Are you interested in the real estate or business industry? Do you have any idea what is the correlation between our Malaysian economy and real estate? And why should you pursue this program?

Edumetry had hosted a webinar with International University of Malaya-Wales (IUMW) around this topic. The speaker of the webinar, Ms. Chin Yee, is a lecturer with a Master’s Degree in Real Estate at IUMW. Throughout the webinar session, Ms Chin Yee The showcased many crucial insights about our local real estate industry and real estate program offered at IUMW.

What is GDP?

GDP stands for Gross Domestic Product. It is one of the main indicators used to measure the performance of a country’s economy. The faster growth in gross domestic product (GDP), the better the economy grows in a country.

In Malaysia, our country’s income growth depends on different sectors. One of the largest factors in driving economic growth is the real estate industry.

What is Real Estate?

Real estate is real property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems. As a business term, real estate also refers to producing, buying, and selling property. It affects our local economy because it is a critical driver of economic growth. Real estate services help us to examine and value all the properties and assets for all the potential buyers.

How Does Real Estate Help in Economic Growth?

(Property Transaction = The transfer of rights in a property asset between two or more parties)

Every year, the property transactions in Malaysia are always very high. However, over the past two years, our local economy has been affected due to the pandemic and new norms. There are fewer consumers willing to purchase the goods and services available in our country. Under a situation like this, the real estate industry has become the main contributor in improving the economic growth and the consumer sentiments in Malaysia.

In general, from home-ownership, businesses to investments, real estate is majorly involved in every industry. The viability of a property or a specific area can be highly dependent on associated real estate development. By offering the space for businesses to operate it effectively provides the business infrastructure without which an advanced economy could not operate.

In fact, different areas have different build-ups because every area has distinct values, population and locations. With real estate’s professional services, the provision of infrastructure and assets can only be valued and upgraded through investigation and urban planning in a specific city or area.

Professional Services of Real Estate

1. Estate Agent

arrange viewings and guide potential buyers around the property
Assessing prospective purchasers to ascertain whether the customers are financially able to purchase a property and what their housing needs are

2. Property Manager

Enhance the property value, manage the property
Maintain the property, upgrade the facilities or property
When the property is well-kept and safe, its value is higher.
Ask the manager to understand and examine the property’s value

3. Valuer

Set the pricing for the property or building
Value the property based on interior & exterior design
Ensure the pricing is reasonable
Justify the assets

Who takes part in the Real Estate Industry?

In the real estate industry, different positions play significant roles to enhance the stability of an individual as well as our country’s financial system.

Types of real estate

1. Land

Land is the baseline for all types of real property. Land typically refers to undeveloped property and vacant land.

2. Residential

Eg. single-family homes, apartments, condominiums, townhouses.

3. Commercial

Eg. shopping malls, individual stores, office buildings, parking lots, and hotels.

4. Industry

Land and buildings that are used by industrial businesses for activities such as factories, mechanical productions, research and development, construction and so on.

Career options in Real Estate Industry:

Valuer
Property managers
Estate agents
Licence holder
Property developer
Real Estate Loan Officer
Mortgage Broker

What are the challenges in this industry?

Expectations and Roles of Real Estate Agents

Real estate agents or professionals are mostly expected to be good at communication and networking. A real estate agent needs to have a deep understanding of consumer behaviour to be able to communicate with people at different levels.

Flexibility in arrangement and time is also essential to improve productivity. They are required to be at work any day especially during weekends which might affect their work-life balance.

Why Should You Join the Real Estate Program at IUMW?

Accredited by Malaysia Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA), RICS and RISM
Access to UM’s facilities
Flexible study mode (weekdays & weekend)
Industrial Based Learning
Affordable tuition fees

In order to become a registered real estate agent, students need to pass a licence exam, oral exam, practical training and more. With the Brema Program at IUMW, students can experience industrial training and public events related to real estate.

Find out the entry requirements, course intakes, fees and more about the real estate programs here! Hope this article helps you learn more about real estate and GDP in Malaysia. Discover your interest and potential with our psychometric test now!

Make sure to follow our Facebook & Instagram as well for more updates on our upcoming webinars as well as other interesting events!

Information accurate at time of writing, March 2022.

Be The Main Contributor to Malaysian GDP

How Does Real Estate Help in Economic Growth?

Professional Services of Real Estate

Types of real estate

Career options in Real Estate Industry:

Why Should You Join the Real Estate Program at IUMW?

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