Special Feature

How PropNex’s Randall How made sub-selling his niche

By Randall How

/ PropNex |

January 16, 2023 3:00 PM SGT

Every question is important to Randall, which is why he welcomes every single one, no matter big or small. All photos: Albert Chua/The Edge Singapore

In the competitive property industry, it is imperative for a property agent to stand out with a niche. Randall How, Associate Group Director, PropNex Realty Pte Ltd, has clearly found his, which is sub-sales.

“Sub-sales [or sub-selling] refers to a homeowner who has bought a house from a developer. He or she still has the contract with the developer, and wants to sell either before the project’s temporary occupation permit (TOP) or one year after the project’s TOP where the developer is involved in the certified statutory completion (CSC) stage,” says Randall.

Randall, who joined the industry in October 2015, began like any other agent, working on new condominium launches and resale units. Yet, when he was trying to sell his own one-bedroom at Riverfront Residences to upgrade to a bigger unit in August 2021, Randall found that there was a lack of agents who had experience in sub-sales. It was then that he actively considered moving into this particular segment as his main focus.

Riverfront Residences. The first project that started Randall's sub-sale journey.

Being in sub-sales is harder than new launches and resale units as there is no showflat or unit for buyers to see. Everything is done off the floor plan alone, says Randall. “The key difference for agents in sub-sales is being able to understand what their clients want before pitching a unit to them.”

According to him, homeowners tend to sub-sell their units after initially buying a smaller unit and having their plans changed before the development receives its TOP.

For instance, in the past two years during the Covid-19 pandemic, homeowners found that they needed more space while working from home.

This is why there are more one- and two-bedroom units for sale, says Randall.

On the buyer’s end, sub-sales are sometimes preferred as they’re cheaper in terms of price psf compared to new launches today. The waiting times for them to receive their keys are shorter too, he adds.

After over more than a year of carving out his niche, Randall has done well for himself. Since August 2021, he has managed to close a total of 30 units in the sub-sale segment, including 22 units in Riverfront Residences itself. Randall is also the designated trainer for sub-sales for his team, Marcus Luah Advisory. “When I first began my journey in sub-sales, I had to ask the team’s leaders for speaking slots. Now, they approach me to share my experiences with their team.”

"It is always empowering to be given a chance to share my knowledge to the next generation of realtors. Training given to Marcus Luah Advisory."

While Randall has clearly done well in his field, he shares that sub-selling is not popular among agents in the industry.

“Most of the agents I’ve spoken to find sub-sales a hassle. Plus, they’re afraid that the listings won’t sell well most of the time,” he reveals. “However, based on my experience and thanks to my network, I’m able to get the job done.”

He adds: “My clients come to me for my experience and advice, especially when I was a seller once myself. I am also able to help them make money out of their property moves – including sub-selling their unit and subsequently buying a unit be it a new launch, a resale unit or a sub-sales unit.”

"Understanding each client's needs is vital to me before giving them the best solution to them.

He continues: “There are many factors to consider when buying or selling a unit as a sub-sale such as additional legal fees for buyers, and different loan monthly instalments compared to new launches. In sub-sale cases, agents and consumers need to be aware when calculating their proceeds; sellers may sometimes face penalties from the banks such as cancellation penalties, although waivers are possible.”

According to Randall, his clients also like that he empowers them to make their own decisions through the use of data, as well as his willingness to answer all questions, no matter big or small.

“There is no such thing as a stupid question,” he declares. “On my part, even if I don’t have the answers at hand, I’ll find out and get back to them. This is a learning journey for me as well.”

"Knowledge is power, always looking forward to learn and improve to be a better version of myself!"

A life-changing experience

Before he joined the property industry, Randall was in a US investment firm that dealt with property in the US.

In his previous role, Randall had to make trips to the US to inspect these properties for renovations. During his first trip, he was held at gunpoint by a stranger.

Following that incident, Randall began to question his career moves and whether his career was sustainable considering that he would make numerous trips flying to and from the US.