Real estate negotiators (RENs) are always wary of this – their prospects do not show up on pre-arranged property viewings! A lot of them like to “Fong Fei Kay” (Chinese phrase for no-shows). They do not answer calls or reply to SMS from the frantic REN. Some will even say they are on the way but never show up.
Before or on the day of the viewing, prospects can go MIA – by not answering reminder calls or texts! Will they be coming for the appointment? What happens if you do not go and they suddenly turn up? Most marketing people will still go to the appointment venue even though they know their prospects will most likely not turn up.
With no shows, precious time and petrol is wasted and the unpleasant task of facing the unhappy property owner.
This is a common occurrence in the property industry!!!
The question is why prospects do not bother to inform that they are no more interested in the property and are not coming to view? Malaysian shyness?
Next, undercutting by property owners and potential buyers is another problem faced by RENs.
Interested buyers, after viewing the property would sometimes quietly return (once the REN has left) to deal with the owners direct with the proposal to buy at a price slightly lower than the asking price. If the owner agrees, he can get more money from the sale as he does not need to pay commission to the REN.
Sometimes, interested buyers, after the property viewing may get another REN to talk to the owner. Once the deal is concluded, the REN will then share his commission with the buyer.
To protect their interest, experienced RENs will always insist that the owner sign the “authorisation to sell form” before agreeing to market the property. After the property viewing, they will make sure the potential buyer to sign a viewing form confirming he has viewed the property at the stated date and time. These two forms can then be used to claim against the owner for the professional fees if it is later discovered that undercutting has taken place.
In the property industry, there are a lot of undesirable practices by buyers as well as RENs themselves.