KUCHING: The Malaysian Institute of Estate Agents (MIEA) is conducting a Certified International Property Specialist (CIPS) course which will allow qualified participants to be part of a growing network of elite international property professionals in the global property market.
MIEA chairperson of the Education and Training Committee, Alex J Gomez, said that the National Association of Realtors (NAR) from the US developed this programme to facilitate international real estate transaction as well as generate benefits to real estate practitioners worldwide.
“It may be a tedious deal for an American real estate agent to sell properties in Malaysia or any other country, likewise for a Malaysian estate agent to sell a similar property globally, especially without the proper knowledge of the country’s applicable laws and regulations.
“That is why the CIPS course programme is developed. This designation plays an integral part in the cooperation and facilitation of transnational real estate transactions between similarly qualified international real estate CIPS professionals. CIPS designees are constantly informed by the network of international members,” he said.
As the government moved towards market liberalisation of most of the services sector that might take place sooner than expected, Gomez pointed out that the real estate agents must be prepared to own, operate and manage foreign real estate-based companies here and they, in turn, must be prepared to take up stakes in other countries as well.
“The CIPS designation will give the real estate agents the right knowledge, expertise and capability to market Malaysian properties worldwide and at the same time market worldwide properties to Malaysian through the elite network of the world’s best players,” Gomez added.
“The recent amendment to the Real Estate Act allows for individuals and companies to buy equity in Registered Real Estate Agencies. Investors in most instances will be keen on firms with individuals having the CIPS designation as it adds real value to them,” he noted.
This designation, however, should be given to people working with firms registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
He added that in a bid to protect the public, the amended Valuers, Appraisers and Estate Agents Act 1981 that was passed in the Parliament on August 19 this year would see that the unregistered agents be subjected to fines or imprisonment.
“Under this new act, those who commit an offence is liable on conviction to a fine not exceeding RM300,000 or to imprisonment for a term not exceeding three years or to both and shall be liable to a further penalty of RM1,000 for each day during the continuance of such offence.
“In addition, newspapers must also play a role in preventing history from repeating itself by verifying and regulating their clients who advertise their properties,” Gomez highlighted.
Those who are interested in the course are urged to sign up soon as seats are limited. All queries can be directed to Gomez at 012-2893935 or send an email to firstname.lastname@example.org. The MIEA Secretariat can be reached at 03-79602577.