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Real Estate Market Stays Open Despite COVID-19

Average Homebuyer Today Has Three Fewer in-Person Interactions Than One-Year Ago

Photo by Deva Darshan on Unsplash

Prime Minister Tan Sri Muhyiddin Yassin announced new Coronavirus-related restrictions on Monday. Still, Malaysians have continued to buy and rent homes despite the rising number of COVID-19 cases, using new technologies to limit risks so that the typical buyer now has three fewer in-person interactions than one year ago. 

Juwai IQI has transacted MYR 61 to MYR 101 million of property sales and rentals per week since May 2020, with no change in this aggregate weekly value over the past few months. Juwai IQI’s three key initiatives to reduce COVID risk during the purchase or rental process are “Manage My Deal,” digitizing rentals, and digital name cards.

Manage My Deal

Juwai IQI’s new “Manage My Deal” feature enables real estate buyers and renters to obtain real-time updates on the status of their purchase or rental, as well as request home loans from major banks such as CIMB. 
“Manage My Deal” makes the real estate technology group’s IQI agent network the first to offer real-time booking status updates in Malaysia. Buyers and renters can track their deal as it moves through the stages from down payment or deposit to closing. The service has been growing quickly, with 250% more people using “Manage My Deal” in December than November.

Making Rentals Easier & Digital

Juwai IQI has made renting a home easier and faster for tenants by digitizing the contracts. The company has a standard template contract that agents can personalize online and distribute to the new tenant and property owner. Over the next few weeks, Juwai IQI will also make it possible to sign these contracts digitally, incorporating three-factor authentication for security.

Digital Name Cards

Juwai IQI has created digital name cards for all of its agents so clients will not have to handle a physical card to take down the agent’s contact information. The pandemic has made everyone more careful about hygiene. Digital contact cards eliminate one potential risk factor. Using the link or the QR code, one can easily add the agent to your address book and access the agent’s full bio, contact information, and listings. For a sample digital name card, please visit here.

Juwai IQI Group Co-Founder and CEO Kashif Ansari said, “Buyers can now handle contracts, request a loan, view property, and check the status of their transaction without ever having to meet anyone in person.

“Due to the pandemic, people want the real estate industry to use technology to replace old-fashioned ways of doing things. People would like to have both convenience and safety. Why go to an appointment somewhere for something they can easily do from home using technology?
Buyers can do it all online. You can find, view, and negotiate a property. You can track your down payment or rental deposit. And you can handle your contracts and pay your stamp duty — all online, without the need for face-to-face contact. 

“Renters will be able to do everything online, too, from inspecting properties to signing the contract. In the old way, renters had to have at least two in-person meetings to view property and sign contracts. Often, it was more. But that’s no longer necessary.

“The new pandemic restrictions are serious, and we want everyone to be safe. That’s why we’ve been working so hard to make it easier for people to buy and rent properties without having to put themselves at risk. Many of the investors purchasing new property today are using money they might otherwise have spent on travel or entertainment. As a result, they will end up with hard assets that can gain value and earn income over time.”

2021 Outlook 

““The Government’s policies have played an important role in supporting property and the economy throughout the pandemic. The Home Ownership Campaign and other incentives have specifically helped first-time homebuyers get into the property market. At the same time, the low Overnight Policy Rates has also made loan repayments more affordable.
“This is evident in the latest data from NAPIC. Buyers have been responding to market changes and the number of transactions in Q3 2020 climbed 7.4% to 89,245.

“The Juwai IQI Property Survey and Index Malaysia Q3 2020 found that the real estate industry expects average home prices to rebound in 2022 by 10.6%. The growth will be the economic recovery and rebound in trade and investment.

“Real estate is generally viewed as a safe investment as a house or a piece of land will never be worth nothing. At the same time, it also provides a source of income that be generated from rental. We believe this is probably a good time to buy residential real estate if one has the financial wherewithal to do so. The recovery from the pandemic is coming and it is likely to be sustained and rapid once it begins. Anyone holding real assets is likely to benefit from significant appreciation.”

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