Home is the biggest asset for all of us, and purchasing or selling your residential or commercial property is undoubtedly one of the most significant financial transactions. According to the World Bank, Cambodia’s economy is snowballing, and the real estate sector contributed to one-third of the country’s GDP growth.
This rapidly recovering sector is gaining the attention of investors worldwide as they are only looking down to the consistent two-digit returns. But there are a lot of hidden factors in the real estate sector that are usually unknown to foreigners, and investing in Cambodia real estate without knowing these factors might be a riskier task.
This is partially a lie when all the real estate agencies tell you that everything is rosy and investing in the market is a 100% success. Cambodia is a developing country, and investing in a growing economy has disadvantages.
Therefore, you need to find an ideal and trustworthy real estate local agency that will help you with all the legal policies and maintain transparency with the local laws.
What Is the Process to Find a Real Estate Agent?
The Cambodian rapidly growing real estate market provides tempting yet profitable offers to thousands of individuals. More than 10% to 15% of employers call themselves real estate agents. But the Cambodian real estate industry is subject to some local laws.
If you are looking out for selling or rent your property in Cambodia or searching for an apartment or rental space, you trust the referral. Recommendation about a real estate agency from their former clients marks a sign of their reputation.
Moreover, it would help if you tried to first meet the agent personally at their office or workstation instead of fixing an appointment on the property location.
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What Must All Skills Look Out for in A Real Estate Agent?
There are a few traits that Cambodian real estate agents must possess:
- They must have complete knowledge of all the Cambodian Property Titles.
- They must be well-versed with all the rental and sale processes of the country.
- They must help you find a solution within your range, exceeding your expectations.
- They need to be transparent about all the laws and processes working with their clients.
- They must have a thorough knowledge of all the available properties of the client, including their features, availability, and rent.
- They must provide positive referrals to their clients, including social media blogs, family, or through family and friends.
According to Asian Development Bank, a 4% registration tax is levied on the transfer of the property. This is just one of the figures. Similar to this, there are multiple other figures that your real estate agent must be aware of.
How To Find If the Preferred Real Estate Agency Is Professional or Not?
A few indicators will help you find whether your shortlisted or preferred real estate agency is a professional firm or not. These are:
Work from Office:
It is always advised to go for the real estate agencies that operate from an office and have a credible team of multiple staff. A physical location helps build trust in the company and explains its working process.
Most real estate agencies own their trust fund, which helps increase the confidence of their clients. Always check for the fund before making any payments or finalizing the agency.
Marketing of the Website or Firm:
One of the major post-pandemic effects is that everything has turned out to be on digital platforms. Therefore, you must check the firm’s online presence, if there are any. If the company is not socially active, you must look out for its marketing and advertising aspects.
This will help you know how much they are engaging with their customers and whether the revealed figure justifies their reputation or working.
What All Questions You Must Ask to Ensure the Authenticity of Real Estate Agents?
You must interview your real estate agent to ensure whether they are the ideal solution for your rental requirements or not. To help you with an easy and effective round, we have summed up the list of questions that you must put up to your agent-
- How many have rentals/property sales been completed in the past year?
- For how many years is the country operating in the real estate field?
- How many buyers or tenants have they served to date?
- How many properties have they listed on their website or the whitepaper?
- What is the proposed marketing strategy of the company?
Amongst the mentioned list, the most important question for which you must get the details is the rental/sale price of the company. This will help you with the details of their charge breakdown.
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The Final Decision:
Before making any final decision for your real estate agent, you need to review multiple options for the companies you believe hold a unique position in the rental and sale business.
IPS can help you with the desired services, guaranteeing 100% authenticities of their properties. It is one of Cambodia’s biggest and most preferred real estate agencies. The company has been operating since 2009 and has served thousands of clients to date.
Check out the IPS Online Website to know what their clients say about them!