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Fake news? I must write about it too, right? Property market ones.

Posted in Property, KL / Selangor, and Starting Property Investing

I hate it when people reply me, ‘no harm in sending first, who knows it may be true?’ as soon as I tell them that the news they have just forwarded has been proven to be fake THREE years ago. There’s this article in TheStar by a writer called Dzof Azmi.  I have to say that the situations he faced sounded familiar to me too. However, perhaps I should focus on what fake news in the property market yeah. Nope, I do not think these people who spread such fake news would be arrested but perhaps it’s very good to make our own homework before believing whatever we hear, read and see these days.

In the property market, there are many of these fake news too. Usually spread by blind supporters. One is something that a good friend always tell me. She likes this particular developer so much that everything about them is positive. I am like, huh? Even when the developer who sold to her at a premium gave her ‘cow grass’ instead of lawn grass, she said but this is what many of my friends get too from their developers. (HELLO… they did not pay a premium…. ) Yes, even after this experience, she continues to sing praises for this particular developer. Actually this is spreading fake news too because the premium is seriously not worth it! If it is just for the concept, then let’s get real. When the developer has a super huge piece of land, everyone of them could plan better. Else, nothing much to plan or do lah.

Another kind of fake news would be the ‘never ending’ last few units. Frankly, if there are just a few last units left or even selling extremely fast etc, there is really no need to keep advertising everywhere lah. Perhaps it’s best that developers really do more homework before starting to sell at a very high price per sq ft and then give huge rebates. Or for some developers to spend SLOWLY in one media first, sell some. Then advertise via the next media and sell some more and then use another media and sell a few more. It’s best to immediately do a super huge launch by using all the different media available and really keep track of what works and what not. Else, after 9 months to 1 year, ‘fake news’ would have to start because it gets much harder to tell people that they have sold less than half despite having launched over 1 year.

Actually there are many more of these fake news in the market lah. For example, pay nothing to get huge profits when you buy a certain project for example. If there are such deals, just selling to the developers staffs, families and friends would be enough lah. It will never reach anyone of us. There was also my ex-classmate who told me that ‘there are so many units in the market and that there’s no need to rush.’ At the time, I told him that the price he was looking for is not realistic and if he had found ONE unit with such a low price, he has better quickly buy it. To cut the story short, this was his actual reply after 3 weeks, ‘All the other listings were all fake. The unit I wanted was sold in the evening after I viewed by someone else.’  So, my ex-classmate was also spreading FAKE NEWS about so many units in the market…  Happy identifying some of these in the near future.

written on 1 April 2018

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