Marketing, Listing and Negotiation Practice
Listing types and authority
An open listing lets the owner appoint several agents, so commission goes to the effective cause. A sole or exclusive agency gives one firm the right to commission within a defined period, sometimes even if the owner sells privately - so the wording must be precise. A net listing sets a floor price below which the owner will not sell; it is disfavoured because it invites undisclosed profit. Every listing should be in writing, signed by the owner or his authorised representative, and state the price, the term, the commission and the trigger for payment.
Marketing
Segment the audience, decide the positioning (price band, buyer profile), and choose channels. Advertising must be truthful and must show the firm's name and the negotiator's name and REN number. Never advertise a property without written authority, never misstate the built-up area, tenure or condition, and never imply that a buyer is confirmed when there is none.
Negotiation
Separate positions from interests. Prepare a BATNA, identify the ZOPA, anchor with evidence, handle objections with facts rather than pressure, and confirm every agreement in writing the same day. The booking deposit is not automatically refundable, so its terms must be explained before it is taken.
Traps
- Quoting a commission split with an unlicensed person.
- Advertising a listing the owner has already withdrawn.
- Presenting an offer orally and letting the parties believe a contract exists.
- Claiming a property is 'bumi released', 'freehold' or 'with ready buyer' without verification.
Worked example
An owner asks RM800,000. Evidence shows comparable units at RM720,000 to RM750,000. Present the evidence, propose a listing at RM780,000 with a strategy to test the market, and record in writing that the owner retains the final decision on price.