Many people are taking advantage of the rise in the local real estate market by investing in residential or commercial properties. Young people are rushing to join the bandwagon of homeowners as they fear that climbing property prices will make home-buying impossible if prices continue to surge. By the same token, parents of new graduates are willing to fork out hundreds of thousands of dollars to pay up a big chunk of down payment to help their children buy their first residential units. Not only are potential home buyers and property investors enthusiastic about sweeping up units, residential property agents also welcome a heated market as they stand to benefit from a greater volume of transactions.
Notwithstanding forecasts by economic and financial analysts about a frothy property market and the notable decrease in the number of transactions closed during the past six months, many people are still closely following market movement and are prepared to take action whenever property prices dip. If you are interested or planning to buy in the near future, you might take note of some tips when you look for a property agent.
First of all, if you have a friend who is or is friend with a real estate agent, that would be great. But often this is not the case or your friend is not familiar with the district where you are looking for a unit. In this case, you have to look for one yourself. People who have a little knowledge about the local property market will know that there is no guarantee of service quality and professional ethics whether an agent works for a branch of a major property agency or a small one. This applies to both residential units as well as commercial leasing agent in Hong Kong, meaning that you cannot solely rely on your agent for information. Despite getting answers from your agent, you should do research on your own and keep yourself informed with all the information you can find from various sources.
For people using online real estate platform to look for suitable residential units, they should bear in mind that information available from these websites are not 100% reliable. Very often, snapshots of units available for sale or rent on these websites are outdated or simply fake (taken from other flats which are in fact not available for rent or sale). Information about unit size and other statistics may be inaccurate. It is common for real estate agents to post fake ads as hooks in order to get more calls from potential buyers. You should always get a real person to talk with to get more accurate information about the unit you are interested, and backed by information you dig up by your own efforts.