Cheap sales gimmick. I experienced a sale agent spent most of the time hard selling so called “booking fees” instead of the property itself. Praying of people who have no experience in property investing. Totally irresponsible.
3rd party agents: Prior to sales: Extremely effective, capable of assisting you even at midnight. All inquiries will receive a response within minutes. Everything also can...Extremely courteous and respectful....Sir Sir Sir After sales:Who, eh? Calls go unanswered. If you're lucky, replies to messages will arrive after a few hours. Everything also don't know leh...Essentially, zero after sales and services. And for that reason, developer sales staff will always be my first choice. Like the third-party agents, you developers who don't bother to have your own sales team are just another irresponsible party. 👎
Fight demon with a bigger demon: Get 3rd party agents to show you around and hear them talk whack about the place, get your questions answered by them, list down things that they couldn't answer and lastly refer back to original developer's agents to sort out the paperworks and confirm the purchase. I've been bitten a few times by different 3rd party "direct sales" team to totally loose my respect towards them🙂
I have to agree with @pyramidmyth3129 Developers sales team represents the developer (seller), it’s a conflict of interest. Such agents some times can fall into the trap of being too project centric, or just regurgitate all the info written on the project fact sheet that is again collated by the developer’s marketing team. On top of that, there is a good percentage of these developer sales team agents being inexperience and hence going for such projects to leverage on their customer base. My preference is to take a reliable 3rd party agent that is well-versed in that area to bring you around first. And if you still like a new project, get your 3rd party agent to liaise with someone from the developer sales team.
Not sure if this is already implemented in M’sia. In the early stages of a buyer’s property shopping, or even before that, buyers can go a bank to get a in-principal approval (IPA) which consists of their max loan eligibility. Usually valid for 6 months. That way buyers will already know what’s their budget.
When you pay booking fee, you sign the contract which clearly stated the conditions of refund, if you blindly sign a contract, you have no one else but yourself to blame.
Yup, I agree with you, Sean. This is to serve those fickle minded buyers that there's a certain amount of risk and commitment upon deciding to place a booking.
Kumar, take accountability of your action. Booking fee if suka suka can refund, still can call booking fee ah? Nowadays, dealing with poor people is more difficult than rich people
Unfortunately there is no standard practice on this (legality aside). Some booking fees can be refunded fully regardless of reason (albeit late), while many will be conditional on loan rejection, and even more will charge some admin fees too. But simply put, take responsibility, do homework , dont rush. With experience talking to these agents and various properties, you will see all the sales tactics and learn from there to harden your emotions
If anyone is a long time fan of Sean, he or she would know to calculate affordability or cash flow, debt service ratio and possibility of getting bank loan approved.
I'm surprised Sean. That you are pro Developer. It is IILEGAL for the developer to collect even one red sen before the signing of the SPA. Clearly the developer has to refund the IILEGAL booking deposit since the purchase is not carried through. It is irrelevant the reason or no reason for not proceeding with the purchase. Developers if their project is successful make enormous profit. This booking fee is a tiny droplet in that vast ocean of profit.
Your logic: Signboard written:” Danger!! Please do not cross the road.” But you still choose to cross and now we have an accident. Then you propose to take away the road instead of just having the awareness of the danger of crossing it. Once booked, the unit is reserved for you. And after several weeks of coordination then you now tell the developer you’re not interested and they should entertain you?! Anyway did you even listen to the full episode? Let’s say we follow your logic and now we take away the booking system, everyone now can only purchase a property with solid cash of 10% upon SPA signing. The whole market will suffer just because you just refuse to be accountable for your decision to book. In that case, can you accept that developers don’t let you book the unit because you’re indecisive? So they would rather keep the unit open for serious buyers instead of main masak-masak folks. Also since it’s ILLEGAL to collect booking fees, what that makes you? A person who pays ILLEGAL fees to book the property. When project successful developers make money, what about the buyer? It’s more than just the booking fees, but the amount of time wasted lost to potentially sell the unit to someone else instead.
@@iherng Quit exaggerating. Your scenario only comes into play with weak developers with thin financial backing and heavily in debt. The authorities will not hold the prospective buyer responsible for handing over the deposit because the developer insists on that as a condition for booking. It is the developer who has solicited the illegal deposit. All developers would have already made prior arrangements and given over the necessary financial papers to banks willing to review loan applications from their prospective buyers. Every buyer is steered to these panel of financiers. If the agent views this as hard work and deserving of him to be entitled to pocket the deposit, too bad, because the law isn't there to make his life easy. Prospective buyers who have been refused the return of their deposit in full should lodge a police report and also lodge a complaint with the Ministry of Housing And Local Government. As far as I am aware, the Ministry views this seriously and stern action will be taken against these errant developers.
@@hoongchan8789I have lodged an official report to the KPKT as a victim of an over collection of booking fees that the developer refused to refund despite not having anymore units to sell to me. After a "thorough" investigation of all my documentation by the authorities, I was lucky to get my hefty RM15k booking fee back from the developer as a bargain to retract my case. They were only lightly smacked with a warning letter, which did not stop them whatsoever from going on with it again.
@@iherngThis comment opens a whole can of worms about the legality of booking fees, which was a hot topic a while ago. Despite being a huge fan, I disagree with your stance in supporting the all so illegal industry norm of collecting booking fees. As a victim of an over collection of booking fees, I truly believe that if KPKT enforce the legal procedure of 10% downpayment as the first payment, buyers are forced to reexamine their decision with Sean's 4 basic steps prior to taking the plunge. There also won't be any opportunistic agents or developers who collect obscene amounts of booking fees on popular projects, knowing that many may potentially change their mind or forfeit the fee all together.
Iherng sounds so frustrated when someone claimed to be his fans but don’t practice the 4 basic steps 😂 Now you need legal advice not seeking entrepreneur advice. You can complain to housing tribunal stating developer collecting booking fees 😂😂😂
Nonsense this is SOP for developer. It's his own fault that he was so ignorant and trigger happy. Arguably, he should know better after watching all these RUclips videos. All the work that goes into processing documents and doing due diligence comes at a cost which he should have to pay for. Anyway its a good saman for a lesson in life.
@@ndc2963 Please be kind to one another and not adding insults to injuries. We are here to learnt and educate ourselves about investing properties with Master Sean. We all make mistakes. Grandma 👵
I once put the booking fees in and later I changed my mind in purchasing. I told my developer on the change of my mind and I received my booking fees immediately and in full with no questions asked. Anyway I was verbally informed by the sales person; I can get full refund in my booking fees during the cooling off period. I intend to buy it cash but later changed of mind. Guess that I was very fortunate in my case compared to Kumar’s.
didnt do research before buying? didnt calculate if you afford to buy or not before pay booking fee? when your salary actually cannot hit the minimum to pay monthly installment u still proceed? when you already know you got many commitment and you know ur salary is not enough u still proceed? Your own mistakes~ do things blindly~ just DUMB LOL
Don’t listen to this noob. Sales agent promise the world all the time. In all case it’s sales agents fault. I had sales agent purposely pushed me middle units when I insisted on corner lots only. In the end dealing directly with developer to get my corner lots. In the sales agent case, they only care about collecting booking without telling you the truth and they always lie about unit availability. There is nothing further to defend sales agent in Malaysia as 99.999999% of them are lying to you all the time.
Cheap sales gimmick. I experienced a sale agent spent most of the time hard selling so called “booking fees” instead of the property itself. Praying of people who have no experience in property investing. Totally irresponsible.
Booking fees gaves potential buyer the sense of urgency as well as one foot stepping into committing and eventually continuing the purchase
3rd party agents:
Prior to sales: Extremely effective, capable of assisting you even at midnight. All inquiries will receive a response within minutes. Everything also can...Extremely courteous and respectful....Sir Sir Sir
After sales:Who, eh? Calls go unanswered. If you're lucky, replies to messages will arrive after a few hours.
Everything also don't know leh...Essentially, zero after sales and services.
And for that reason, developer sales staff will always be my first choice.
Like the third-party agents, you developers who don't bother to have your own sales team are just another irresponsible party. 👎
Fight demon with a bigger demon: Get 3rd party agents to show you around and hear them talk whack about the place, get your questions answered by them, list down things that they couldn't answer and lastly refer back to original developer's agents to sort out the paperworks and confirm the purchase. I've been bitten a few times by different 3rd party "direct sales" team to totally loose my respect towards them🙂
I have to agree with @pyramidmyth3129
Developers sales team represents the developer (seller), it’s a conflict of interest. Such agents some times can fall into the trap of being too project centric, or just regurgitate all the info written on the project fact sheet that is again collated by the developer’s marketing team.
On top of that, there is a good percentage of these developer sales team agents being inexperience and hence going for such projects to leverage on their customer base.
My preference is to take a reliable 3rd party agent that is well-versed in that area to bring you around first. And if you still like a new project, get your 3rd party agent to liaise with someone from the developer sales team.
" No lesson learned at no cost " .
Hopefully you will find the right property in the future , Kumar 💪
Not sure if this is already implemented in M’sia.
In the early stages of a buyer’s property shopping, or even before that, buyers can go a bank to get a in-principal approval (IPA) which consists of their max loan eligibility. Usually valid for 6 months. That way buyers will already know what’s their budget.
When you pay booking fee, you sign the contract which clearly stated the conditions of refund, if you blindly sign a contract, you have no one else but yourself to blame.
only issue a receipt for the booking of unit ... contract is only upon spa signed
Yup, I agree with you, Sean. This is to serve those fickle minded buyers that there's a certain amount of risk and commitment upon deciding to place a booking.
Kumar, take accountability of your action. Booking fee if suka suka can refund, still can call booking fee ah?
Nowadays, dealing with poor people is more difficult than rich people
Unfortunately there is no standard practice on this (legality aside). Some booking fees can be refunded fully regardless of reason (albeit late), while many will be conditional on loan rejection, and even more will charge some admin fees too. But simply put, take responsibility, do homework , dont rush. With experience talking to these agents and various properties, you will see all the sales tactics and learn from there to harden your emotions
Brother Do you have a video talking about unit which is vacant for too long and attract unwanted things coming in to stay?
“Unwanted things” here means insects/pest or spiritual beings?
What if the bank offers interest rate that is higher than what the agent initially projected?
Then it's not really my fault I turn it down?
If anyone is a long time fan of Sean, he or she would know to calculate affordability or cash flow, debt service ratio and possibility of getting bank loan approved.
One of my family is the victim to this because they've never bought house before and didn't know better, trust the wrong person.
Correct me if i wrong. But isnt rejecting an approved loan application if bad for you?
Newbie here , so if I don’t mind the process of applying and services , is’t better to deal with the developer ?
or request to change to most expensive unit of the property, get the loan amount to change, if rejected then can get back the booking fee 🤭
If still approved with higher interest😂
I'm surprised Sean. That you are pro Developer. It is IILEGAL for the developer to collect even one red sen before the signing of the SPA. Clearly the developer has to refund the IILEGAL booking deposit since the purchase is not carried through. It is irrelevant the reason or no reason for not proceeding with the purchase. Developers if their project is successful make enormous profit. This booking fee is a tiny droplet in that vast ocean of profit.
Your logic:
Signboard written:” Danger!! Please do not cross the road.” But you still choose to cross and now we have an accident. Then you propose to take away the road instead of just having the awareness of the danger of crossing it.
Once booked, the unit is reserved for you. And after several weeks of coordination then you now tell the developer you’re not interested and they should entertain you?!
Anyway did you even listen to the full episode? Let’s say we follow your logic and now we take away the booking system, everyone now can only purchase a property with solid cash of 10% upon SPA signing. The whole market will suffer just because you just refuse to be accountable for your decision to book.
In that case, can you accept that developers don’t let you book the unit because you’re indecisive? So they would rather keep the unit open for serious buyers instead of main masak-masak folks.
Also since it’s ILLEGAL to collect booking fees, what that makes you? A person who pays ILLEGAL fees to book the property. When project successful developers make money, what about the buyer? It’s more than just the booking fees, but the amount of time wasted lost to potentially sell the unit to someone else instead.
@@iherng Quit exaggerating. Your scenario only comes into play with weak developers with thin financial backing and heavily in debt. The authorities will not hold the prospective buyer responsible for handing over the deposit because the developer insists on that as a condition for booking. It is the developer who has solicited the illegal deposit. All developers would have already made prior arrangements and given over the necessary financial papers to banks willing to review loan applications from their prospective buyers. Every buyer is steered to these panel of financiers. If the agent views this as hard work and deserving of him to be entitled to pocket the deposit, too bad, because the law isn't there to make his life easy. Prospective buyers who have been refused the return of their deposit in full should lodge a police report and also lodge a complaint with the Ministry of Housing And Local Government. As far as I am aware, the Ministry views this seriously and stern action will be taken against these errant developers.
@@hoongchan8789I have lodged an official report to the KPKT as a victim of an over collection of booking fees that the developer refused to refund despite not having anymore units to sell to me. After a "thorough" investigation of all my documentation by the authorities, I was lucky to get my hefty RM15k booking fee back from the developer as a bargain to retract my case. They were only lightly smacked with a warning letter, which did not stop them whatsoever from going on with it again.
@@iherngThis comment opens a whole can of worms about the legality of booking fees, which was a hot topic a while ago. Despite being a huge fan, I disagree with your stance in supporting the all so illegal industry norm of collecting booking fees. As a victim of an over collection of booking fees, I truly believe that if KPKT enforce the legal procedure of 10% downpayment as the first payment, buyers are forced to reexamine their decision with Sean's 4 basic steps prior to taking the plunge. There also won't be any opportunistic agents or developers who collect obscene amounts of booking fees on popular projects, knowing that many may potentially change their mind or forfeit the fee all together.
great advice as usual
Really good episode! Useful for the youth 😊
Iherng sounds so frustrated when someone claimed to be his fans but don’t practice the 4 basic steps 😂
Now you need legal advice not seeking entrepreneur advice.
You can complain to housing tribunal stating developer collecting booking fees 😂😂😂
Play play booking. 😅
Maybe kumar become iherng fans after the incident
That's just bad advice. Just write and ask for a full refund.
Agreed
Yay first! Wew so early post video!
神仙难赚吉灵钱，不要买就不要玩玩，浪费大家时间。
Mr Kumar, why no try filing a case with the small-claims court? you only have some time to lose if unsuccessful.
Nonsense this is SOP for developer. It's his own fault that he was so ignorant and trigger happy. Arguably, he should know better after watching all these RUclips videos. All the work that goes into processing documents and doing due diligence comes at a cost which he should have to pay for. Anyway its a good saman for a lesson in life.
@@ndc2963 Please be kind to one another and not adding insults to injuries. We are here to learnt and educate ourselves about investing properties with Master Sean. We all make mistakes. Grandma 👵
@@GrandmaNZexactly.
I once put the booking fees in and later I changed my mind in purchasing. I told my developer on the change of my mind and I received my booking fees immediately and in full with no questions asked. Anyway I was verbally informed by the sales person; I can get full refund in my booking fees during the cooling off period. I intend to buy it cash but later changed of mind. Guess that I was very fortunate in my case compared to Kumar’s.
didnt do research before buying?
didnt calculate if you afford to buy or not before pay booking fee?
when your salary actually cannot hit the minimum to pay monthly installment u still proceed?
when you already know you got many commitment and you know ur salary is not enough u still proceed?
Your own mistakes~ do things blindly~ just DUMB LOL
Don’t listen to this noob. Sales agent promise the world all the time. In all case it’s sales agents fault. I had sales agent purposely pushed me middle units when I insisted on corner lots only. In the end dealing directly with developer to get my corner lots.
In the sales agent case, they only care about collecting booking without telling you the truth and they always lie about unit availability. There is nothing further to defend sales agent in Malaysia as 99.999999% of them are lying to you all the time.