Real Estate Agents
Are real estate agents in Hong Kong necessary? You can stop reading now if you can provide the answers “yes” without hesitation for all the questions below (click to expand):
Do you have plenty of time?
Do you have full market coverage?
Do you know everything about the real estate market?
Do you just give up even when you were told that you still have a second chance?
Those who are lucky enough to have worked with a competent agent before should feel that having one by your side should make life easier while offering you the experience and knowledge to the negotiation table. A deficient one can bring on substantial headaches that cost you time and money.
In some countries, you might have Selling Agents, Buying Agents, and Dual Agents which might be illegal for some places due to conflict of interest. In Hong Kong, however, most are Dual Agents i.e. representing both Seller and Buyer & Landlord and Tenant. Below are the 8 characteristics that you should take into consideration when looking for an agent, you might not be fortunate enough to find one with all, but at least some of them.
Creativity
This is particularly important in this century by making use of different marketing technologies and channels in addition to the traditional way for the enhancement of services.
Communication
Skillful communicators can ensure the message is passed effectively to the other party.
Knowledge
Not only about the real estate market, but the global economy and basic legal sense to maximize your interest and minimize your risk.
Track record
The best-proven way to show the experience and ability to complete transactons.
Ethics
These are the moral principles that govern a person's behavior in general.
Honesty
This is not only what the agents should behave. You will never get what you want until you tell the agents clearly about your requirements. Once you are being transparent to the agents, they will be able to provide you with the best solution.
“Stay Local”
What does it mean? It is better to have a real estate agent who has significant experience in your targeted area, those who focus on a specific area can always stand out from the crowd in all aspects, while updated choices can be provided almost instantly to you.
License
You might notice that there is usually a no. starts from either S or E on the agent’s name card which stands for:
S - Salesperson's license
The licensed salesperson can only perform estate agency work as a salesperson of an estate agent.
E - Estate agent's license
The holder of an estate agent's license can either establish an estate agent business or purely act as a salesperson of an estate agent. The exam of this license will be harder and cover 2 more topics i.e. valuation and business management.
Licensed agents are tied by a certain set of rules of ethics to serve sellers or buyers to the utmost honesty in serving their best interest. Therefore, an extra layer of protection is there to avoid any unexpected issues.
Target Oriented
Although the budget is one of the major factors for buying or renting an apartment, agents should focus on the need of the client instead.
Oscar Wan (landlord) from Tower 2 Harbour View Garden - "I rented out my apartment through the tenants' network of KtownProp 20% higher than the rent suggested by other agents who did not even understand the condition of my apartment. Although it is situated in an old building, it is fully furnished and renovated in an excellent condition suitable to bachelor working in Central. Most agents have targeted the wrong group of potential tenants, therefore, they are not willing to pay for the "premium".
Explore a better way of buying or renting an apartment in Kennedy Town.
Alternatively, you can learn more about KtownProp or join our Kennedy Town Residents’ Network.
