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development practitioners’ attention in many development disciplines Karl-Oskar and Nicolas, n.d.
2.2.4 Knowledge Acquisition via the Site Visit or Developer
Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from
the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards.
According to Frej et al. n.d, typically, developers purchase a tract of land,
determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structure, and lease,
manage, and ultimately sell it. Developers work with many different counterparts along each step of this process, including architects, city planners, engineers,
surveyors, inspectors, contractors, leasing agents and more.
2.2.5 Knowledge Acquisition via the Family and Friend
According to StatPac website, talking with people is a good way to get information during the initial stages of a research project. It can be used to gather
information that is not publicly available, or that is too new to be found in the literature. Examples might include meetings with prospects, customers, suppliers,
and other types of business conversations at trade shows, seminars, and association meetings. Although often valuable, the information has questionable validity because
it is highly subjective and might not be representative of the population.
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2.3 Prices Factor
Since most people’s budgets are limited, price is probably the most important aspect in the decision making process of buying a property Mattiasson and
Ronnqvist, 2009. Price expectation and fluctuation in residential property prices tend to have more effect on property prices, probably due to poor planning and
infrastructure developments, administrative bottlenecks, problems on property rights, or inefficient and inequitable land distribution Wong and Hui, 2008; Glindro et al.,
2008; Ballesteros, 2002.
Good examples would be China, Hong Kong and to a lesser degree, Malaysia, currently facing property bubble and is on the verge to burst, where prices
could jump more than 50 percent at a short period of time Mufson, 2010.
Irrespective of investors’ nationality, they still tend to perceive property price as one of the determinants in decision-making as it involves a huge value and money.
In addition, it involves their affordability to invest in this market Shuid, 2004; Hood, 1999.
2.4 Location
According to Iris 2014, before the customers even engage a real estate agent, decide on the location that they want to buy, down to the residential area. If
they are planning to buy for their own occupation, choose a location that is near with their work place with convenient access to transportation and communication
infrastructures.
According to Simon 2013, location is always important when buying property, but particularly with a multi-let property. Things to consider will be public
transport links, local facilities and amenities, proximity to their place of work.
