This article first appeared in City & Country, The Edge Malaysia Weekly on November 14, 2022 - November 20, 2022

City & Country is in the cosy office of spritely, charming and sharp-as-a-tack Tan Sri Abdul Rahim Abdul Rahman, executive chairman of his eponymous company Rahim & Co International Property Consultants, to review and reminisce on his more than 50 years in the real estate industry. For his contribution to the growth of the property valuation profession and all the subsidiary elements that make up the real estate industry, the octogenarian has won the Outstanding Contribution to the Real Estate Industry award at The Edge Malaysia Property Excellence Awards 2022.

He elaborates on the two big lucky breaks that helped him kick-start the company.

“I got the first opportunity when [the then] Tuanku Pahang called and said, ‘Rahim, I want to start a housing development in Kuantan. Can you manage it?’. So I said, ‘Yes, Tuanku’. And that gave me the opportunity to open an office in Kuantan.

“Then about one or two years later, Mahathir (ex-prime minister Tun Dr Mahathir Mohamad) called when he took office. ‘This is Mahathir’, he said. I was like, ‘Mahathir?’. ‘Dr Mahathir’. ‘Oh yes, oh yes,’ I replied. He said, ‘Can you come to my office?’

So I went to his office. He said, ‘Rahim, Umno has PWTC, Putra World Trade Centre. Here are the keys, manage it. ’ Just like that, without asking for a quote or whatever.”

With limited resources of about 15 staff members handling a branch in Kuantan and PWTC, which had two million sq ft of space with offices, commercial space and a convention centre, he rose to the occasion.

“So that is how I became the biggest property manager in the country, managing a convention centre with all the facilities,” he says.

Abdul Rahim came from humble beginnings. Born in Kampung Aur Duri, Kota Baru, Kelantan, he was brought up mostly by his aunt in Kampung Surau. He recalls walking 12 miles (19km) through paddy fields to school and later attended Sultan Ismail College in Kota Baru, one of only three secondary schools back then. He then completed Form 6 at Penang Free School from 1959 to 1960.

“In those days, when you got into Form 6, the chances of getting a (federal) scholarship were very bright. But you had to go through an interview.

“I decided I wanted to go overseas to study. So I chose chartered surveying, because I wanted to go to England. During the interview, I was asked if I knew anything about this course. I said, ‘Sir, I don’t have the slightest idea.’ As I closed the door, I thought, ‘There goes my scholarship. I don’t think I will get it.’ But imagine my joy when I got the letter offering me the scholarship. I got it in 1961,” he says with a smile.

Young and ready for a new challenge, Abdul Rahim headed to London. He attended Hammersmith College of Building from 1962 to 1964, and then had a stint at the College of Estate Management (now the University College of Estate Management) in 1965 and 1966.

He soon discovered that his choice of study fitted him perfectly.

“The courses that I did, the types of subjects, like building construction, town planning, property law, were the types of subjects that I would have wanted to do. And as we had achieved independence, I thought these skills would be useful to Malaysia.

“So, when I did that course for three years and after that, the two years of working experience, it gave me an insight into what real estate is all about. What you have to do to develop an area for housing, to manage the office space, to become an estate agent to buy and sell property, to value properties when you want to be listed on the stock exchange, and so on,” Abdul Rahim explains.

Although he had a scholarship, he worked during the holidays. He recalls a memorable moment when manning the spaghetti counter at Selfridges. “Among our customers was Buckingham Palace. I remember going in the Selfridges van to deliver the food at the entrance of the palace; it was so exciting,” he chuckles.

In 1967 and 1968, Abdul Rahim worked as a valuation and property officer at the London Borough of Hounslow, which owned rental properties.

“That was when I got involved with professionals in the real estate industry in London, where they acted for clients looking for premises to rent, and also in managing those properties; to make sure tenants paid the rent and everything. ... which is what the profession was all about at the time.”

As a result, Abdul Rahim developed a strong ambition to “to open firms of my own in order to become a consultant in the real estate industry”.

He eventually returned to Malaysia in 1969 and served the government for five years. In the first three years of his bond, he was a valuation officer in the valuation department of the Ministry of Finance, located in Penang. That valuation department is now Jabatan Penilaian dan Perkhidmatan Harta (JPPH).

For the remaining two years, he was seconded to Malayan Railways as a properties manager and secretary to the board.

In 1973, he was invited by Tengku Razaleigh Hamzah, who was then managing director of Bank Bumiputera, to be its property manager.

“In 1976, (then prime minister) Tun Abduk Razak invited Tengku Razaleigh to be the finance minister. When I heard that, I went to see Tengku. I said, ‘Tengku, since you are leaving the bank, I think it is high time that I left as well.’ He asked, ‘What are you going to do?’ I said, ‘I always had an ambition to open my own firm. And I think it is the right time to do so’.”

With Tengku’s blessing, Abdul Rahim did that and was also granted an overdraft facility from Bank Bumiputera to help him kick-start his firm.

“I started Rahim & Co on Dec 1, 1976, with RM10,000 in capital and a RM30,000 overdraft facility from Bank Bumiputera. I am grateful, first of all to Tengku Razaleigh, and second of all to Bank Bumiputera for giving that facility to somebody who wanted to start his own business,” he says.

Besides running his own firm and staying relevant through challenging times, Abdul Rahim also involved himself in various associations.

“I also became involved in the profession through the institutions, like the Royal Institution of Surveyors, Malaysia, of which I became president (1986-87). I also became interested in international association Fiabci (International Real Estate Federation), which is based in France, and I was the first Malaysian to hold the post of deputy world president in 1990,” he says.

He was also president of the Fiabci Malaysian Chapter (1982 to 1986), Asia Pacific Real Estate Federation (1985 to 1988), and the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (1990 to 1994).

He has survived two recessions — the worst was in 1986, when he had to cut staff salaries to help keep the firm afloat, but he was able to turn things around in six months.

He also believes in the mantra, “Anything worth doing is worth doing well”. He goes on to say that he would rather not do a job if he knows he cannot do it well, rather than be “told off for doing a bad job”.

Despite competition from 400 firms and 2,000 real estate agencies, Abdul Rahim understands what is needed to stay relevant in today’s marketplace. An example is to have close ties with financial institutions.

“When I came back and worked with a bank, I knew the relevance of the [valuation] profession. For example, if a bank wants to give a loan to somebody to buy a house, somebody has to make an assessment of how much the house is worth. In case the client cannot repay the loan, the bank can get back the money from selling the property. So valuation becomes a relevant tool.

“When I started Rahim & Co, we got ourselves listed as panel [valuers] in all the banks. And we kept our relevance by doing a good job for the banks, so the banks trust us. [Today], we are on the panel of most banks … We kept our relevance by telling our clients we are everywhere,” he says.

Today, Rahim & Co International has 23 branches nationwide with a staff count of close to 500.

Having an international standing also helps. Rahim & Co International was affiliated with Savills, an international property consultancy, but they parted ways after Permodalan Nasional Bhd (PNB) bought 49% of the firm in 2015. The company has kept its international presence by working with companies worldwide, although this could soon change.

“We are going to make an announcement at the end of the year … to be affiliated with an international company. I am unable to give the name now because I still need to get approval from the board,” he says.

What is needed for the real estate industry to grow? Rahim points to strong political stability. He also believes that our education system must focus on improving Malaysians’ command of English so that they can compete on the international level, although strengthening of the Malay language should also be done.

What advice does he have for the next generation of entrepreneurs and property professionals?

“For the young people, the country has a lot of potential and there are a lot of opportunities. But in order to survive and be successful, you must have the right education. Go to the right schools and universities and so on.

“Work hard, believe in yourself; achieve your scholastic talents in order to survive in a world that is very, very competitive because it is getting smaller. You not only have to compete against your friends in the country but also, in the long term, you have to compete and be successful against the world,” he says.

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