THE Malaysian Institute of Estate Agents (MIEA) will be waging a war against the country’s illegal real estate agents and property negotiators.
Its president Siva Shanker said the crackdown with the theme ‘Is Your Real Estate Agent Real?’ was in line with the new ruling requiring real estate agents to wear their practising tags issued by the Board of Valuers, Appraisers and Estate Agents Malaysia from tomorrow.
“Check whether your real estate agents are legitimate.
“Ask them to show their tags and if they refuse, don’t deal with them or you will risk being cheated or misrepresented.
“There is also a QR (quick response) code on each tag so customers can scan the code with their smartphones to find out the background of the agent such as his or her company and qualification,” he said.
Siva added that under the Valuers, Appraisers and Estate Agents Malaysia Act 1981, an individual was not allowed to sell property for a fee if they were not registered or working for a registered estate agent.
“So far, some 10,000 tags have been issued to registered agents. I estimate that there are approximately 20,000 illegal property brokers in the country.
“While we are bound to only take a maximum of three percent from transaction fees, these illegal brokers take up to six percent by marking up the property prices,” he told a press conference at Penang Times Square during the launch of the Malaysian Secondary Property Exhibition 2014 (Maspex).
According to Siva, anyone seeking to be registered as a real estate agent was required to study for three years and pass 12 papers before they were awarded a diploma.
Then, they have practise for two years under a registered real estate agent before he or she can obtain a practising certificate.