PETALING JAYA: The Malaysian Institute of Estate Agents (MIEA) has signed a memorandum of understanding (MoU) with OMG Free Reno, an online-based subscription platform for renovation, to collaborate on a property renovation programme for home owners.
MIEA president Chan Ai Cheng said the rental market is growing fast and the demand for rental properties has also risen since post-MCO. The residential real estate sector contributes 60% of the total real estate transaction in the country every year.
“Furthermore, the greatest number of real estate negotiators are focusing in this sector and it is only logical for them to add value to their clients by sharing this idea with them. This programme will also help improve rental income and help improve quality living for the occupants and will go a long way to help boost the local furniture sector,“ she said in a statement.
How can this programme help property owners? First, many old investment condominium units need refurbishment to attract new tenants, secondly new condominiums which have received the CCC needs to be renovated as a livable home and owner-occupied units needs to be upgraded to improve the quality of living through good use of space and furnishing to meet modern needs. In the case of refurbishing rundown buildings, the clients will get higher rental returns. This will help agents to look for better tenants who demand better furnished units.
To kick start this collaboration, eight real estate firms namely CBD Properties Sdn Bhd, Esprit Estate Agent Sdn Bhd, SK Brothers Realty (M) Sdn Bhd, Homefield Real Estate Sdn Bhd, Cornerstone XState Sdn Bhd, Propnex Realty Sdn Bhd, ESP Properties Sdn Bhd and Richland Properties will participate in this programme.
OMG has taken the steps to assisting property owners by offering a smart financial solution – a subscription-based model to make property renovation affordable for everyone. Its app-based platform brings “renolution” to the table – a synergy of renovation techniques and innovative revolution.
“Through the OMG platform, we are able to provide our subscribers with financial ability and flexibility for their property enhancements. Our subscribers need not fork out a large sum of capital. By subscribing to OMG, they only pay as low as RM499 per month over a tenure of four years to receive a fully made over home. This enhances their cash flow and financial strength in the long run as each incremental renovation increases the salability of the home to both prospective renters and buyers.
“The consumers need only to subscribe for the furniture package. The investment ranges across four years from RM23,952 to RM28,752. In an era where everyone is busy, OMG will complete the renovation within a week with least disruption to anyone,“ said OMG CEO Leroy Lee.
