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Showing posts with label Yanika Liew. Show all posts
Showing posts with label Yanika Liew. Show all posts

Friday 2 February 2024

WITH DRAGON COMES FIRE, SELLING AND BUYING PROPERTY IN A PERIOD OF CHANGE

 
Selling and buying property in a period of change 

Selling and buying property in a period of change 

As the economy continues its slow recovery, Feng Shui practitioners are embracing the dragon when it comes to the property outlook in the coming year. 

“For followers of Feng Shui, the anticipation of Period Nine‘s arrival has held a mystical allure, brimming with excitement and adventure. Finally, it is here yet there is fear and thoughts among the Feng Shui enthusiasts; particularly concerning its effects on individuals,” Feng Shui master Joe Choo said.

She pointed out that understanding the essence of Period Nine allows individuals to tap into its benefits with less worry and adapt to potential changes more effectively.

Period Nine spans from 2024 to 2043, Choo explained. It is a segment within Feng Shui that holds influence on energy shift patterns. The period is characterised by the fire element, symbolising expansion, transformation and passion. 

“During this period, it is expected to usher in an emphasis on innovation, growth and breakthrough across various aspects of life, including technology, culture and social structures.  Aligning spaces and activities with the energies of period 9 is believed to amplify opportunities and foster progress,” she said.

According to Choo, period 9 is associated with Li Gua (fire), and as such its location aligns with the South. This positioning indicates a more favourable economic trend in the southern geographical region, poised for significant development during Period 9. 

“For individuals seeking to tap into this energy, adherence to basic Feng Shui principles might suffice instead of relocating homes,” Choo pointed out.

From the perspective of property ownership, there are two groups of buyers; homeowners and investors. Their Feng Shui differs depending on their needs.

“Homeowners are advised to select properties with ideal landform which is Feng Shui compliant, aligning main entrances that is commensurate with the year of birth of the eldest earning male of the family,” Choo said.

“Kitchen and master bedroom should be in the ideal sectors based on the year of birth of the mistress of the house, then the rooms for other occupants should be based on their year of birth,” she added.

She pointed out that investors, on the other hand, are encouraged to consider properties in the southern regions of various areas, and anticipate extraordinary economic performance in the next two decades. For example, the southern region of Penang Region is Bayan Lepas, Batu Maung, Teluk Kumbar and nearby pockets. In Peninsular Malaysia, eyes should turn to Johor.  

“For business owners to have a prosperous year, you may apply 2024’s auspicious colours in offices or shops that attract positive events. Additionally, you may place living plants if the entrances of offices or shops are in the Southeast, which is the governing planet… to sail through the year smoothly,” Choo said.

“In terms of Feng Shui, each sector has a wealth area and you may place living plants, water features or crystals at the general area of the office or shop to further enhance the business,” she added.

To do this, business owners should identify the main entrance of their place of business, before they identify its wealth sector from the table. Turn the general area of the business into a square shape before standing at the centre of the space with a compass to identify the main entrance and wealth area.

Main entrances and their wealth sectors

Main EntranceWealth AreaCrystals
NorthSoutheast(127.5° - 142.5°)White/Green Phantom
NortheastSouthwest(217.5° - 232.5°)Citrine/Amethysts
EastSouth(187.5° - 202.5°)Rose Quartz
SoutheastNorth(7.5° - 22.5°)White
SouthEast(97.5° - 112.5°)White/Green Phantom
SouthwestNortheast(37.5° - 52.5°)Citrine/Amethysts
WestNorthwest(307.5° - 322.5°)Amethysts
NorthwestWest(277.5° - 292.5°)Amethysts

Source: Joe Choo

If you are planning to buy a property in 2024, it is beneficial to consider Feng Shui factors in order to harness the positive energy while living there, Choo pointed out.

“It is simply observing the landforms, for example, avoid having rivers, seas, ponds or big monsoon drains at the back of the house,” she said.

The decision to buy a property is ultimately based on need and financial means, Feng Shui master Stephen Chin added.

He agreed that as with Feng Shui principles, one should first consider the terrain surrounding the site. Alongside water bodies, he noted that one should consider the mountains, hills, roads and highways. 

“The most basic rule of thumb is to choose a property that has a higher back and a lower front. This applies to both high-rises and landed property. I co-wrote a series of articles some time ago with Professor Master David Koh that covered the Klang Valley and explained this principle of landform Feng Shui,” Chin said.

Once the area and orientation of the property are shortlisted, Chin explained that homeowners need to ensure that the main entrance to the property is compatible with the master of the house. 

“It is based on the male because it is Yang energy being introduced into the house. To determine this, calculate the Gua or Kua (personal energy) of each occupant - there are plenty of free online Gua calculators out there, so I'm not going to give out any formula!” he said.

From the Gua, one can determine if they are a West or East group person. All West group people have Northwest, West, Southwest and Northeast as their good sectors. North, East, Southeast and South are good for East group people.

“To determine the door's location, stand in the centre of the house with a compass and after aligning the needle, look and see where the main door is located. That needs to be in the good sector of the master of the house. The kitchen and master bedroom should be in the good sector of the lady of the house. The other bedrooms should be matched to the respective occupants,” Chin said.

However, he pointed out that there are a few other things to consider, and one should engage a qualified consultant for ease of mind. 

Choo added that homebuyers are also encouraged to avoid properties which have a T-junction, convex of the road or a higher land mass in front of the house, such as hospitals, shopping malls, schools, high-tension cable and others. 

Knowing the sector of governing planets and Three-Killers of 2024, it is advisable to avoid buying the property having the main entrance located in the South and the Southeast.  

“It may be difficult for buyers who are living in condominiums or apartments because there is only one entrance, so you may place a pot of living at the sector mentioned above to prevent negative events from taking place,” Choo added.

Landed properties with two entrances offer more flexibility, allowing buyers to choose an entrance away from the southeast or south to avoid potential issues.

“After studying the external factors, matching the year of birth of the occupants with the main entrance, kitchen, bedrooms and others is very important to create harmonious energy,” Choo said.

The eye of the beholder

When asked how homeowners should decorate their homes this year, Chin pointed out that they should decorate it any way they wish. “If you want to create a festive mood, go big!” he exclaimed.

While he noted that interior design was not strictly related to Feng Shui, the Chinese are big on symbolism, therefore it's natural to decorate the house with auspicious objects. 

He pointed to anything that symbolises good fortune, wealth, prosperity, longevity, productivity and creativity, as many of these came from Chinese myths and legends. Some symbols are newer inventions, such as the money ship, or the cat with a waving paw.

Chin noted that the cat was the Maneki-Neko from Japanese folklore, with several versions of the story. 

“According to our calculations, the dominant element in 2024 is Yang Fire. Hence, the auspicious colours for the year are light red, light brown or yellow, and light green. These are, respectively, representative of the elements of Fire, Earth and Wood,” he said.

Homeowners can decorate their house or give it a splash of new paint using these colours. However, Chin pointed out that the mileage may vary. 

“Every person has his or her own unique set of colour requirements based on the life profile, also known as the eight Character Stem-Root or Bazi. If your colour requirements match these colours, then they are especially good for you. If not, they may not be as good or may even cause some bumps along the road ahead,” he said.

He noted that it would likely be a good year for the property market as the element of Fire produces Earth. 

“There should be an uptick in earth-related industries which include real estate development and management, construction, civil engineering, and agriculture. The year 2024 is also likely to see a spurt of economic growth and development,” he said.

“However, this is likely to be temporary. One should make hay while the sun shines, but must not overcommit,” he added.

Tips to sell property

In the dynamic and competitive property market, selling can be challenging. For the Year of the Dragon, Feng Shui master Joe Choo offers a few tips for home sellers to expedite the process.

“Applying auspicious colours of 2024 to attract potential buyers to walk into the property. The auspicious colours of 2024 are light red, pink, orange, yellow, green and turquoise green.  You don’t need to repaint the property with such colours, you may apply them on the curtain, carpet or rugs, decorative items and others to enhance the luck,” she pointed out.

According to Feng Shui principles, the governing planet in 2024 is the Southeast sector and the Three-Killers is in the South. 

Choo pointed out that if a property has its main entrance in either the Southeast or South sector, it is advisable to place living plants in the living hall and kitchen to improve the luck of selling the property. 

If the property has a Southeast-facing main entrance, owners are encouraged to place living plants in the West sector, from 262.5° to 277.5°. If the property has a South-facing main entrance, owners are encouraged to place living plants in the Southwest sector, from 202.5° to 217.5°. 

“To find out the position of the plants for the living hall and kitchen, you may square up the place and stand at the centre with a compass to identify the sector mentioned above,” Choo said.

While more could be done to enhance the selling potential of a property, Choo noted that it would involve a much more complicated process. The tips she offered were simple and cost-effective.

Some of its principles could be compared to architectural principles, feng shui master Joe Choo said.

Some of its principles could be compared to architectural principles, feng shui master Joe Choo said.

“Decorate it any way you wish!” Chin said.

“Decorate it any way you wish!” Chin said.


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By Yanika Liew

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By CHERMAINE POO
Chermaine Poo, a chartered accountant by profession, was trained in corporate finance. A former beauty queen, she has since gained popularity as an actress, TV host, commercial talent and emcee. If you have any questions on money matters, send her an email at info@chermainepoo.com or follow her on www.chermainepoo.comwww.facebook.com/chermainepoo and www.twitter.com/chermainepoo.

Friday 6 May 2022

Have property scams grown in the pandemic?

 

Home buyers should verify the authenticity of the real estate practitioners they are dealing with

By Yanika Liew

If you are new to the property scene, dipping your toes in can feel like taking a dive. It can be intimidating to wade through stories of digital impersonations, stolen deposits and backdoor deals. The digitalisation of commerce has skyrocketed as a result of the pandemic. Enterprising companies are launching platforms for their services in a changing market and property is no different. With more real estate businesses moving online, it is easier than ever for fraudulent transactions to take place.

Take the recent cases in Singapore where scams involved convincing victims to pay a home-viewing deposit to secure an appointment. Armed with unregistered identity cards, scammers impersonated property agents by sending a picture of their credentials to the victims. There are multiple instances of scammers uploading fraudulent listings on websites. By the time their victims realise they have been duped, it is already too late.

“Scammers use technology and social media to reach out to prospects more easily. It is very disturbing and there is very little anyone can do to help buyers and sellers who have been cheated by unregistered estate agents or unregistered real estate negotiators,” Malaysian Institute of Estate Agents (MIEA) president Chan Ai Cheng said.

Real estate transactions are a gold mine for scammers, as the process involves large amounts of money being transferred to another account. Scammers can create fake online websites to get customers to bank in the money to them, Propnex Realty chief operating officer Evon Heng commented, who is also MIEA secretary-general.

According to both Chan and Heng, many transactions involve collecting a deposit in a sale or rental, and this money is kept by the individuals. It is a very common case for scammers to abort the deal without returning the refund, causing the buyer to lose out on the deposit. Whereas a registered agent is required to transfer any and all deposits to an account managed by the firm, under the client's name. This ensures that the buyer is protected by the law should anything happen, significantly reducing the risk of exploitation.

“Scammers use technology and social media to reach out to prospects more easily,” Chan said..
“Scammers use technology and social media to reach out to prospects more easily,” Chan said.

Another common scam involving property is the sale of a project that is non-existent, such as the scam promising victims affordable housing. Scammers claim they have access to units from a high-demand affordable housing scheme, without complying with the eligibility criteria.

While there are instances of affluent victims being caught up in these scams, Chan reports that a majority of property scam victims are in the B40 category, the second being the M40. These groups are less aware or experienced in real estate matters. Similarly, those located away from the city, in small, rural towns are disproportionately targeted. These areas are especially vulnerable due to fewer safety nets available. With B40 families having fewer resources than other income groups, they have more to lose and fewer pathways to receive support, whether from authorities or their community.

So who do you have to watch out for? Chan outlined a framework the public can use when identifying these scams.

“The case of scams defined as defraud or embezzlement in an estate agency transactions is predominantly by illegal brokers as they are not regulated by law and also because they need not operate via a firm,” Chan said.

Real estate practitioners are required to follow strict guidelines when advertising, which include the practitioner’s real estate negotiator (REN) or real estate agent (REA) number and the registration number of the firm they represent. This is crucial information that the public can use to verify with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA). Those who are unable to present proper paperwork should be questioned. Chan also warned the public against real estate practitioners who pressure their clients into financial commitments, more so when they seem to be withholding information.

What can you do?

When you realise you have fallen for a scam, the first instinct is to panic. MIEA reported that one of the barriers to victims coming forward was the embarrassment they faced when they admitted to falling for a scam. Particularly in regards to transactions that do not involve a large sum of money, victims seldom choose to confront the situation.

Regardless of such inhibitions, Chan recommends victims lodge a report to the police. If the scam involves a housing development, victims should lodge a report with the Ministry of Housing and Local Government (KPKT). These reports will be able to provide authorities with data, assisting not just yourself, but future victims. In order to warn the rest of the public of such instances, she added that victims could contact the press for further outreach.

“Research and verification are vital for any transaction or purchase,” Heng said. 

 “Research and verification are vital for any transaction or purchase,” Heng said.

Homebuyers are encouraged to work only with registered RENs or REAs, whose authenticity can also be verified via a written authorisation from the owners of the property being sold. In the case of homeowners eager to rent or sell their property, reach out to professionals rather than appoint an unregistered broker, even if it is someone you trust. Especially when making deposits, ask yourself these questions; could it be an individual’s bank account you are sending your money to? If it is a company, is it a registered one?

“By no means it’s all safe and well, dealing with registered persons but at least they are known, the regulatory bodies are able to take more immediate action or even deregister them, there is accountability when one is registered,” Chan said.

As more and more Malaysians become comfortable handling transactions online, their vigilance begins to diminish. 

“Not only are property scams more prominent, but other scams are also. Research and verification are vital for any transaction or purchase,” Heng said.

She noted that the digitalisation of real estate created other challenges for homebuyers and estate practitioners. Many people enjoy visiting the unit itself or its sales gallery when looking for property. These are preferences that will be easier to accommodate with the easing of Covid-19 pandemic restrictions, but the trend of digitalisation is not likely to falter in the coming years.

As the property industry continues to evolve, there will be new challenges for all stakeholders involved. Learn more about protecting yourself in real estate transactions by visiting MIEA’s public awareness campaign, via www.instagram.com/myrealagents/ 

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