One bridge too many

The 2017 budget has not bring much impact to the property market. The market is still in the wait and see mood. There is less buying but more people are selling. Its a mismatch! People with cash or can have access to money will have plenty to choose from when looking for a property. Developers are bringing in extra incentives to attract buyers. Some are giving free cars on top of very attractive rebates. The same with the secondary market. People are selling at below market value. For real estate agents, these are trying times. For new agents like me, it is twice as hard. Its not only a mountain to climb but rivers to cross as well. And at the end of it all, its one bridge too many.

My biggest problem

From what I have been hearing and reading, 2017 is going to be like 2016, tough. I am referring to the property market off course. It might even get tougher, who knows. With banks being very particular about giving out loans, selling houses is like trying to break the great wall of China. Only 40 % approval for 2016, so I read! With that kind of statistics, how are we going to sell houses? Yes, transactions are still going on but at a much lower rate, perhaps just 60-70% of normal. Two months into my new profession, I am still struggling to get going. However, I must admit, I don't think I have tried my very best. Perhaps, only 40-50% only. For one thing, I find working on my own with no one to look over my shoulders is a real challenge. Most days, I would end up doing nothing. That is my biggest problem at the moment. To motivate myself. To push myself. To strive really hard! To go even when the road is long and winding. To go even when the light at the end of the tunnel seems like an impossible distance away.

80/20 rule applies

When I signed up to be a real estate negotiator, I had to attend two days of compulsory training in order to obtain the work permit. Then the company that I am attached to conducted two more days of training for its new negotiators. All in all, it is four days of training. After that, the deep end of the sea beckons. It is up to you how you want to negotiate through it. It is survival of the fittest. If you failed, you will drown. Otherwise, you live to fight another day. Opportunities don't come on a silver platter. You have to find it, create it, then grab it. I would say the 80/20 rule applies. 80% of the negotiators barely survived. 20% grab the main share of the cake.

The first hurdle

For new Real Estate Negotiators (REN), getting a listing is the first problem we have to face. In other words, how to get houses to sell. Where to get them? From family, relatives, friends, your newspaper man, your car mechanic, strangers we meet etc? It is easier said than done off course. About one and a half month into the business, my listing can be counted on one hand! That's too little. I need more. At least a hundred. That will give me a better chance of closing a deal. With only a handful of listing, closing a deal is like a million miles away!

Will the situation improve?

The property market is not as vibrant as it was a few years ago. People who have been in the property business long enough will tell you that it is a buyer's market now. There are more sellers than buyers. What it means is that buyers are having a field day with plenty of choices. Developers are throwing in extras to go with the houses such as attractive rebates. Some are even giving free cars plus other gifts. In the secondary market, houses are being sold at prices below market value. The same goes with rental, some down to almost half the previous rate. Its been like that in 2016. What about 2017?

Will the situation improve?