Book Review: Real Estate Transactions in Japan, by Konishi and Tada
This is not the first time I have posted here on the topic of books about real estate. As a writer focused on this topic, my rather dogged interest in the books about this area of focus serves me; foremost, perhaps, in that I’d like to be knowledgeable. If I am going to write on these topics, I can be of more service if I have “done my homework.”
It was with a student’s dedication that I studied this most recent book about property in Japan. As I have said in other posts, I have been contributing to an ongoing project about “The Best Books About Real Estate in Japan” (written in English), and as a new book was released late last year, I was excited to read it.
This latest contribution to the category is by a couple of Japanese real estate attorneys - Takafumi Konishi and Shinsaku Tada. The full title is:
Real Estate Transactions in Japan: The Comprehensive Guide to Real Estate Transactions in Japan: From Law to Practice.
It is an excellent addition to the English-language collection of knowledge on this topic.
I am a writer (that is true). And I also advise a local Hokkaido-based real estate company. I have an eye for real estate marketing, and, as it relates to books, how several (many? most?) books about real estate in Japan are essentially marketing pieces for real estate companies. It’s not a bad strategy, but the incentive of “self promotion” can steer the content in some cases.
The first book on Japanese real estate I reviewed was Landed Japan, by Christopher Dillon. My sense about Dillon (whom I like, and respect, very much) is that he is a writer and an educator, so there is little in the way of commercial undertone in his work. As I reviewed Savvy Investors Guide to Japanese Real Estate by Yamamoto (another interesting, informative book), there is more “personality” in that production. I posted here about Winning Strategies for Japan Real Estate Investment, by Neo Cheung, that book (while also an excellent opportunity to learn about real estate in Japan) functions as nearly straightforward advertorial for the various contributors (several Japanese real estate companies, each submitting a chapter) involved in its production.
I am completely at peace with a project having an air of self promotion; those pieces can be instructive too. And when they are, I welcome the chance to learn and to be exposed to the authors’ perspective.
Having just finished Real Estate Transactions in Japan; is the book a marketing tool for the authors? Perhaps it is, but you never hear them asking for the sale. The book is a fantastic resource, well written, and very professional. You might want to do business with them, specifically because their books is a high-trust demonstration of the knowledge of the authors.
”Real Estate Transactions in Japan is an excellent book about the process of buying and selling Japanese real estate. While the book is both detailed and thorough, it is an instructive resource for the parties on both sides of a transaction. The authors cover a range of topics focused on the contracts and procedures involved in purchasing real estate in Japan. It is a great education, delivered in a format that is easy to read and understand.”
— From my review of their book
It is a part of the deep-study of any domain, that each iteration across a topic gives the student a chance to enrich their understanding. While I have written a lot on these topics, advised over 100 clients, and personally bought/sold real estate here in Japan - I was amazed at how much I learned reading Real Estate Transactions in Japan. And as I read it (and took extensive notes), I could immediately apply things I learned to questions I receive from clients (I have already quoted the book to several clients) and in my own transactions.
Examples are always a great way to make the point, so I’m happy to provide some specifics:
Not once, but twice since I began reading Real Estate Transactions in Japan, I had clients ask me for help evaluating real estate contracts. The first client request was for a translator to help explain a sales agreement. The second client request was for a lawyer to advise about a contract for purchase of a property here in Japan. In both cases, I shared a quote from the book:
If you want to verify the accuracy of the contents of a disclosure document, you may ask another real estate agent to verify the contents. Note that it is not useful to ask a lawyer to verify the accuracy of the content... this is because real estate agents are often more knowledgeable than lawyers when it comes to verifying the contents of an important matters explanation document.
— From Real Estate Transactions in Japan
Konishi and Tada demonstrate integrity as they bring their talents as legal experts to help teach about contracts and procedures in Japanese real estate transactions, but again and again defer to the agents as the most authoritative sources for details of the transactions. I respect them for it.
And it makes sense: All real estate is local. While a given piece of property in Japan may have some “objective” value, the real value (or lack of value) is in how a given transaction serves the buyer’s and seller’s specific, individual needs (and their future needs). And, how the property serves those needs given the price paid (or income returned for such a purchase). A good agent translates the needs of the buyer/seller into appropriate local recommendations, based on regional market values, expected returns, and the intended utility of that property for the owner (now, and in the foreseeable future). While a lawyer serves to make something legal, an agent does more to help make it valuable.
Konishi and Tada’s Real Estate Transactions in Japan feels like a training manual for real estate agents, or for investors that want truly in-depth knowledge of how a property sale in Japan comes together. While it is very thorough, it’s simple and easy to read. And (as we’ll emphasis later) the book is repetitive in a way that acts as a kind of ongoing review, integrating each of the parts of the transaction together.
— From my review
As I wrote that section I smiled, knowing that “repetitive” is rarely a compliment; but in this case, the way the book focused on the transactions from so many angles enables a kind of repetition that reinforced and deepened the lessons. The reader is introduced to a specific part of a contract, or a role in a transaction, and then sees that element again (and again), from other perspectives, in subsequent chapters.
A good adjective to describe the book is “orderly.” You could read it (as I did), or just use it as a reference volume. But in that thorough orderliness the authors offer a book that manages to deliver an exceptionally rich education.
There are also innumerable notes on niche topics within Japanese real estate that interest me as a writer. A partial list would include notes about online portals/websites for Japanese real estate, off-market property in Japan, all cash property sales in Japan, explicit advantages of working with an agent, notes on “dual agency” practices in Japan, and so many others.
Would you believe me if I said Real Estate Transactions in Japan was a pleasure to read? It was (even if that means I have a particular passion and interest for the topic). The authors should be proud of their very excellent contribution to the category.
Well done.