Wong Yau Long MIEA

WONG Yau Long of Cornerstone Realty has bagged the Top Real Estate Negotiator of the Year Award at the National Real Estate Awards 2015 organised by the Malaysian Institute of Estate Agents (MIEA).

The award is presented to real estate negotiators who show leadership qualities, adhere to industry standards and have achieved high listings, sales, marketing and after-sales service.

He was also named a “Million Dollar Real Estate Roof Top Achiever” having earned a minimum of RM1 million in professional fees for the year.

Wong is living proof that perseverance and hard work pay off even in the most challenging times.

“After I graduated in 1999, I worked as a salesperson and credit manager in the US for a few years in a food distribution company that supplied hotels, restaurants and clubs,” says Wong who holds a finance degree from St Cloud University in Minnesota.

When he returned to Malaysia, he ventured into the food and beverage industry and opened a café in Taman Tun Dr Ismail, Kuala Lumpur.

“However, things did not go well with the café venture and I had to close it down. I [then] went into full-time employment for about half-a-year before I came to a crossroads [where I had] to decide between real estate and investing in the stock market,” Wong recalls.

He chose real estate upon his father’s advice.

“I grew up in a small village in Malacca. As we were a traditional family, my father always advised me to invest in something that can grow in value as time passes,” Wong shares.

“He told me everything eventually ages with time. However, the thing with property is that when it ages, it usually provides you with more value.

“Rental yield increases. Capital appreciation comes in. The longer you hold it, the harder it works for you. That is essentially why I chose real estate over the stock market,” Wong adds.

He shares that when he first started, he only made RM13,000 in gross commission, which was not even enough to cover his cost.

“On top of that, I also made about RM200,000 to RM300,000 losses in my café venture and my wife and I were expecting our first child that very year,” he shares.

The keys to the kingdom

Although the odds were stacked against him, Wong says that discipline, a positive attitude, specialisation and a strong mindset pushed him forward.

“You need to love what you are doing. Do not let the circumstances around you determine your mindset,” he says.

“People say the market is bad, the market is slowing down. However, I see this as an opportunity. While agents start quitting and agencies start to cut down on marketing and advertisement cost, I on the other hand still promote and advertise myself to gain my market share,” Wong says.

In August this year, Wong and his team of 50 agents and negotiators overachieved their sales target by 180%.

“Sales may not come in immediately, but when the market recovers, people will remember you because of your advertisements. That is when the business comes in,” adds Wong.

Good timing and geography

He also notes the importance of specialisation and “not run around doing things without a direction like a headless chicken.”

“I specialise in the Desa Parkcity area in Kuala Lumpur. I see sales growing because I am pooling all my resources and knowledge on one specific area to produce better results,” Wong notes.

It is a time-tested truism. By his second year as an agent, his gross commission amounted to over RM100,000 and has only increased as the years pass.

Today, Wong and his wife, who is also in the industry, close more than 100 deals in the sales and rental markets every year.

Wong never expected Desa Parkcity to be the vibrant market it is today.

“I ventured into Desa Parkcity because my previous office was located nearby in Damansara Perdana. There was a new market in Desa Parkcity and it was easier for new agents and negotiators to penetrate the market compared with having to compete with seasoned agents in a mature development,” says Wong.

Another key to the kingdom: basic product knowledge

Wong is now looking to expand his team from its current staff strength of 50 or so to 1,000 by year 2020.

“I will need to hire a full time recruiter. First and foremost, training [for] the correct mindset and on how the industry works must be given. We need to be sound in the basic product knowledge of what we are selling,” he says.

Currently, Wong has two teams: one focusing on project sales for developers in the primary market, and another on sub-sales for individuals in the secondary market. Subsales are focused mostly in Desa Parkcity, and his project sales include Suria Residence in Shah Alam and Gen KL in Kuchai Lama. His team is also marketing for Singaporean developer Macly Group and Roxy-Pacific Holdings Ltd, for the latter’s The Colony by Infinitum in Kuala Lumpur.

What is Wong’s end-game?

“My vision is to build a real estate company that enriches lives, families and the community. I believe in adding value to our people. Not only do I want my team to excel in their career, I want them to develop on the whole, in every aspect of their lives.” (NRE AWARDS 2015)

This story first appeared in The Edge Property pullout on Oct 9, 2015, which comes with The Edge Financial Daily every Friday. Download The Edge Property here for free.

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