暗网禁区

Hi there,
I鈥檓 posting on behalf of my Indonesian wife who has a two-bedroom townhouse 1km from the Rancamaya
Golf Club clubhouse.
Has been listed with agents and on Rumah123 for quite some time and despite a refurbishment last October and price reductions, she has had no substantial interest, let alone offers, which are very welcome.

I am keen to know of any suggestions others may have in how to advertise and/or sell this well-kept and well-located property.

cheers
Pete. - @Pistol37

First things first

暗网禁区s should know they can't buy this legally, and it could be subject to being seized with no compensation.

Indonesian citizens can buy it.

The housing market, so I'm assured by a couple of bank managers I know, is flat.

In my most humble of opinions, this is mostly down to a mix of greed and stupidity.

House prices are far too high for most Indonesians to buy, so houses sit empty.

My estate starts at 2.5 billion, a stupid price that nobody with a brain will pay. Prices are going up, but buying power is dropping.

I recommend choosing only one good agent and leave it with them. Ask the agent for a price that will sell the property. If they are given exclusivity usually they will work harder. Sorry, not sure exactly what you have done to date.

@Fred

Thanks for your feedback Fred.

I鈥檓 aware that only Indonesian nationals can buy property, hence my ad on here hoping to attract an 暗网禁区 golfer in similar situation to mine ie married to an Indonesian woman.

Also aware that the market is flat, perhaps even in a downturn, going by our recent experience.

I鈥檝e also thought of auctioning but am told by agents that doesn鈥檛 happen here, although on a recent visit to Malang, we did see quite a few ads for auctions by BRI which may be ok for them but not for smaller players.

I鈥檇 be interested to know if you have any thoughts on auctions here.

cheers

Pete.

@wyngrove60

Thanks mate for your reply.

We did list it solely with one agent following the refurbishment last October, and despite reducing the price, had no interest in six months.

Since then, we have relisted with several agents but still no responses.

As I replied to Fred above, I鈥檇 be keen to try an auction which are very popular in Australia but am told by agents they don鈥檛 work here.

I鈥檇 be interested to know if you have any thoughts on auctions here.

cheers

Pete.

although on a recent visit to Malang, we did see quite a few ads for auctions by BRI which may be ok for them but not for smaller players. - @Pistol37

I have also seen such ads, but they have always been repossentions due to defaults.

The buyer may or may not have to evict the people living there, and I'm told that can be hard work.

@Fred

Yeah I thought they would likely be from repos.

Yeah I thought they would likely be from repos. - @Pistol37

That can be a good way of finding a cheap house. The bank sells them off to cover its loss, so they tend to be well below market value.

However, kicking people out can, I'm assured, be a problem.

@Pistol37

I鈥檓 aware that only Indonesian nationals can buy property, hence my ad on here hoping to attract an 暗网禁区 golfer in similar situation to mine ie married to an Indonesian woman.

Well from an Aussie or Brits perspective the exchange rate is certainly favourable for a large scale purchase in Indonesia. Of course the flip side of that is if the funds are going to be repatriated to your domiciled country especially if you made the purchase a few years back when the IDR was somewhat stronger.

@Lotus Eater

Thanks but I鈥檓 not concerned re the exchange rates as the funds will go into my Indonesian wife鈥檚 bank account to pick up some interest initially whereas currently the property is just sitting idle, in fact costing us money to hold.

@Lotus Eater
Thanks but I鈥檓 not concerned re the exchange rates as the funds will go into my Indonesian wife鈥檚 bank account to pick up some interest initially whereas currently the property is just sitting idle, in fact costing us money to hold. - @Pistol37

Sinarmas bank have a nice and safe deposit account. They pay the interest upfront on part of it. It's not as good as BRI's rencana, but it's safer in these troubled times.

@Fred

Thanks for that advice, but first we have to dispose of this property to be able to take advantage of that offering.

Not nice having property that loses money. I've been in that position in the past. Last time that happened was during Covid. I dropped my asking price by about 10% below the market rate and the property sold quickly. It was always easy to find tenants for that property but due to Covid the rents had dropped a lot.

As for interest rates, I get 4.25% at HSBC on one month rollover, minimum deposit of Rp10 million. I know it's not the best but some banks are only giving a bit over 2%. Maybe it's time for me to look at other banks for better rates.

@wyngrove60

With Indonesian inflation currently at about 1.6% at least you are not losing purchasing power. That鈥檚 a real return of 2.6 %

@wyngrove60

Finding the accurate market rate seems to be the issue as whatever we suggest, the agent/s just agree with.

We have dropped the advertised price and included that it is negotiable but still no bites.

That real return on bank investment is comparable with what I鈥檓 getting in Australia after taking inflation into account.

If you want to sell the place and you are desperate then make the price so attractive that people will not want the chance to miss out on buying it. The agents were telling me what the market rate was, so I dropped 10% below that price and they found a buyer very quickly afterwards. With my new very reduced price I did not allow any negotiation but the buyer signed quickly. So the drop has to be impressive to make buyers not miss out on the chance to grab it. But anyway, it all depends on location and I do not know where you bought except its a mile from a golf course, which I am not sure makes a big difference to most people. I have always bought downtown, near universities, near train stations, above malls and so on. Actually I would never consider to buy near a golf course.

Yeah I don't actually follow inflation and stuff like that. I know what comes in and what I spend.

Again, I believe it's much better to work with just one good, dynamic property agent. Agents everywhere are tricky so find the good one. Try to offer them an incentive to sell within 3 months with exclusivity. Don't play off agents against each other. If the agent is good then they should tell you the market rate, not you telling them and them agreeing. We've always used one agent for all transactions - both sales and rentals. I think it's just a matter of lowering the price to make it very attractive.

I'm sure you are doing your best, but in my opinion if you are desperate then look less at making profit from the sale and more to stop losing money.

@wyngrove60

Thanks again mate.

I agree with everything you鈥檝e said and after refurbishing in October last year, we did try the option of leaving it with the most responsive agent we had from the several we鈥檇 listed with previously, as well as offering him a greater commission than the standard contract rate.

I鈥檝e done exactly as you suggest when selling property in Australia, however the auction method is probably the most popular nowadays down under. Unfortunately that doesn鈥檛 seem to work here.

I should add this townhouse is in the Rancamaya Golf Estate, outside Bogor, and just past the turnoff to Puncak.聽 I am told by golfing friends of mine who lived and worked here about 10 years ago that it is a fairly popular course with 暗网禁区s. I agree that location is the most important aspect of purchasing, and as I鈥檓 not a golfer I would never have purchased there either.

My wife鈥檚 now deceased former 暗网禁区 husband purchased it as a holiday home given he was a very keen golfer.

I also agree about reducing the price to a price which is almost too good to be true, however she still feels that she shouldn鈥檛 sell it close to the price they purchased it for, Rp600.000.000 about 10 years ago. But now it鈥檚 just costing money every month to hold so I am of the opinion we need to get whatever we can for it.

I鈥檓 here for another couple of weeks before heading back to Australia so will go up there next week and try to source a more enthusiastic agent.

In that vein, I鈥檇 be happy to receive any suggestions of agents/agencies that may produce better results. FYI, the guy we gave sole agency to was with ERA, however as I said, we now have it listed with several others, as well as advertising privately on Rumah 123.

Assuming she has the hak milik for the house?

I guess if she gets desperate enough then she'll agree to drop the price lower. Hopefully the houses isn't losing too much at the moment.

Good luck with selling it.

This is strange. As the OP reports, housing is getting harder and harder to move - sales and rentals.

However, we are looking at moving and prices are shooting up.

Now to the crunch - Different agents are offering the same properties at staggeringly price differences.

One house makes the perfect example as one agent wanted 60 million, but another wanted 100 million. The latter lost a potential customer immediately.

As for the OP, my theory suggests and inverse curve between the ease of selling/renting against the number of bent agents out for a quick buck. The harder the sell, the more stupid they get with prices.

The OP might do well to get someone who they trust to ring their agent and check the selling price of their house. It's not impossible that the agent is playing silly buggers.

@wyngrove60

Yeah she has all the required documentation and is more agreeable nowadays to a substantial drop in price so we鈥檙e heading up there on Tuesday in hope of finding a more enthusiastic agent 馃��

@Fred

That鈥檚 the issue we鈥檙e having difficulty with ie finding an agent who will give an honest opinion re selling price and is prepared to market it with enthusiasm.

As I鈥檝e said above, we鈥檙e going up there on Tuesday in hope of finding an enthustiatic agent who is prepared to devote some time and energy to this sale for which we are prepared to pay handsomely.

I鈥檝e been researching online for that special type of agent, but so far without success 鈽癸笍

Hi there,
I鈥檓 posting on behalf of my Indonesian wife who has a two-bedroom townhouse 1km from the Rancamaya
Golf Club clubhouse.
Has been listed with agents and on Rumah123 for quite some time and despite a refurbishment last October and price reductions, she has had no substantial interest, let alone offers, which are very welcome.

I am keen to know of any suggestions others may have in how to advertise and/or sell this well-kept and well-located property.

cheers
Pete. - @Pistol37

Hey, totally feel you.

Selling property these days is super tough. Took me over 2 years to finally sell mine 鈥� and ended up letting it go way below market price. Most buyers now are only interested in "quick sale" or "urgent need" deals where the price is really low.

I almost went with some big agents, but didn鈥檛 like their terms. Even if I found the buyer myself, I鈥檇 still have to pay them a fee 鈥� didn鈥檛 seem fair, so I skipped that.

What worked better for me:

1. Post often on social media (FB & IG). Short videos, pics, even a live tour helps.

1. Use local community groups, they can be more targeted.

1. Good photos are a must 鈥� bright lighting, highlight the renovations.

Just be careful 鈥� don鈥檛 show any documents online. Lots of scammers out there.

Also, don鈥檛 share documents with potential buyers too early. Better to only show them during an in-person viewing. There鈥檝e been cases where people used copies of ownership papers to commit fraud.

Hope it sells soon! 馃檹

@Fred
That鈥檚 the issue we鈥檙e having difficulty with ie finding an agent who will give an honest opinion re selling price and is prepared to market it with enthusiasm.

As I鈥檝e said above, we鈥檙e going up there on Tuesday in hope of finding an enthustiatic agent who is prepared to devote some time and energy to this sale for which we are prepared to pay handsomely.

I鈥檝e been researching online for that special type of agent, but so far without success 鈽癸笍 - @Pistol37

Yeah, that鈥檚 the hard part 鈥� finding an agent who鈥檚 both honest and motivated. Most just list the property and wait. What you need is someone who鈥檚 proactive and really understands your area.

Before setting a price, it helps to know what makes your location valuable like how close it is to the golf course, how wide the access roads are, nearby facilities like hospitals or schools, or if it鈥檚 near a toll road (that can boost value too).

In theory, prices should go up over time 鈥� but if you're looking for a quick sale, it usually means going lower than market. Holding out for full market price can take a long time, especially now.

Hope Tuesday goes well! 馃��

@Ryan_chaniago

Thanks Ryan,

Your suggestions re FB etc might have to be the next step.

@Ryan_chaniago

That鈥檚 the one in a million, it seems, type of agent I鈥檓 trying to find 馃��

Also good points to add to the advertisement re proximity to toll road etc.

@Ryan_chaniago

Hey mate

Just checking if you are 100% certain that 鈥淓ven if I found the buyer myself, I鈥檇 still have to pay them a fee 鈥� didn鈥檛 seem fair, so I skipped that鈥�, and if so, how much would the fee be either in percentage or rupiah terms, if you know?

I don鈥檛 want to get into a position of advertising ourselves and having it also with an agent or two, then unwittingly selling it ourselves only to find out we have to pay commission to someone who hasn鈥檛 really earned it.

@Pistol37

I am not familiar with Indonesian contract law but presumably the agent will ask you to sign an agreement outlining the terms i.e that they are the sole agent and that if you do sell the property either yourself or through another agent they are entitled to the agreed % commission or fee.

To be fair to any realtor or estate agent as we call them here in the UK they will have invested time and advertising expenditure on your behalf so they should be entitled to some recompense.

Read the contract. If there is no contract then certainly under English Law you are not liable for a penny (sorry Aussie cent)

When I lived in Malaysia all I did was basically buy and sell properties. When an agent presents you with an exclusivity agreement you don't just sign it. You read through it carefully and amend the terms so that they are fair since the agreement as it is will be entirely one sided in favour of the agent.

You can change whatever clause to clearly state that you will not sell the property to any customer introduced by them. Or you could limit the agreement to 3 months instead of 6 months or one year. You could also add a clause to say that if you sell the property through another agent then the agents should split the commission. The agent might tell you it's his standard company agreement, but it will always be open to changes. You just need to write on the agreement or cross out parts of it by hand and give a signature next to each amendment.

Then you need to make sure that the commission amount is net and that they will not add on taxes. Since commission rates are usually negotiable then this should not be a problem.

Also be careful about penalty clauses. I have often completely eliminated them, but read very carefully before signing. Agents are not so picky that they will throw away the chance of signing an agreement and earning a commission so easily.

In most cases I never signed exclusivity agreements with agents and they still tried to sell the property. But when I did sign one then it was always heavily amended. However, in Indonesia we have bought but never sold property. But agents are generally very tricky wherever you are so be careful.

@Ryan_chaniagoHey mateJust checking if you are 100% certain that 鈥淓ven if I found the buyer myself, I鈥檇 still have to pay them a fee 鈥� didn鈥檛 seem fair, so I skipped that鈥�, and if so, how much would the fee be either in percentage or rupiah terms, if you know?I don鈥檛 want to get into a position of advertising ourselves and having it also with an agent or two, then unwittingly selling it ourselves only to find out we have to pay commission to someone who hasn鈥檛 really earned it. - @Pistol37

Hi

Yeah, that was really my personal decision at the time. I felt the price I was selling at was already a loss for me 鈥� I wasn鈥檛 making any profit. And honestly, the agents couldn鈥檛 guarantee they鈥檇 find a buyer. Most of them just put up a banner in front of the house and left it at that 鈥� no real effort to actively find someone.

Meanwhile, I had already received a few direct offers before involving any agents. So when I found out I鈥檇 still have to pay their fee even if I brought in the buyer myself, I felt the whole thing just wasn鈥檛 fair. I think the fee was more than 2鈥�3%, maybe around 5%, but I honestly don鈥檛 remember exactly.

Luckily I managed to sell it myself, though it did take time. I used social media & had my own way of marketing it, which worked out in the end.

That said, it鈥檚 totally up to you. If you don鈥檛 have the time to handle it yourself, using an agent might be the right move 鈥� just make sure you read the agreement carefully before committing.

Also, you might want to check out this site : [link under review]

They鈥檝e got a property listing section for buying & selling 鈥� might be useful for reaching more potential buyers. (Apologies if I got that wrong 鈥� anyone feel free to correct me.)

Good luck with everything, hope it all goes smoothly!聽 馃槉

@Lotus Eater

From memory I think the last contract my wife signed had an expiry date of about six months and I鈥檝e asked her to terminate any and all relationships she鈥檚 had with current agents while we move on to the next move.

I agree that an agent should be entitled to some recompense if they do put in some time and effort, however when they do nothing but post an ad on their website and others publicly available, then I am loathe to offer up anything unless a sale is forthcoming.

@wyngrove60

Thanks for the sage advice.

I鈥檓 trying to avoid signing contracts with agents if at all possible and will keep all of your points in mind if we need to go down that path.

@Ryan_chaniago

@Ryan_chaniago

I鈥檝e done a bit of homework and found that the minimum commission is 2.5% nowadays with a maximum of 5%, which I鈥檇 be happy to pay if I could find an agent who would actually do some legwork to find a buyer, rather than as you say put up a sign and an ad on a website or two.

Can you re-send the link please or the name of the site as in your msg all it says is 鈥渓ink under review鈥�.

@Pistol37

Yeah, I鈥檝e heard that too 鈥� standard commission鈥檚 around 2.5% to 5% now. And honestly, I鈥檇 be more than happy to pay 5% if the agent actually puts in the effort. Not just throwing up a sign & listing it online. Real legwork makes a huge difference.

BTW, I wanted to share a simple method I call 鈥�10 to 1鈥� 鈥� meaning, for every 10 signs or ads posted, usually only 1 person will actually reach out. That鈥檚 just how the market is right now.

If you drive around Jakarta or nearby cities, you鈥檒l see tons of 鈥淔or Sale鈥� (Dijual) banners鈥� but very few agents actually act like true salespeople (like those in new housing show units).

Also, have you contacted your developer yet? I checked your housing area online & looks like they鈥檙e still actively offering new units. Sometimes they have in-house agents who are more motivated.

Not sure why my link got flagged for review earlier 鈥� I was sharing from 暗网禁区 dot com.

You can just go to the menu on the top left, then choose "Properties" from there.

Hope that helps! 馃槉

@Ryan_chaniago

Yesterday I reworded and reposted our ad on Rumah123 and FB Marketplace reflecting a discounted price of Rp775.000.000.

Am yet to check for any contacts but if we get in the range of 10 to 1 I鈥檒l be a happy chappy as that will be way better than what we鈥檝e experienced until now.

And yes, they are still building new houses/units at the far end of the entire complex, whereas ours is at the entrance from the Ciawi end. Hence, they are our competitors and not likely to want to take on selling our place at the lower end of the price scale whilst simultaneously trying to flog off newer and more expensive accomodation types.

I鈥檓 also yet to have a look for that link you mentioned so thanks for clarifying its location.

@Pistol37

Sounds like a solid move! Rp775 million is a pretty attractive price, especially if the unit鈥檚 in good condition and near the entrance 鈥� location matters a lot. Hopefully, with the refreshed ad, you鈥檒l start getting more eyeballs. And hey, if you even get close to the 10:1 ratio, that鈥檚 already a win compared to before!

Totally get what you mean about the developer 鈥� yeah, they鈥檙e more focused on selling their own new stock, especially the more expensive ones. So naturally, they won鈥檛 be too motivated to help push resales that undercut their price.

Not sure why the link was flagged earlier, but yeah, the site was 暗网禁区.com 鈥� just go to the top left menu and select 鈥淧roperties.鈥�

Also 鈥� not sure if you鈥檝e tried this, but maybe give a live tour of the house a shot? I think Facebook still has that feature (FB Live). It could be a great way to show off the actual condition of the place 鈥� layout, lighting, vibes, etc.

Sometimes people connect more emotionally when they see a house in real time, rather than just looking at photos. It also shows that you鈥檙e a genuine seller.

Doesn鈥檛 have to be fancy 鈥� just a simple walk-through with your phone is more than enough. Might help you stand out from the other listings too.

Anyway, hope the repost gets you better results!馃憤

@Ryan_chaniago

Goode, taa.

Live tour could be worth a shot.