Commercial Moving Companies Can Handle Your Relocation Needs for Your Business

Even though you may have occasionally hired help for your residential relocations, you may find yourself a bit confused if you need to facilitate a move for your business. When you have to run a business and find a way to get things ready for relocation, it can be hard for you to find the time to get things properly situated. That is why you should consider hiring commercial moving companies. They can provide you with the professional help you need while you continue to focus on other important matters.

In order to protect your property during your move, you need to make sure you choose a credible company that provides its clients with the best service possible. Since there are quite a few commercial moving companies around, you need to be very selective about who you trust with your equipment with. Take some time to get familiar with different professional moving services so you can find one that best serves your needs. Get out the yellow pages and go online. Pick out the names and contact information for several providers. Give them a call. Have a pen and some paper handy so you can write own any information you gather.

Commercial moving companies charge their customers several different ways. Even though you may have a set budget in mind, you need to be aware that of whether or not you are going to be charged a flat rate or a per mile and service fee. You don’t want to end up overpaying for services you do or don’t need. One method of fee calculation may be easier on your budget than the other. Get quotes from each company you are interested in. Find out what services are included in those quotes.

Find out if the employees are trained, certified, licensed and bonded. You want to know that your equipment is in capable hands. This will increase the likelihood of your items being handled with care and arriving safe and sound to their new location. It doesn’t matter how professional and skilled the staff are at moving your things, it is a good idea for you to consider purchasing movers insurance for your equipment. Accidents do happen from time to time even though the utmost care was used. To protect your stuff from any damages, invest in a good policy. Many relocation and commercial moving companies offer this kind of protection for a small fee.

Remember, choosing the right commercial moving companies for all of your packing and relocation needs will save you more money ad time than if you were to handle things yourself. You don’t have to worry about your equipment being handled improperly, lost, damaged or broken. Your equipment will be dismantled and put back together professionally and everything will reach its destination without any delays. Make things easier for everyone and keep your business running smoothly by hiring the professionals each and every time.

Operations Manual for Your Real Estate Business

In our last Atlanta Mastermind meeting, our main topic centered on creating an operations manual for our real estate business like the one described in the book “The E-Myth” by Michael Gerber. I know the first question you may be asking is “How in the heck can an Operations Manual help me in Real Estate”?

An operations manual is a method of writing down everything you do in your business in order to outline how your business operates. This is helpful in that eventually you can delegate tasks to other business associates and they have a manual to go by. The goal of the manual is to streamline your real estate business methods and delegate to others so that you can move on to work on larger issues (think of a business model like McDonald’s hamburgers and Domino’s Pizza). This method will help you to free up tasks that you are not good at (or do not want to do) and increase profitability as you go out to look for new real estate deals. No matter how busy you are, this is one task that will dramatically improve your business production.

Here are the general steps we talked about in our mastermind meeting, to set up an operations manual for our businesses.

Step 1: Write down all the things you do in your real estate business.

1. Answer phone calls from prospective tenants

2. Coordinate repairs

3. Look for future real estate deals

4. Collect rent checks

5. Coordinate evictions

6. Pay bills

7. Drive around and check on properties

8. Place classified ads on http://www.craigslist.com/ and other publications

9. Show apartments to potential tenants.

Step 2: Break the list down into different categories.

1. Marketing

2. Property Management

3. Repairs

4. Accounting

5. Legal-Evictions

6. Find Deals

Step 3: Each of those categories gets its own page, and your job is to copy all of the activities from Step 1 under the appropriate category headings.

1. Marketing: order and put our “For Rent” signs, input listing into Craigslist.com, answer phone calls to potential renters and provide info, show apartments.

2. Property management: inspect apartments, check on recent repairs, etc.

3. Repeat

Step 4: Put the pages into a three ring binder with tabs for each category and a table of contents. This will be your new Operations Manual.

Step 5: Next go to the first tab and for each item under it create a new page with that “Action” as a heading.

1. Marketing

2. Property Management

3. Repairs

4. Accounting

5. Legal-Evictions

6. Find Deals

Step 6: Now, take each “action” page and detail exactly how you want each item done.

1. Marketing: order and put our “For Rent” signs, input listing into Craigslist.com, answer phone calls to potential renters and provide info, show apartments.

2. Repeat

Step 7: Add any forms, details, phone dialogues, or checklist that you may have to complete each action item.

The Operations Manual is one of the core building blocks for a support and training foundation as you build your business, and delegate tasks and authority to those that work with you. As your business grows and you hire more employees (or virtual assistant or sub-contractors), you will have an Operations Manual to let them know clearly how you do business and what is expected to get the job done.

Sales – The Beginning and End of All Businesses

It’s been said by countless business coaches and experts that, “you don’t have a business until you make your first sale.” I personally would like to add-on to this statement by saying, “you won’t keep your business open, if you can’t keep selling.” Each day thousands of small business owners throughout the country fail because they have quit selling (or because they never learned how to in the first place). In fact according to the U.S. Small Business Administration, 9 out of 10 small businesses fail within the first 1 year. They fail for a variety of reasons. Some of these failing companies will blame the economy. Some of these failing companies will blame the marketing conditions. Some of these companies will blame a poor marketing campaign, or a weak supply chain system, however at the end of the day (having worked with numerous companies as a personal business coach) it seems to be that the businesses that are struggling are all struggling because they can’t sell anything.

Sure, they have a great product. Sure they have a great concept. Oh yes, they might even have a brilliant team of some of the brightest marketing people out there. Their PR team is usually solid and their office usually looks professional. When you walk onto their property you might even be greeted by a secretary that will serve you a fresh cup of coffee as you wait in their pristine lobby / waiting area. Their real estate looks good. They’ve lease some good space. But are they selling anything? Usually, and sadly, the answer is no.

Most of these businesses that I watched implode due to lack of sales usually have plenty of college graduates around. They have marketing degrees, they have PR degrees, they have business management degrees, they even have people on staff that have MBAs and Doctorates in the various aspects of business systems and management. However, the world of academia, long-winded essays and business theories don’t mean much to the business that is struggling to make sales. So what is a business owner to do when surrounded by a team of people that can’t sell? I recommend either hiring an on-going sales coach or at least making daily or weekly sales training a deeply imbedded part of your company’s culture.

Weekly or bi-weekly your team is looking for their paycheck and weekly or bi-weekly your sales team needs to be sharpening their sales calls with role plays, method training and vigorous one-on-one sales training. My friend think about this for a second. Business essentially is broken down into the following four categories and then that’s about it.

Sales – If your company can’t sell, then you are not going to be in business very long.

Leadership – If you cannot build a TEAM of motivated people that are focused on achieving a DEFINITE CHIEF AIM then your business model is not sustainable.

Accounting – If you don’t know how much you are making and whether you are making money or not it is going to be very hard for you to stay in business much less grow. It’s hard to improve something that is not quantifiable.

Investing – If you are spending ½ of your revenue paying the government a “stupid tax” because you have no clue how to invest in commercial or residential real estate then it will be very hard to ever get out of the rat race.

So if business is so simple, and it all begins with sales…why is there not more formal training available for those desiring to improve their sales skills?For those of you reading this that have already left the college campus and entered into the unforgiving world of entrepreneurship and capitalism, you have probably found yourself wishing that you knew more about sales, negotiation and the art of persuasion. And so to help bridge the gap between academia and the real world of entrepreneurship, here is the “Entrepreneur of the Year’s” abbreviated training on SALES 101. Read and apply the information below and it could change your sales career forever.

Step 1 (of any sales presentation) – Build a sales script for you and your entire team. If you are the boss, it is absolutely vital that you take the time to script out a phone call / face-to-face presentation that works. For example, in the world of commercial real estate I have found that the majority if time, I am going to be talking with the secretary of a older wealthy investor on the phone nearly every time before I get to speak with the prospective or current building owner. Nearly every time, I am going to be talking with the secretary before I reach the prospect. THINK ABOUT THAT. Nearly, every time it is the same. In your business, certain aspects of every sales call are nearly the same every time. People like you and I that are crazy enough to start are own businesses or our own sales presentation, are simply making it up as we go. We are improving our call nearly every time. With each rejection we are refining our presentation. So when you finally do figure out how to get through the “guard dog” (secretary), wouldn’t it make sense to take the time to write down the system and the method that works. Do you really want your commission sales people to spend 2 months learning how to get rejected, when you already know what works? No. Make a script. A sales script is nothing more than a sales recipe for success. It takes a little bit of this and a little bit of that and you want to say this here and says this there and then ask this question here and then BOOM, you have a deal. Take the time to make a script. Take the guess work out of your sales team’s presentations.

Step 2 – Make sure that your sales presentation includes the following 4 variables in this order (regardless of your industry).

Rapport – Make sure that your sales presentation has rapport building questions that work and that stimulate good conversation.

· Every human’s favorite topic is themselves, so keep that in mind when building your script.

· Practice conversation generosity. Your prospect should spend the majority of the time talking. 70% of the time your prospect should be talking and 30% of the time, they should be listening to you. Make sure you have enough rapport building questions in your script for you to be successful in achieving the 70 / 30 ratio.

Needs – Make sure that your sales presentation accurately pin-points your prospect’s needs. If you don’t know what your prospect wants then how could you possibly guess at what they accurately want. Unless you want to become a mental telepathy expert before you close your first deal, you had better be asking some solid questions to determine their needs before you begin giving them your product’s benefits.

Make sure that you have at least 10 “need finding questions” in your script. Your sales people should never run out of good questions to ask.

Make sure that your script is not backed by the belief that selling is telling. Selling is not telling, it is listening. Listen your prospect’s needs, then sell them a solution to their problems.

Make sure that your “need finding questions” unearth a dissatisfaction that the prospect has with their current product, service or way of life. Your product must then provide a solution for this problem.

Benefits – Make sure that your sales script sales benefits, not features. No one cares about what kind of technology was used to make this or that. No one cares about the model number of your product. No one cares about the unique hand-crafted what-not that went into making your product until they know what they product or service can do for them.

Make sure that your sales script provides your team with at least 5 solid benefits that clearly explain to the prospect why this product will provide a solution to their product.

Make sure that your benefits are fact based, not puffery based. No one wants to hear that your product is “the best,” or that you are “number one.” They want to know what your product can do for them. They want to know how your service will enhance their lives and make them feel better.

Make sure that your benefits are focused on making a “Win-Win” connection with every customer. Your benefits must explain to your prospects how this product clearly will benefit them and you, or they will become very skeptical very quickly.

Call-To-Action / Close – Make sure that your script includes a call to action. If you meet with someone and you do not come home with a “sale” then you have accomplished nothing. You would not believe how many sales professionals are out there concluding their ½ hour presentation with, “and so if you all want to just get back with me, then I’d love to work with you.” This statement is bogus. No one wants to meet with you for a ½ hour about nothing. If you are going to spend the ½ hour of time needed to meet with someone you might as well close the deal. You might as well ask for their business. If you don’t ask, you most certainly will never be told yes. If you live in fear of rejection, then life will reject you by default. Go ahead and go for the close every time.

Make sure that your close is backed by the belief that one should eat a cow one small piece at a time.

Make sure your script first asks the customer “does that make sense?”

Make sure your script then asks the prospect, “which package do you think would be best for you all based on what we have talked about? Either this one or that one?”

Make sure that your script then asks, “did you all want to pay for that via check or credit card?”

My friend, their needs to be college degrees out there at every college on “Salesology.” However, there is not and there probably never will be. If you would like more information on sales, then I would highly-recommend that you read Napoleon Hill’s “Success Skills” or the various audio trainings and books of Brian Tracy. Read those books, apply the “moves” you find in those books and make it happen. You were born to succeed. You were born to go to the top, but you must learn to sell and persuade people before you can do anything.

Retail Malls and Shopping Centres – How to Make a Leasing Proposal Really Work

Retail investment property is special when it comes to leasing. There are special elements to handle in the marketing package if you are a real estate agent.

When leasing and managing a shopping centre, the creation of a marketing package for leasing is a frequent event. What we can do here is help you with that lease process and marketing document.

To start off we should say that the leasing of retail premises is not just about the rent and the area to be leased. A retail property is an investment to not just the landlord but also the tenant. The tenant runs a business and the retail property has to help them do that.

This is where the marketing package has to really handle the opportunity for the tenant. A well designed marketing package can also be reflected in the design of a brochure or flyer that is distributed to your target market of tenants.

Here is a checklist to help you design a great marketing package for the retail property vacancy.

  1. Area of the premises together with plans
  2. Details of the permitted fit out designs and qualities of finishes and materials to be used
  3. Rental asked and a breakdown of expenditure or outgoings that are in addition to the rental
  4. Details of the term of lease sought and any available options for the tenants
  5. Site plan including car park detail, access roads, and public transport drop off points.
  6. Demographics of the local shopper that visits the centre and the surrounding area
  7. Definition of trade area where 80% of your trade is sourced
  8. Tenant Mix across the property including plans of and to those locations
  9. Customer counts on different days of the week
  10. Trade patterns by retailer type over 12 months
  11. Trade patterns by days of the week
  12. Details of services and amenities available to the tenants and the customers
  13. Details of changes and improvements to the property that are known or expected
  14. Details of the common area and usage patterns.
  15. Details of property promotion and marketing for the tenants
  16. Details of signage and tenancy design as it applies to the subject tenancy
  17. Details of the anchor tenant and their lease permanence.

Expect the potential tenant in a retail property to visit your property before they make a decision to lease. Any retailer knows that trade varies on different days of the week and they will want to check that themselves and with other tenants.

Given that tenants in a retail property always talk to each other, the high value of good tenant relations with the landlord and property manager cannot be understated. Unhappy tenants in a property can detract or derail your endeavours to lease any vacancy.

This marketing package for a retail lease vacancy is comprehensive and will answer many of the tenant’s questions before they raise them. It also shows you to be the professional retail leasing expert.

Real Estate Characteristics

Real estate has several unique characteristics that affect its value. There are economic characteristics and physical characteristics. Real estate is a product to be purchased but it is different from anything else due to the characteristics that will be discussed here.

The economic characteristics that influence value are scarcity, improvements, permanence and area preference. Scarcity is simply demonstrated in the saying, “They aren’t making any more.” The supply of land has a ceiling and cannot be produced more than what exists today. This value of this supply however, is influenced by other characteristics.

Improvements, such as buildings on one parcel of land may have an effect on the value of neighboring parcels or the entire community. If a large company builds in a certain depressed neighborhood, the value of living their will probably increase because of the introduction of jobs. This value would impact on neighboring communities, thus increasing value in some ways to the real estate in these areas.

Permanence has to do with the infrastructure. As buildings, houses or other structures are demolished, the infrastructure, such as sewers, drainage, electricity, and water remain intact. Permanence effects real estate, or the type of infrastructure. If you buy a piece of land in an area with no utilities, drainage or paved streets, it will most likely be worth less than a parcel of land that has this infrastructure intact and developed.

Area preference refers to the choices of the people in any given area. This is usually referred to by most people when they talk about real estate as, “location, location, location.” The location of a preferred area, for whatever reasons, is what makes values of homes higher. Conversely, the location of a nonpreferred area, for whatever reason, is what makes the values of homes less. 8000 square foot brand new homes on the coast of Long Island’s, East Hampton will be worth much more due to their area preference, over an area with 1200 square foot starter homes in the middle of Long Island, located next to a garbage dump.

The physical characteristics of land represent its indestructible nature, immobility and nonhomogeneity. Working backwards, we’ll start with nonhomogeneity. This simply points out that no two parcels are the same. Two pieces of land may be very similar, but every single parcel is different geographically because each parcel is located in a different spot. This includes two lots right next to each other. It is important to remember that parcels are created by subdividing land, so as one large parcel of 20 acres is subdivided, each individual lot becomes its own separate piece of land.

Land cannot be moved, therefore it is immobile. Even when soil is torn from the ground, the part of the Earth’s surface will always remain. It is important here to note how this physical characteristic affects real estate law and markets. Immobility of land is the reason why real estate laws and markets are local in nature.

The indestructibility of land simply means that it is durable and cannot be destroyed. It can be damaged by storms and other disasters, but it remains and weathers the changing times and will always be there. This is a main reason why land is talked about as being a sound investment.

So the basic characteristics of real estate include scarcity, improvements to the land, permanence, area preference, nonhomogeneity, indestructibility and immobility. Please note there is a big difference between land and real estate. Land is the the part of the earths surface, subsurface and air above it. Real estate is anything that becomes attached to land. So when you’re looking for investments, it is important to note the infrastructure of the area, the surrounding neighborhood and the preferences of the area or…location, location, location!

Commercial Property – What to Do If the Lease Is Unsigned

In commercial property management and leasing you frequently come across the problem of the tenant delaying the signing of the lease. It can be for a number of reasons such as:

  • The complete terms of the lease are still being negotiated
  • The tenant is still finalizing their fitout design
  • The various partnership members are not all available for signature
  • The documentation is still with the tenants solicitor
  • The business or government department is taking time to process the document
  • The decision makers are away
  • Approvals for permitted use are delayed at local council

So the list goes on and you will see many variations of the problem. Tenants will give you so many different reasons why the lease is still outstanding. Frequently the delay process is not as it seems and there are other alternatives that the tenant is adopting for their own reasons. Tenants will not tell you the whole truth; that is a fact.

The signature on a lease is then a critical element of making the tenancy available for occupancy. In almost all lease situations, you would want the tenant to satisfy the following criteria before the keys to the tenancy are handed over:

  1. The lease is totally and correctly signed
  2. The plans and drawings associated with the tenants fitout have been submitted to the landlord and are approved
  3. The plans and drawings associated with the tenants fitout have been submitted to the building control board or local council and are approved
  4. The first months rental is paid in advance in accordance with the lease documentation
  5. The appropriate personal or bank guarantees are provided to the landlord in accordance with the agreement to lease
  6. All associated documentation and disclosures tied to the lease implementation are correctly served and satisfied
  7. The deposit required under the lease agreement or lease arrangement is paid

The golden rule in the leasing a property to a tenant is that all lease requirements are satisfied in accordance with the property managers instructions and the landlord’s requirements before any keys and tenancy access are given.

It should also be said that any incentive to be made available to the tenant as part of the new lease structure should not be released or made available until all the six points above are satisfied.

In most instances with commercial property, the tenants you work with are very experienced in business and negotiation. They are likely to be more experienced than the property manager or the landlord. The tenants will set up the leasing situation to their own advantage during the lease negotiation.

So the clear message here is that the premises should not be handed over to the tenant until all lease documentation requirements have been satisfied correctly and legally.

IT – BPO – And Real Estate Development

There is no doubt that IT and BPO have been a key reason for the realty development in a lot of cities. Even today, a lot of investment in commercial real estate can be attributed to the sectors, which also render residential realty growth around in a region.

A recent study – conducted jointly by the National Association of Software and Services Companies (Nasscom) and global management consulting firm A T Kearney – has identified 10 cities in India that are good for the IT-BPO industry. Criterion fro ranking were: Knowledge pool and skill-set availability; infrastructure; social and living environment; enabling business environment; government support; and operating cost. Let’s take a deeper look in to each of these to see the commercial and residential growth in each city.

Rank 10: Nagpur

Nagpur is well endowed with land and connectivity to the city. Next to Mumbai, it is the commercial hub for India. It has gained the attention of MNC biggies in India. With the IT biggies making promising investments in the city, here’s a list of places to invest in the city. Marathahalli, Dhantoli, Wardha, Shankar Nagar and Amravati Road, Manish Nagar have seen extensive residential development with apartment concepts finally progressing well in the city. The city has not only seen development in the city areas but has also expanded in the north, east and west.

One of the most talked about projects, the Airport, is the largest economic development project underway in India. Sky rocketing prices in the commercial real estate sector is the talk of the town in the city. Within the city the prices are even higher. Even at this price the demand has been steadily moving up with absorption around 50-60%. The logistics park has attracted investment may times over the original investment.

Rank 9: Jaipur

A blend of tradition and modernization, Jaipur has already gained fame for the big talked about investment in the city in past years and is already home to Genpact, Infosys among others. There are attractive residential projects local builders mushrooming in Sirsi Road, Lajpat Marg, Jaisinghpura, Yash Path, Ajmer Road, C- scheme and many more.

The commercial development has happened in Govindpura, Kalwar road, Ajmer road etc.

Rank 8: Mohali / Chandigarh

The tricity came in to picture with MNCs like Dell establishing their centres in the city. One of the most well planned cities in the country, Chandigarh- Mohali and Panchkula have been hailed as the IT – BPO destination of the North. DLF, Emaar and many other developers have invested heavily in the state.

Rank 7: Kolkata

With commercial development in Kolkata, and areas like Chowringhee road, Park Street and Camac Street, becoming the IT and ITeS centres, the Kolkata real estate market has sustained momentum

The Govt. Support through SEZs, IT Parks have also contributed to the growth witnessed by the city today. Locations like Rajarhat , Mahetsala have everything to match your expectation. Undoubtedly, this well balanced approach will give a boost to residential property requirements and adds to the fast paced possibility of commercial development.. Park Street as always will remain the hub and the heart of the city.

Rank 6: Mumbai

There is no elaborating much on Mumbai as one of the most lucrative destinations for realty in India. However, it is also plagued by the low supply of land. This has led to a good development of most of Mumbai Suburbs – from Malad to Kandivli, both residentially and commercially.

Rank 5: Pune

Currently, Pune property market is one of the most active regions in Western India. Developers are betting their money on the expected development in the city. Private property developers as well as local property builders and civic authorities are flowing in more investments in the city. The city saw a massive development in the past years post and he city areas is almost saturated with very little supply in the city area, furthering development in the suburbs of the city close to Pimpri etc.

Rank 4: Hyderabad

Sprawling city Hyderabad has the advantages of talent and rich realty development. Again the infrastructure of the city supports the realty development well. Jubilee hill, Banjara Hills, Ameerpeth, SR Nagar, Begumpet are some of the most popular residential destination. Recently Miyapur, Gachibowli, Hitech city have attracted developers from across the world. Commercially the city has seen a lot of development in the past few years with the hitech city attracting a lot of companies to the city.

Rank 3: Chennai

The development of the IT industry in the city is led by the profusion of good talent in the city. Nokia and Dell have therefore setup their campuses in Sriperumbudur in Chennai.

The city has seen extensive and rich realty development. Areas for residential investment include Nagar, Mylapore, Abhiramapuram, Adayar as these places have good proximity to schools, hospitals and industrial areas. Real Estate is comparatively cheaper and there is sufficient supply of land.

Rank 2: Bengaluru

Bengaluru, India’s Silicon Valley, gained its reputation as one of the most preferred investment destination and still is the most known IT destination. The gardens, the climate, the Cosmo feel, the multi-cuisine and diverse culture are just some of the reasons why people love to settle in the city as well. Plagued by some concerns, the city makes for a perfect destination for the investor and the settler.

Rank 1: Gurgaon

Once upon a time Gurgaon was known for Maruti, but today has gained the reputation of DLF city. The growth of the city has been fast and drastic. Once known as the suburb of Delhi, it is now in a phase where the city has its own suburbs like Manesar. There are a lot of infrastructural issues that it has overcome to become the most lucrative destinations in India.

What Are The Factors That Will Affect The Property Values In Malaysia?

First of all, the location itself is the main factor that will affect the property values in Malaysia. If a property is close to school, shopping mall, bank, transportation facility, hospital, restaurant, church, temple, airport or any other places that can provide convenience to the people staying at that area, that particular property will definitely has a high property value that will attract more people than any property.

When it comes to real estate, the principle of supply and demand refers to the ability of people to pay for real estate coupled with the relative scarcity of real estate. The property values will be driven up by the condition of high demand coupled with a certain purchasing power and a short supply due to the scarcity of land. In contrast, the property values will experience a drop when people demand less of it while more supply enters the market.

Let’s take for example Penang, being the second smallest state in Malaysia just after Perlis in terms of geographical coverage yet is the eighth most populous with 1.56 million of residents according to the population and housing census, Malaysia 2010 which is conducted for every ten years. Penang which has an average of 1, 490 persons per square kilometer is the second most densely populated states after Kuala Lumpur. This high level of population density puts competing pressure on land use which results in the rise of property prices as developers will put more expensive price tags on their projects due to the high-land costs. Besides, the lure as a tourist destination and a second home for foreign retirees is also one of the factors that results in a greater demand of Penang property. As a result, the short supply due to scarcity of land and the high demand from both foreign and local buyers is the main reason why Penang properties price are high as compared to say, Kelantan.

Apart from supply and demand, the Feng Shui and Vasthu Sastra which is known as the “science of construction” also have to do with property values in Malaysia. Regardless of you believe or not, many recent studies have shown that the property price will still be affected by Feng Shui. A property placed near a body of water can fetch you a handsome price compared to a property which is not. A property faced with a road junction or built at a dead-end road can have a lower price as compared to another property in the same area which is not. Many people trust Feng Shui because they consider that keeping things related to Feng Shui will bring steady growth, prosperity, good luck, good health, happiness and positive energy to the house, office or to the being. In this way, people will consider carefully the position and placements of the property which in turn makes a well placed or well designed property more attention-getting and favorable.

Next, inflation also has an impact on property values in Malaysia. At its most basic level, inflation is simply a rise in prices and a fall in the purchasing value of money. Let’s take an example; again using Penang where there is latest news announced that “the selling price of properties in Penang will soon surge by 5%-10% following the recent move by Lafarge Malayan Cement to raise cement prices by about 6%”, according to the Penang house developers. A hike in cement price simply means the price of concrete roof tiles, cement sand bricks and all the other cement-related products will rise. On average, 50% of building materials used in property development comprises cement and cement related products. Therefore, such inflation will leads to an increase in construction costs and the buyers are the one who ultimately bears the cost. Besides, the inflation also has been caused by the transportation and labor costs that are increased nationwide. The rise in cost of labor is particularly due to the labor shortage as many Indonesian have gone back to Indonesia and are facing with stricter laws and standards when they wish to come back to Malaysia.

The government’s introduction and revision of its property related policies also played a key role in determining the value of properties. The exemption revision of real property gains tax (RPGT) has increased the interest of a small group of people on the property market. Additionally, Malaysian government is pushing out a series of incentives to make its property market more attractive to foreign investors who will eventually bring in external cash flows. Both of these actions have enhanced the property values. In addition, the build then sell (BTS) concept has been revised. It has increased the confidence of buyers and created developers who are more conservative leading to higher value of property.

Furthermore, the existences of property agents and Internet such as auctions websites and real estate agent websites help ease the process of selling the properties nowadays. It has made the property investment more easy, convenient and favorable. In this way, there is an increase of interest in property investment thus further lifting the value of properties.

Moreover, the mortgage rate that also plays an important role in influencing the property value should never be forgotten. A mortgage rate is commonly known as Base Lending Rate in Malaysia (BLR). BLR is a term refers to the minimum interest rate used by banks. It is defined by the central bank of Malaysia. BLR will get lower when the global money market down turn and get higher when the money market is on uptrend. Whenever the housing demand is weak, lower mortgage rates will help to improve the access to property financing while reducing the monthly payment for housing loan. So, these circumstances will aid in strengthen the housing demand and then the property value will increase over time.

Last but not least, the vacancy levels will also have a significant contribution towards the property values in Malaysia. For illustration, when the unemployment rate is high, the buyers and investors will not have enough capital to invest in a property creating a situation of strong rental sales. In contrast, the low unemployment rate will motivates the buyers and investors to involve themselves in property investment activity eventually leading to a higher property values.

Above are some of the factors that will affect the property values in Malaysia. However, there are still some other relevant and important factors out there that are worth seeing.

8 Questions That Will Tell You If Your Realtor Is a Perfect Match

When buying or selling a home, the most important investment is interviewing the person who will handle all the details about the real estate listings. To adequately determine if this individual is an asset, you should ask the following questions about their practice.

1. Do They Represent Buyers and Sellers of the Same Property?

This is not good for either party because there will always be a question of where loyalties lie. No amount of assurance should dissuade you from avoiding this situation.

2. How Long Have They Been in the Real Estate Business in This Locale?

Agents experienced in an area can read real estate listings and picture them in their mind. They will know important details, such as local ordinances that prohibit additions or boats in the yard.

3. At What Point Is a Client Committed to the Realty Company?

This varies, and the realtor does not always require a signature to bind the ties. You could find yourself legally bound to a company you do not want and unable to move forward without it. Find out if this commitment begins with discussing the real estate listings or touring a home.

4. What Is Their Fee?

You should also find out what services are included in the fee, such as negotiations, paperwork, or referencing other professionals as needed. Request a written list of the prices. If it is not in writing, it is not binding. Clarify if it's your option to utilize their services or not.

5. Is the Paperwork Available Ahead of Time?

Before signing any agreement ask to check out forms, such as disclosures from buyers, sellers, and agents. Request the buyer's broker agreement, and note if it is exclusive. It's prudent to examine both the listing and seller's agreement too.

6. What Does the Listing Plan Entail?

If selling your home, ask the realtor for a plan detailing what the real estate listings will include, where they will be advertised, and determine the best method of communication to avoid problems.

7. Is There a Preferred Method of Complaints?

Find a tactful way to ask what recourse there is for unhappy customers. Also, ask if the agent has any complaints or disciplinary actions against them from the licensing board.

8. Is the Property a Foreclosure or Short Sale?

Previous owners or vandals often damage these properties. They are also more likely to have liens against them. Be safe and get a real inspection. While they cost a bit more, you might get answers that save you thousands. Be there when the inspection is done and write down what they are checking.

The bottom line to ensure a satisfactory and financially sound transaction is to know what obligations all three parties have.

The History of the Bear Stearns Building, 383 Madison Avenue, New York City

The Bear Stearns Building is located at 383 Madison Avenue in New York City and is so large that it takes a full city block. It is located in between Madison and Vanderbilt Avenues and 47th and 48th Streets. Conveniently located in midtown Manhattan, the building is only one block west of the affluent Park Avenue and borders the western edge of the famous Rockefeller Center.

In the 1980’s the original site for 383 Madison Avenue had a proposal for a 72 story tall tower that was unable to be constructed due to a restriction on air space. In the year 2000 developers Sterling Equities & Hines Interests commissioned architect David Childs (Skidmore, Owings & Merrill LLP) to build what would become the 88th highest building in the world for Bear Stearns & Company.

383 Madison Avenue was officially completed in 2001 but the official ceremony and grand opening of 383 Madison Avenue (better known as the Bear Stearns Building) did not happen until 2002. But 383 Madison Avenue was not just designed to be one of the tallest skyscrapers in New York; the primary design was to limit business interruptions through massive oil and water reservoirs and unique uninterruptible power supplies and back-up emergency power systems. These unique properties of 383 Madison Avenue helped it achieve the New York Construction Award of Merit in 2001 and the BOMA Award in both 2002 and 2003.

The architectural style of 383 Madison Avenue is known as” post modern” and stands 757 feet tall with an octagonal-shaped tower sitting atop a rectangular base. But the most predominant feature of the building is the 70 foot, seven story octagonal glass crown that stands proud within the New York City skyline.

Like most skyscrapers 383 Madison Avenue is made of steel to withstand both natural elements and disasters. The exterior of the steel is clad in “Deer Island” granite and features large tinted glass windows with chrome colored metal trim.

The interior of 383 Madison Avenue features 47 floors and has a total surface space of 1,200,000 square feet. When originally opened 383 Madison Avenue was the world headquarters for Bear Stearns’ trading operations and was strategically located on the top six floors of the eight story rectangular base. Each trading floor accommodated nearly 420 traders on a daily basis and covered approximately 42,000 square feet. The interior design of the building also has some very unique features. An average office has 12 foot tall ceilings while 383 Madison Avenue has an open concept with the octagon tower reflecting what appear to be several extremely tall trading floors.

But just like any other architectural structure the Bear Stearns Build at 383 Madison Avenue was not without criticism. Joseph Giovannini of the New York Magazine was quoted as saying “As if revealing the subconscious desire of what the tower really wanted to be, a tiara of translucent glass emerges at the top.” “The notion of a tiara is lovely, but given the girth of this one, it is more like a choker.”

Upon the collapse and sale of Bear Stearn in 2008 the Bear Stearns building (better known as 383 Madison Avenue) is now owned by JP Morgan Chase. But it is no longer referred to as the Bear Stearns building it is commonly known to New Yorkers as New York City’s lighthouse because when illuminated at night the seven story glass crown shines like a beacon in the night.

Written and researched by Edward Winslow.

BRIAN MALLASCH
COLDWELL BANKER COMMERCIAL