An initiative that requires your support - CSR respected by Mr. T - The Real Estate Giant

Mr. T - The Real Estate Giant will be launching its first major CSR initiative 'Knowledge For All' which is an array of activities carried out in various underprivileged schools. The plan is to spread knowledge especially in the English medium and mainly through reading which will involve the setting up of English Libraries in these schools and the continual supervision to ensure that the children are benefiting and using the facility provided in the best possible manner.

The first step is to hold discussions with such schools in order to gauge their pulse on the matter and determine how much of support they can gather from their end. The provision of a reading room / library with shelves has to be the least they could do to support this initiative. The management of Mister T plans to set up at least 100 libraries inside the 3 years commencing from 2016.The project is expected to invite the support of every Sri Lankan that can contribute in this worthy clause and be a part of by helping out in whatever way possible. 

To be part of this initiative and/or to know more about this, please send an email to info.mistert@gmail.com

Mr. T - The Real Estate Giant

Mr. T is one of the fastest growing real estate firms in Sri Lanka with a colossal clientele. With more than sixty thousand followers on facebook and a client base which encompasses many of Sri Lanka’s richest individuals, it is certainly thriving in the market as an impact player when it comes to cracking deals. The key areas that Mr. T focuses on are building trust and providing unexpected levels of professionalism using both technology and innovation in order to cater to as many clients as possible. In this day and age, where technology is dominating the world, Mr. T has come forward to provide opportunities to all those who are looking for various properties either to buy or rent, be it permanent or temporary and one of the most fascinating aspect of their service is the practical knowledge that they possess when it comes to advising the client on the much needed issues, problems and challenges that are faced by many of the clients in terms of any property related matter. At Mr. T, it’s of utmost importance to be honest, transparent and trustworthy in order to do the real estate broker’s business in this part of the world especially when the number of amateurs is more than the number of professionals. 

The history of Mr. T is quite inspiring although the company underwent formal registration a couple of years ago and is currently run by its directors, it must be said that this family business was in existence since the 1980’s when there were only two ways of attracting clients in this trade, one being predominantly through adverts on the newspapers and the other by word of mouth. Today, the company has grown to such an extent that it has also expanded into other businesses such as corporate training, event solutions and corporate branding and not only is it venturing into other sectors but is also on the lookout for various other business opportunities in order to make its mark in the business world. ‘When we thought of expanding and going big, the main goal was to professionalize this brokering business and I am happy to state that by taking the approach we have taken and having come a long way since the business was run by my parents, we have to a great degree succeeded in bringing this business to a stage where people respect it and consider it more like a profession as opposed to a job anyone could do.’ Shared one of the directors of the company.

Apartments - Demand and Supply - The DEAL!!!

Colombo is undergoing a huge change in its skyline and it's clear that a major contributor of this is the number of apartment buildings that are coming up. 

There is an enormous demand for apartments and commercial real estate in the city of Colombo and one might feel that there are too many apartment projects that are currently underway. As of now, there are approximately 3000 apartment units in town and this figure is expected to be above 6000 by 2018. 

Are there enough buyers in the market?
Will people like the idea of living in an apartment?
Would there be an over supply of apartments?

The above questions are lurking on the minds of many people such as developers, investors, potential buyers and of course realtors. So what's the deal? What's really happening in Colombo with so much of construction etc?

The fact of the matter is that there is money in the country and there are buyers as well. The most distinguishing aspect would be the luxury type. Colombo still lacks in Super Luxury apartments and that is precisely where the void is. When considering the kind of projects that are underway, it's quite clear that most of it is super luxury which caters to the lifestyle of the high net-worth individuals.   

We must also not forget that apartments are bought not just to live, they are bought as investments by individuals as well as companies and there is a market there - a fairly big market. On top of that, there is an expat market as well. Colombo is on its way to become a leading city in the world and with so many expats and other international brands settling in, there will be the interest of the foreigners who would buy for various reasons. The current number of apartment units is certainly not enough. 

Why is the current number of units not enough?

For the simple reason that there is nothing much to choose in terms of size and uniqueness. When considering the number of super luxury apartments, clearly there is a shortage. Yes, there are luxury apartments but there are not many super luxury apartments. I wouldn't want to classify them here as I may sound biased if I may do so. One has to physically visit the complexes and then decide if it is anywhere close to luxury or super luxury. 

It is also quite clear that there is a high demand of normal/basic apartments which are priced on or below the 20 million range and locals are very keen to invest in them. The biggest risk one takes when it comes to settling for a basic or normal apartment is the maintenance of the building/complex. Buying an apartment is one but maintaining the common areas is a challenge to all the residents. 

The bottom line however with apartments - demand and supply is that now is not the best time to determine if there is an over supply or not, probably once we reach 2018, we would know if there is an over supply or whether the demand is still there as most of the projects are not complete and majority of the completed projects have done well in their sales. 

Until then, fingers and toes crossed!!! 

What's Up Sri Lankan Property Owners?

There is a growing concern in the real estate market with respect to this notion of 'Foreigners Only'  when it comes to renting out their properties, most of the Sri Lankan owners are always comfortable to let expats and foreigners occupy their properties and this is going to hit the local market very hard.  It is sad to note that these Sri Lankan Property Owners are leaving behind a huge segment of locals who can sometimes outshine the standards of the expat or foreign lifestyle.  This mentality has to  change and probably will but it has to happen soon.

Perhaps it has to be brought to light that all foreigners do not qualify to win a property be it commercial or residential properties.  When it comes to apartments especially,  it was noted that the owner is super curious to know the nationality mainly because  certain  nationalities have lost it in Colombo and word has spread to be cautious with such  clients.  Hence,  the importance of getting hold of a reliable agency / broker is highlighted.  There are agencies in Colombo that are extremely careful  of the  clients they deal with. 

Having said that,  it must also be remembered that one must not single out a nationality just like that as that would sound very rude. Not all are bad and not all are good either.  There has to be a certain degree of screening involved and a little bit of background check king to be done  before you proceed  forward.  At times,  when it's difficult to extract information,  use the agent who brought the client to obtain more information about the  client so he understands that his job is not over.  Many unprofessional agents just go missing after they get their money and this   culture has to change.

Sri Lankan Property Owners need to understand that  it's more to screen the client as opposed to eliminating the locals from framework. Just imagine a Sri Lankan living abroad as a foreigner, would he get the kind of treatment that is given to foreigners here? That kind of respect? Nope.  It's a big no.  So where will our Sri Lankan clients go then?  This topic needs to be considered very seriously and  there has to be a win-win situation. 

How to pick a Good Realtor in Colombo

Picking a good realtor who will get the job done for you is very important. Whether you are an expat or a local. It's best that you do your homework before approaching any of the Agents/Agencies in Colombo.

According to my research, there are around 400 agents in Colombo operating in various styles. Some specialize in a certain area such as commercial properties, apartments, houses, lands and estates and some deal in luxury properties which cover some of the above. 

Colombo being a city full of opportunities, there is a good chance that you would come across the following types of individuals who claim to be Agents or Brokers (Most of them do not know the difference between an agent and a broker). 

a. Full Time Employees of Other Businesses/Companies/Organizations

This is a category of Agents that enjoy a one off bonus in most cases when someone from their company is looking for accommodation. This happens even in certain embassies. Everyone loves to have a piece of the cake. 

b. Housewives and Ladies who bank on their luck

This is a very famous category in Colombo purely because of their special skill of extensive communication. There are a number of housewives that do not use their real name but go with something starting with 'Mrs' and ending with their husband's second name. Very tricky indeed. 

c. Tuk Tuk Drivers

This is another prominent category of agents that only thrive to make a fast buck. These agents are not one bit professional but they have very good ears. It's not advisable to be on phone calls when you are inside the tuk tuk as they are on the lookout to hunt down a big fish and can be a pain if you fall into their trap. 

d. The Professionals

Sadly, there is a shortage of professionals in the country and many do not know whom to turn. From this category, there are certain Agencies - Yes, there are real estate agencies in Colombo that provide a professional service and it's most advised to promote this category. They have a website, the present a proper business card, they dress well, they have a pleasant personality and what's more, they are registered either as Agencies or have the individual license. You can find them easily if you Google their name. 

Considering the amount of agents in the market, it's best to stick with professionals as the element of risk is minimal and the service is assured. It's also advisable to load the agent with questions just to ensure that the professional agent you are talking to knows his/her stuff. There are times when the professional agents do not have what you need and it can frustrate you but that's how it is. Sri Lanka needs a professional association for agents which is fueled with the true spirit of networking.