07/03/2023
Great information to know when hunting for new development.
PROPCAFE GPT: It is very frustrated to keep getting misleading information on new property development by the agents. It wasted a lot of my time and effort to buy my dream home. What can i do?
Well, unfortunately there are many unethical agencies and agents in the market. Often, you will see the advertisement, especially in social media, posted by agencies or agents with wrong information. The developer normally is more responsible, however, when properties are outsourced for property agencies to market, things often turn unrealiable, sadly 😔.
Most common practise:
1. False information on location.
Property location in Manjalara, the ad will state it is Desa Parkcity. When it is Sri Damansara or Damansara Perdana, they will advertise it as Damansara. Same "reclassification of location" by agents also often happened to the other areas like Bandar Utama, Taman Tun, Mont Kiara and etc. After PM, they ll try to talk to you rather than sharing exact location of the property. Of course, you will always end with disappointment!😖
2. Distance to Amenities, eg mall, school or public transport always not accurate. 🙄 Freehold in the middle of all leasehold properties? Better reconfirm it.
3. Out of the world facade or design of the building (in the ad) which is not the same property they try to sell. The mid cost apartment suddenly looks like highend property in the adevrtisement posted in social or softcopy leaflet. 😡
4. The name of property and developer always not in the advertisement. The agencies do it with their own purpose of course.😠
What to do?
1. When you see ad in social media on property development which looks like amazing deal but without the name of developer or the name of property itself, you should be alerted that the develper is using other agencies to market for them. Therefore, you need to be extra careful of the information shared by the agent. Tips, normally when it is too good to be true, it is always not the fact.
2. When you call the agent, first thing to do is to ask (a) the name of the property, yes, exact name then (b) the developer's name. If they refused to share, it is best to hang up the call because you are dealing with an unethical agent or agency. They supposed to be transparent. Can you still trust them if they have something to hide? Bear in mind, it involves big investment amount.
3. Before meeting up the agents for further discussion, always ask for business card. This allows you to check the validity of the agencies and agent. If the agent has no bizcard or only can share with you his supervisor's bizcard. Then you should always request to talk to his supervisor who has valid registration with "The Board of Valuers, Appraisers, Estate Agents and Property Managers." Talk to the person who is qualified for their job, again, property investment...."don't play play" as it touches a big sum of money.
4. Always request to meet with the agent at sales gallery or office of the developer. Once you are there, make sure they are officially appointed by the developer by checking with the developer's staff there. If they have difficulty to arrange or refuse to do so, please avoid the meeting. It is a clear red flag. 🚩
How to complain about the misleading information and unethical agencies or agent?
You may contact LPPEH - The Board of Valuers, Appraisers, Estate Agents and Property Managers here:
https://lppeh.gov.my/WP2016/
There is a hunting line in the website: 03-2287 6666
While we cannot change the regulation, what we can do is to create awareness and make sure people surrounding us to do the right thing. The industry of property needs to have its self- correction mechanism to close the gap of all the unethical practices by agents and agencies. Let's do it together!
PROPCAFE BOT 🥸
