Occasionally, we would see some photos showing lots of people at some property new launches. I am sure many of those at the launch are potential buyers. Otherwise why are they there for? Food and drinks? Or perhaps free good quality recycled bags? Actually, maybe… Haha. I wrote about my experience not too long ago a couple who went to a property event by a prominent developer. They were walking in front of me. The husband was telling the wife that all the properties in this project is so expensive. ‘How to buy?’ Both of them were there for a free dinner. Then, I looked at my wife and myself. Perhaps we were also there for a free dinner?! Haha. So, if we want to know if there are genuine potential buyers or not, then what do we do? I cannot be asking everyone who’s there if they were there for the free dinner or the project right? This was what I did for past two weekend afternoons.
Instead of reading or shopping, I decided to use 2 hours on a Sunday afternoon to view some properties. Both my kids were sleeping anyway and I should be home by 530pm to bring them out for cycling in the condo’s park. Just wanted to see what would I be able to observe. Last week I viewed a condo project in Sri Damansara. When I arrived, three tables were occupied by potential buyers asking questions to the sales people. There was a children’s indoor playground and my kids and my friend’s kids went ‘crazy.’ I think this is a good strategy; keeping the kids occupied while the parents get to ask more questions quietly.
The next two I viewed, also on a weekend afternoon were in Puchong. These two developments are still in the selling mode and I think from my conversations with the sales people, buyers are not making fast decisions but there were many viewings. The first one, a landed three-storey terrace home had 4 different groups viewing at the same time. Two of the families have teenage kids. (Lucky them!) Unfortunately for this developer, there was only one sales person and I think he could only explain to that family who asked him more questions. (perhaps seem more interested?). When I left the place, the sales person was still serving that family while the rest have also left before me. The price starts from slightly above RM1 million. Another one, a condo in the heart of Puchong had a few sales people and there were also many viewings and also by families too! Prices started from above RM750,00 and this is definitely not under the affordable category. Yet, somehow people were viewing and most of them were with kids.
My personal thoughts? Slow property market is the best time for upgraders. You have a home and you are in no rush to buy an upgrade. Developers love people who are upgrading because these people have an existing home which they could sell and they would usually be able to afford a more expensive property compared to first-time home buyers. I think even the sales teams love these upgraders because the questions they ask are much easier to answer with facts and figures. First-timers may have a lot more questions which may not even be related to the project itself. Happy viewing and investing!
written on 31 March 2018
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