KUALA LUMPUR: As the nation is moving towards a developed and high-income status, the demand for real estate or private homes is increasing from time to time.
Protect your real estate interest by not falling prey to brokers who are not qualified, lack the knowledge and skill to effectively represent you.
As such, the Board of Valuers, Appraisers and Estate Agents Malaysia (Bovaea) has initiated an exercise to register Real Estate Negotiators (RENs) by issuing identification tags to all registered RENs.
The identification tag is to enable the public to distinguish the registered agents and consultants from illegal brokers and to prevent them from being cheated.
Bovaea board member Eric Lim said, now the public can identify every agent or consultant on duty through an identification tag and each identification tag will have a QR code that can be scanned to check whether the agent or consultant is registered or not.
“Negotiators who have yet registered and wish to obtain the identification tag must first attend a one-day course to enhance their professionalism in the field before registering with Bovaea.”
“This step is important because it will reduce the number of illegal brokers.
“RENs are also required to include their registration number in all promotional materials including billboards, ads in print and digital media.
“Failing to do so, an individual who commits the offense shall be liable to a maximum fine of RM300,000 or imprisonment not exceeding three years or both, under Section 30 of the Valuers, Appraisers and Estate Agents Act 1981,” he said.
Lim also revealed, to date more than 11,000 companies have registered under Bovaea and 10 per cent were from the states of Sabah and Sarawak.
Lim also urged the public to play an important role to help combat crimes committed by illegal brokers to reduce fraud in the real estate business.
Career opportunities in the Real Estate industry
Institute of Estate Agents of Malaysia president Siva Shanker noted that the implementation of the registration exercise will offer new job opportunities to the youth, especially for those interested in the field of real estate.
“It is not difficult to become a registered agent or consultant. You only need to pay RM600 and attend courses for two days.
“At the same time, we also hope that the number of agents or consultants who are registered will be increased from time to time. We strongly encourage the public, especially young people to participate in this field because it has great career opportunity. “
“Malaysian Institute of Estate Agents (MIEA) will especially help those who are interested in becoming a real estate agent or consultant where MIEA has collaborated with local universities to offer diploma programmes,” he said.
Siva added real estate education is to ensure graduates are ready to provide professional services in the real estate industry.
“For example, in Sabah and Sarawak, MIEA has partnered with the Open University of Kota Kinabalu, Sabah and Kuching Open University. Moreover, with Bovaea’s recognition, diploma graduates can first register as a temporary estate agent before deciding on joining their preferred real estate company,” he added.
For more information or enquiries, call 03-2288 8815/03-2288 8816 or visit www.itsillegal.com.my or www.lppeh.gov.my.