Mar 30, 2020Read More...
From Six Figures In Debt To Seven-Figure Real Estate Commissions.
Here are my seven lessons to create your dream real estate career:
1. Relationships And Networking
Relationships mean everything in business; they say your network is your net worth. Your relationships are what elevate your career. It is important to note that most clients are not looking for the fanciest marketing on the planet. They are looking for a real person who is going to address their pain points and help them achieve their goals, add value through their expertise, and hustle to create the best outcome for them. Plus, when clients are going through the most pivotal moments of their lives, it is important to remain patient, be understanding and help put a smile on their faces. It makes all the difference. Sit down with your clients as their friend, and listen to them.
2. Know How To Add Value To Your Clients
How on earth do you put together high-level deals like this? By knowing your clients’ pain points and goals, not just in business, but in life. And you add value by creating solutions for them. In my case, I knew I could find them a credible buyer to purchase their property and get it done swiftly.
This is my life motto, because hustle and performance win out over talent any day of the week. Work 10 times harder than anyone else. Meet the most successful individuals, and see how they rose to the top and what their lessons were. Always show up willing to work and learn from the best.
4. Invest In Education
It’s important to invest in your education to further your knowledge. I attended Harvard Business School, researched online for hours on end and attended countless networking events and conferences to advance my career. The only way you can become an expert is through knowledge and experience.
5. Build Self-Confidence
Entering a world full of male sharks in the commercial real estate and development realms can be intimidating. How can you combat that as a young woman? By standing tall and confident. I knew I had what it took because if someone else had done it, I could too through hard work. Your confidence will bring real results in business.
6. Be a Team Player
Real estate transactions and development requires a team, and you must know how to work effectively and gracefully within a team setting. There are attorneys, other agents, buyers, sellers, appraisers and the list goes on. Be and act like the kind of person you would love to work with. It makes the difficult process that much easier.
7. Be Fearless
What do you have to lose by trying? Most people walk away from opportunities before they even begin because they fear the outcome. They create a fear that only exists within the confines of the mind. If you ask me, regret is far worse than fear.
When I first started, I would never have imagined I would go from six figures in debt to making seven-figure commissions by the time I was 28. By sharing these lessons, I hope I have inspired you to shatter glass ceilings and live your dream career.
Mar 23, 2020Read More...
How To Make Six Figures As A New Commercial Real Estate Agent.
Year One: Set a goal; then research, database, plan and implement.
It all starts with a goal. Most people think that’s the easy part. But it’s the hardest because saying, “I want to make $250,000” is not a goal — it’s a wish. A goal is knowing what you want (i.e., $250,000), why you want it and making your conclusions public.
The next step is the meticulous, monotonous, mundane work needed to give your goal substance. Research existing inventory in the product type you’re targeting, and study how many of these have traded hands each year to determine velocity.
Once you have these statistics, calculate an average sale price. Apply a realistic commission to that average transaction, then calculate how many closings per year you will need to hit your income goal. Next, determine what market share you need to hit to reach your goal and decide whether or not the market area and product type support your income goal. If not, restart with another product type or geography and keep going until you find a market that makes sense.
Next step, build a database. Catalog every property in your chosen market. Research the owner of each property and get their contact information. Look back at all the comps you pulled during your research phase and identify every seller, buyer, attorney, lender, appraiser, etc., involved in those transactions. All this information should be entered into a CRM, not an Excel spreadsheet. Now you have the beginning of your database.
Then start developing a business plan. It should consist of how many closings you need to hit your goal and how many other activities you need to reach that many closings (i.e., listings, proposals, meetings, phone calls, emails, etc.).
Making your goal public is the hardest step. Does announcing it to others sound intimidating? It is, but that’s simply fear of failure. Believe in your plan and your methodology. If you cannot put yourself out on the “public” limb, quit now. This business is not for you.
Once you have achieved all the items above, it’s time to execute. Your formula is simple:
1. Call, fail.
2. Call, meet, fail.
3. Call, meet, get proposal, fail.
4. Call, meet, get proposal, get listing, fail.
5. Call, meet, get proposal, get listing, get property under contract, fail.
6. Call, meet, get proposal, get listing, get property under contract, close.
By the time you get to the end of the last step, a year has passed. If you think you can earn six figures as a CRE agent in your first year, purge that idea from your thoughts. If you make that, it’s luck and unsustainable. Follow the steps I’ve outlined and you have built the foundation of a business — not a business based on luck.
Year Two: Set a pace — and then force yourself to do more.
The problem people have with year one is that they execute it linearly, aiming for that first closing, and then have to start all over again after spending 100% of their time working that very first closing. Brokerage is like being Babe Ruth — you’ll end up being the Home Run King, but only if you fail more often than you succeed. While you’re teeing up that first listing, keep prospecting for additional business; otherwise, you’ll find yourself at the closing table with a big check but essentially unemployed.
At this stage, push yourself to do even more than you thought you could. Consider hiring an assistant to help manage deal flow and prospecting.
Once you have a healthy pipeline of listings and escrows, something is always on its way to closing. By the end of the second quarter of your second year, you should be able to annualize your previous 90-day production. It should equal your income goal.
Year Three: Focus on perfecting your business plan and cement your brand.
Reflect on your successes and failures and perfect your system. Keeping a database is vital. Over the past two years, you should have logged every conversation, email or other communication with every single person with whom you interacted. Analyze the number of dials, conversations, meetings, proposals, listings and closings for the past two years. What were your conversion ratios? Where did you spend more time than you should have? Where did you fail more often than you should have, and why? Be honest with yourself, and modify your business plan to incorporate what you have learned.
Now begin focusing on marketing and promoting your success. Send information to clients and media on how many deals you’ve closed, how many records you’ve broken and how you serve your clients. If you are not comfortable doing this yourself, invest in a publicist — it’ll be worth every penny.
If you set a real goal — not just a wish — for a healthy six figures and follow this methodology, your chances of success will skyrocket.
Mar 23, 2020Read More...
Banks offer 6-month moratorium on loan repayments.
CORONAVIRUS | Malaysian banks are offering financial relief to their customers who are affected by the Covid-19 outbreak.
Maybank said it has introduced a moratorium of up to six months for its customers and this could also include restructuring and rescheduling of financing facilities.
Other banking and financial institutions which have reportedly offered a moratorium on loan repayments include Bank Rakyat, SME Bank, Tekun, Bank Simpanan Nasional, Public Bank and Public Islamic Bank, RHB Bank and RHB Islamic Bank, Agrobank, Hong Leong Bank and Hong Leong Islamic Bank, Bank Islam and Bank Muamalat.
Bernama reported MBSB Bank president and chief executive officer Ahmad Zaini as saying that the bank is also offering financial relief to its retail, corporate and small and medium enterprise (SME) clients affected by Covid-19.
Affected retail customers will be offered a six-month moratorium on installment payment for financing and they may also opt to restructure or reschedule their financing.
Corporate and SME clients, who are directly or indirectly affected by the pandemic, especially those in industries such as hospitality and tourism, may apply for financing restructuring and rescheduling.
Meanwhile, both Affin Bank and Affin Islamic Bank will also be offering financial relief assistance for their customers.
“We are committed to continuing our support for our valued customers as the preferred banking partner by relieving them from further distress during these trying times,” said Affin Bank group chief executive officer Kamarul Ariffin Mohd Jamil.
For its retail customers, the bank will provide a moratorium of up to six months, restructuring and rescheduling of financing facilities for customers who subscribe to mortgage, hire purchase, credit cards, education financing, Amanah Saham Nasional financing and personal financing.
For corporate banking customers, the bank will provide temporary relief to affected eligible customers as stipulated in Bank Negara Malaysia’s Credit Risk Guideline and the request will be subjected to internal approvals and credit due diligence.
The relief may involve rescheduling and restructuring exercise such as granting of a moratorium on the loan/financing and repayments up to six months, subject to terms and conditions.
Agrobank has also announced several measures along with initiatives undertaken by Bank Negara to provide relief to small and medium enterprises (SMEs) affected by the pandemic.
It said the measures are an immediate moratorium of up to six months for the monthly instalment payments of financing for its existing customers and restructuring of their financing to help with their cash flow situation.
"As the outbreak escalates, Agrobank will continue to be very active in providing financial relief measures in assisting SMEs to weather the storm of the Covid-19 pandemic,” covering president and chief executive officer Khadijah Iskandar said in a statement today.
Agrobank, through BNM’s Stimulus Package 2020, is also providing a RM2 billion Special Relief Facility (SRF) which will be deployed in the form of working capital to assist SMEs that are adversely impacted by Covid-19.
Khadijah said this facility is vital for SMEs in the agriculture and agrofood sectors to sustain their business operations and alleviate short-term cash flow problems.
“Through this programme, Agrobank will provide a prompt, collateral-free financing facility of up to RM1 million per SME with a competitive financing rate capped at 3.75 per cent per annum,” she said.
She said eligible SMEs can obtain the financing facility with Agrobank for a tenure of up to 5.5 years, including a six-month grace period.
Another initiative taken under BNM’s Stimulus Package 2020 was the introduction of a RM1 billion Agrofood Facility and a RM300 million SME Automation and Digitalisation Facility.
Mar 23, 2020Read More...
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Mar 2, 2020Read More...
What are the terms that should be in a Tenancy Agreement for a rental property?
Here are the basic sections of any Tenancy Agreement:
1. Details of property and purpose
This includes the full address and details of the property such as what kind of property it is (studio, 3-bedroom apartment, 1 2/2 storey terrace, etc) and who is the legal owner of the property. The purpose in this case, would be ‘residential’.
2. Duration of tenancy
Here, you will want it to be specified in exact dates for the duration of the tenancy. For example, One (1) year beginning on 01.02.2019 and ending on 31.02.2020.
3. Rental amount
This section will detail the rental amount as agreed upon by both you and your landlord beforehand, as well an extra clause to state that the rental rate will remain the same throughout the agreed duration.
4. Deposit amounts
Deposits are a necessity of any rental agreement. There are three kinds: Earnest deposit (usually 1-month rental paid to secure the property, similar to a booking fee); security deposit; and utility deposit.
In this section of the agreement, you’ll want the amounts payable to be clearly defined. Also, don’t forget to outline the requirements for the refund of the security deposit upon termination of the agreement. In the section related to payment of rent and deposits, you could also outline the method of payment (via cheque, bank transfer, cash, etc) just to cover your bases.
5. What is provided by the landlord
This can be an inventory of what’s included in the house that you’re renting – what belongs to the landlord. Is the property fully or partially furnished? If so, what sort of furniture exactly? And what appliances are included?
It helps to provide a list at this point – 3 fans, 2 air conditioning units, 1 three-seater sofa, 1 hydroponic herb garden and so on. It’s probably best to include this under Landlord Obligations (see next point) as a reference to an appendix, which would be a list of the inventory mentioned above.
6. Obligations of landlord
Pay very close attention to this section. This is where you lay out the responsibilities of the landlord such as maintenance and repairs. Let’s say the in-built shower heater is broken – whose responsibility is it to call the electrician to fix it?
What about a leaky roof? Termites? You can specify here that maintenance and repair works related to the house structure itself such as electrical, plumbing, and structural work comes under the obligations of the landlord.
Apart from that, the landlord should also be responsible for paying the property tax and insuring the property, among other things.
7. Obligations of tenant
This section is all about your responsibilities as a tenant. Don’t be alarmed if this section seems a lot longer than the previous one – landlords have to cover their bases too. If your monthly rental fee does not include utilities – as it commonly doesn’t – you’ll have to take responsibility of paying your bills on time. We’re talking about electricity, water, internet as well as rent. The landlord might also require you to send proof of payments to them each month as well.
This section will also include things like you having to follow the condo management rules, take care of the furnishings that come with the property, keep the interior in good condition and notify the landlord of any structural issues.
Some other requirements might include:
Not running a business in the property and no subletting
Taking care of minor maintenance works below a certain amount (eg: below RM150),
Repair and replace lost or damaged items
Not annoy the neighbours
To allow the landlord entry for inspection and repairs and to bring other people around to view the property near the end of your tenancy.
Phew, that was a long one. It’s tedious and written in law jargon, so we recommend you to read your Tenancy Agreement slowly and carefully, and to look up any terms which you do not understand. If you need to, get someone else to proofread the agreement for you as well to ensure you’re clear on everything stated within. You can also speak to your landlord if you need further clarification.
8. Special conditions
This is for specific, special circumstances. Let’s say you’re late on your rent or you’ve been declared bankrupt – what can the landlord do to secure their property? Also, this section will list out circumstances in which the landlord cannot be held liable for – like injuries sustained in the property or if the place has been robbed.
Another thing to be included in the section would be a condition of your advanced notification to the landlord if you want to extend your stay. This is also where you might outline the formula for a rent recalculation. Some landlords would leave this as an open option so you can negotiate with them when the time comes.
On the other hand, if you choose to leave before the end of your agreed tenancy duration, the landlord will keep your security deposit – this should be outlined clearly as well. However, if the landlord asks you to leave early, then they will need to return your deposit with additional compensation.
Other things that might be covered here include the obligations of a new owner if the landlord sells their property, any interest chargeable for late fees, and more.
Of course, the final thing that every Tenancy Agreement should have is the signature of both the landlord and tenant as well as a witness.
Feb 11, 2020Read More...
Happy Chinese New Year! May your 2020 be filled with a surplus of wealth, joy, and peace.🎊🏮 🎊
Jan 24, 2020Read More...
Looking to start a career in Real Estate but have zero knowledge? JOIN US and we can show you our proven system and consistent approach to guide you in your path to success.
The list of support that we provide to you; -
1) Introduction to Real Estate Agent, Rules and regulation involved in the real estate
2) Technics in telephone canvasing, viewing procedure, negotiation, closing and after sales service
3) Training in property marketing (social media, market and demographic research and in A&P)
4) Unlimited generation of leads and listings
5) Back line support
ii) Advertising and promotion
iii) In house graphic designer
6) Motivational Talks
7) Keep you informed with the latest news and equip you
with the latest technology
8) Groom to be future leader
Reward and afford goes in tandem in our company culture. We reward you with high commission for every successful deal closed. Monthly, quarterly and yearly incentive introduced to recognized to those who achieved targets. Trips to local and overseas to promote work life balance
Real Estate has been major industry in the Malaysian economy with multi-billion market capitalization.
The supply for affordable to medium end property is not enough to cater to the growing demand for residential property especially in the Klang Valley.
To cater to demand, Real Estate Agents (REA) will be appointed by the property developers to market and sell their products.
1) Positive attitude, motivated, energetic and self-discipline
2) Patience and willingness to learn.
3) 23 to 30 years old
4) Possess own transport
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Dec 30, 2019Read More...