, and they frequently solicit my opinion about property investments (in Malaysia where I am now based).

In A Nutshell…

Generally speaking, when choosing a competent and reliable real estate agent, you should also make sure that they have a good reputation, great communication skills and excellent negotiation abilities. As such, you have to make it a point to set some time aside to do proper research, so you can find a trusted agent that can help you out significantly in the long run. :)

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Getting Started in Real Estate Investment – Some Beginner Tips

by on May 23, 2013

Real estate is generally known to be a good investment for people to put their hard-earned money into in today’s day and age. Not only is it a good investment, in general, but it can also be very profitable for those who actually know what they are doing in that department. Unfortunately, although the gains can get quite good as time goes by, beginners will need to know several things and give the process some serious through before investing in real estate overall.

Insurance

Keep reading to get more insight into the real estate world and learn everything there is for beginners to know in the process.

Have you been thinking about buying a residential piece of real estate for your family to live in or a commercial piece of real estate to place a new office in recently? If so, then the guidelines in this article are sure to help you out.

Important Things to Remember

Probably the most vital thing for you to keep in mind when buying a piece of real estate is that your choice of location should fit your budget and overall needs. Before you invest on that very nice KLCC condominium you must learn to follow your budget to a T instead of decreasing or increasing it until the buying process is done. If you do this, real estate investment should be easy for you from the beginning.

If you plan on taking out a home loan, then make sure you’d on’t take one that is more than the actual bank requires from you. However, you can ask the developer for various payment options, depending on the status of your dream property’s construction. Choose your real estate agent very carefully– they can either make or break that deal that you’re wanting to get your hands on.

Naturally, you should also make sure that you will actually get all of the facilities and the amenities that the builder and developer promised you when you reserved the commercial property or apartment. Make sure you get a completion certificate from your developer once the project is done, as well. This would be especially important if you plan on selling the property later on down the road.

Final Thoughts..

Overall, investing in real estate as a beginner can definitely be a great experience, as long as you make sure that you get the property that you wanted on time and in perfect condition. If you feel like you were cheated in the deal, though, then don’t be scared to approach a customer protection official to help you get what you paid for and what you deserve in the end.

For your financial safety, you have to make sure to get all of the necessary documents related to the property verified and checked by the proper government authorities. Remember: the property’s carpet area has to match what the information broker stated in the property’s advertisement to a tee. Otherwise, you deserve to pester them until you get what you expected. Lastly, make sure you check if the plot used for the construction has a clear title, as well. This way, you can make sure that you won’t come across any problems in the future when it comes to your new piece of real estate.

From all of us here at the Mid Atlantic, we wish you luck on all your future investments! :)

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Luxury apartments in Mont Kiara – Are These Good Investment Opportunities?

by on April 12, 2013

I have been eyeing some investments in Malaysia recently, and given the relative stability of the country in Southeast Asia it makes sense to invest in properties here no matter how the prices seem to be skyrocketing every year(my previous article might refresh your memory). However, not being a local, it’s quite hard for me to identify properties for sale or buy in the Klang Valley (where the hub of the commercial activities are in Malaysia). I have a couple of real estate agents and brokers at my disposal, but there’s nothing that beats first hand experience.

My best property broker in Malaysia is Alan Sim, and he has been servicing me for a couple of years already. Now the proud owner of a property agency, he is my eyes and ears in the Malaysia property market. Alan also introduced me to the benefits of reading property reviews– click here if you want to know what I’m talking about.

In the recent years he has been looking out for opportunities for me to invest in the Malaysia property market, and he has been of good help. In fact, he is the brain behind my acquisitions of the following properties:-

Lumina Kiara at Mont Kiara
An office unit at Plaza Mont Kiara
The Binjai On The Park – a luxury condominium in the Kuala Lumpur City Centre (KLCC) enclave
The Vale, Sutera Damansara
A bungalow unit at Bukit Damansara, also known popularly as Damansara Heights

So you see, he has been instrumental in building up my portfolio of property investments. Not too shabby.

Recently Alan called and said, “Dude, you gotta invest in some more Mont Kiara properties. This place is ripe for a blowout!” I was taken by surprise because Mont Kiara is known for its over-development, and I had problems renting out my Mont Kiara apartments. “You got to be kidding me, Alan”, I remarked back. “No, man, you see, there’s definitely a glut in the Mont Kiara area now, but the prices now are very reasonable.” I reflected back, and I agreed with him.

Apartments like MK10 (or also known as 10 Mont Kiara) are really awesome places to raise a family. The nearby Mont Kiara International School is suited for expatriates, and also for locals who want the best for their kids. Villa Mont Kiara, which is near Plaza Mont Kiara are also very nice bungalows with private pools to boot. The asking price for a Villa Mont Kiara unit was about RM2 million a couple of years back – not too sure how much it is now. Best to go to a property portal such as MetroSherpa.com to check for its latest asking and transacted prices.

The launch of Publika at Solaris Dutamas also increased the perceived value of the surrounding properties in the Hartamas area. I am a big fan of the place, and I like Ben’s Independent Grocer (also known affectionately as BIG) a lot. Built by the affable Benjamin Yong, BIG also hosts a couple of nice restaurants and also a mussels bar. Awesome, awesome stuff from a much loved entrepreneur.

Now back to the subject matter at hand. I really like Mont Kiara, and will only buy more apartment units there. I remain bullish about the Mont Kiara property market. :)

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Interested In A Real Estate Agent Career?

by on March 15, 2013

We are currently expanding our Malaysian operations (and slowly winding down our offices in the Mid Atlantic states), and so we will be requiring more in-the-field agents to serve our ever-expanding clientele here in Malaysia, especially in Kuala Lumpur. We currently are looking for real estate agents to serve in these areas -

  • Puchong, Selangor. Particularly in the Persiaran Wawasan area as well as Puchong Jaya.
  • Mont Kiara. We specialize in landed properties in this area which is getting congested really quickly with condominiums. Also, office space at One Mont Kiara.
  • Sentul. Some really nice bungalows for rent or sale – similar to those you can find at Kenny Hills but cheaper! Good value for money. :)
  • Kuala Lumpur City Centre or KLCC.
  • Cheras.
  • Selayang.
  • Petaling Jaya (PJ) old town.

We don’t promise instant riches, but many of our real estate agents have earned a comfortable living from brokering property deals. Training provided, and so no experience is necessary. And no, we won’t send you to Lahad Datu unnecessarily too. Give Jonathan (our recruiting manager) a call today – 03-56120001. Talk to you soon!

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Lahad Datu Real Estate – My Thoughts

by on March 6, 2013

OK, apparently somebody just alerted me of the ongoing incident in Lahad Datu, Sabah involving somebody claiming somebody else’s land to be theirs. I have stopped reading any mainstream news (thanks to Tim Ferriss), and so this is new to me. I am only a real estate agent and so I am not able to comment on the ongoing incident. All I can ask everybody to do now to is pray for everyone’s safety, and hope that everything will end soon without anybody getting hurt.

I am a big fan of Lahad Datu’s property market despite not having been there – but I have worked for some people who really liked the place. To some people the place remains charming despite some high profile property developments – just like the Malaysia property market. If you want to invest in Lahad Datu properties it is imperative now to find a knowledgeable real estate agent to help you do that – click here for a short guide.

Till the next time!

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Malaysia Property Outlook In 2013 – Some Personal Thoughts

by on March 4, 2013

Today I am going to take a breather from talking about the real estate sector in the Mid Atlantic states, and will instead pen a couple of thoughts about my adopted country, Malaysia. I’ve been here for some time now, and have even started re-dabbling in property investments here especially in the Klang Valley. I am now residing in one of the nicer condominiums here overlooking the exquisite Petronas Twin Towers, and I really love it here. My wife Martha is enjoying every minute, although she is also contemplating a move to this place called Bangsar which is about 15-20 minutes from downtown Kuala Lumpur.

In general, prices of properties in Malaysia have skyrocketed in the past two years – in fact there are some areas in Kuala Lumpur which has appreciated in value by as much as 57%. I read The Edge often (it’s perhaps the only decent business newspaper here in Malaysia), and it features a regular section on land and property in its weekly edition. In some places like Penang the value appreciation has been breathtaking to say the very least.

penang-propertiesTo cope with this, it’s imperative for the newbie property investor to learn how to engage a real estate broker (I wrote a couple of tips here), and also to regularly scan the newspapers to look at the current listings in order to determine what is hot and what is not when it comes to property investment in Malaysia. I am not very savvy at websites (in fact, this blog has been set up by my nephew Patrick Spinney – love you Patrick!), but there is a proliferation of websites and online property portals which makes real estate hunting so much easier. My personal favorites are MetroSherpa (http://metrosherpa.my), i-Properties and also Property Wall.com. These are all free to use – and sometimes I wonder how they make money out of doing this. Why don’t they just become real estate agents and get rich? I know there are some agents who are balling outta control and they’ve been stacking paper like a real playa. The mind boggles…

Anyway enough rambling. Now I am really bullish about Malaysia especially when it comes to its growth in the real estate investment sector. Well, the prices of the luxury condominiums and apartments in the Kuala Lumpur City Centre (KLCC) enclave has been flat for the past two years (except for a couple of developments such as Marc Residence, OneKL, St Mary Residences, Dua Residency and the Binjai On The Park), but still the area holds much promise. In fact, KLCC Property is going to launch the biggest REIT in Malaysia (as covered in the mainstream press here).

I am also bullish about properties in Penang. Areas like Sungai Dua and Island Glades are nice especially for expatriates.

In my next blog post, I am going to share my thoughts on properties in Sabah, especially in the Lahad Datu area. It’s gonna be really interesting! :)

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About This Website

Welcome!

My name is George Kouvaritakis, and I was originally a real estate agent from Athens, Greece. I have worked in the mid Atlantic states in the US for 24 years, and am now residing in beautiful Kuala Lumpur, Malaysia, overlooking the exquisite Petronas Twin Towers :).

I am writing this blog to contain my collected thoughts on real estate development in the mid Atlantic states (and also in my current adopted country of Malaysia) - many of these articles were published in the Delaware Property Journal and also the New Jersey Times. The opinions expressed on this website are entirely my own. All rights reserved, and copying is strictly prohibited.

If you want to get in touch, email me at georgey@midatlanticconservation.org or georgerealtor1@hotmail.my or call my mobile at +60162788377. Alternatively come over to my place at Marc Residence in the Kuala Lumpur City Centre (KLCC) area and we can have tea. :)