Real Estate Agents Must Utilise Technology To Stay Competitive

By Farhana Poniman KUALA LUMPUR, March 3 (Bernama) -- Real estate agents need to utilise advancements in technology and telecommunications to stay competitive in today's rapidly changing business environment, says Malaysian Institute of Estate Agents (MIEA) president, Nixon Paul. "The manner in which property transactions are carried out now has dramatically changed over the last decade. "Nowadays, property hunters can simply use mobile phones to search for available properties within a certain radius, from where they are. "Those real estate agents who do not make use of such a facility, will get left behind," he told Bernama at the Malaysian Annual Real Estate Convention (MAREC) 2012 here Saturday. He also said real estate agents without an online presence, for example, a website, would leave a negative impression on clients. "By sticking to conventional business routines, they will obviously start losing ground to the newer breed of competitors," he added. On Bank Negara Malaysia's (Malaysia's central bank) new guidelines for loan borrowers, Paul said it would cause a drop in business, but also be a stabilising factor over the long term. "The price of houses have been moving a little too fast over the past few years. In the last three years, borrowings from banks escalated by between 20-30 per cent. "With the guidelines, property buyers are now being more cautious. But once they understand how the financing issues take place, they will adjust to the system. The market will then pick up again," Paul added. He said the guidelines also indirectly limit speculation activities for properties. The MAREC 2012, organised by MIEA, is a two-day event and a platform for real estate practitioners to discuss and determine the future course of the profession. -- BERNAMA