Licensed auctioneer Stephen Soon answers questions on auction markets in the country and related issues to this sub-sector of the real estate industry.
Question: How vibrant is the Penang auction market compared to Kuala Lumpur (KL) and the rest of the states in Malaysia?
Answer: Penang and KL properties are always in the spotlight and are known as the Malaysian market thermometer. KL is more familiar and matured in terms of property auctions. There are thousands of properties auctioned in KL every month and the people are well versed about auctions as compared to Penang. It is however an advantage for Penang auctioneers as there are more great value properties up for grabs since the competitive bidding is still not as intense as the KL auction scene.
I have seen tremendous development in the Penang property market in recent years. Property prices have gone up extensively due to economic factors. Various property buyers are disheartened for not being able to tab on a piece of the action. This sentiment has made many property buyers shift their attention to the auction market. Foreseeably, there will be a further increase in demand for auction properties in Penang.
Question: As the Chairman for Penang Auctioneers Association, what are some of the initiatives that the association is doing to ensure members benefit?
Answer: Unlike accountants and lawyers that have law enforcement bodies empowered to regulate and develop their professions, auctioneer's development in this aspect is still very much at a preliminary stage. Therefore, our Association has played a very significant role in upholding the professional standards while enhancing our members' welfare and benefits. One primary role to benefit our members to the widest extend is to make licensed auctioneer a 'publicly recognised and respected profession'.
Upon achieving that, members will definitely benefit in term of their professional status, career prospectus and development, business opportunities, etc.
The Association is currently undertaking several initiatives to improve its members benefit and professional standard. Firstly, we are working responsively with the institutions connecting auctioneers to conduct public auction services such as High Court, Land Offices and Financial Institutions to ensure that our members' welfare and rights are protected while carrying out their services. Secondly, our profession is still a strange name to many. Therefore we want to undertake more effort to assist general public to gain knowledge and guide them on the handling of auction matters through different channels such as property fairs and news coverage. By doing so we are earning good credit from public and will eventually increase trust and recognition level. Thirdly, we will monitor closely the conduct of the licensed auctioneers and will take necessary actions to strengthen their professions whenever necessary.
Send your property auction questions to firstname.lastname@example.org and Stephen will answer them in this column.