KUALA LUMPUR, 11 November 2014 – PropertyGuru Malaysia and the Malaysian Institute of Estate Agents (MIEA) officiated their partnership through a Memorandum of Understanding (MoU) signing ceremony that is in support of the latter’s advocacy and bid to promote the need for Real Estate Agents & Negotiators (REN) to register themselves as certified agents in its attempt to regulate the standards of RENs in the property market.
Witnessed by YB Datuk Haji Abd Hamid bin Abu Bakar, Director General of Valuation and Property Services Department and the President of the Board of Valuers, Appraisers and Estate Agents, Malaysia (BOVAEA) the partnership offers licensed REN members to enjoy special listing packages, as well as the opportunity to tap into PropertyGuru Malaysia vast network of online visitors and reservoir of market insights, as well as industry updates to better equip RENs. Agents who are registered with BOVAEA can enjoy a special package from PropertyGuru, where agents can enjoy 10 listings on the property site in the period of 12 months at just RM80 – the lowest rate in the market.
The collaboration also signifies PropertyGuru Malaysia’s backing for MIEA’s ongoing initiatives to educate both RENs, as well as consumers on the vitality of REN licensing and certification as a way forward to protect the integrity of the REN profession, as well as the local property market. This resonates well with growing number of complaints filed against RENs, with an average of 70 complaints per month and the issue is seen to be on an upward trend.
Gerard Kho, Country Manager, PropertyGuru (Malaysia) said, “Consumers and potential homebuyers today are bogged down with various concerns and qualms over the local property market and the possibility of owning their dream home. The last thing they need is to be anxious over their RENs, and we believe the licensing and certification programme initiated by MIEA is instrumental to aptly equip RENs with both the attitude and aptitude to serve potential homebuyers.
“We are excited over our partnership with MIEA and we look forward to more collaborations and proactive efforts ahead as we work together to champion the interest of homebuyers, as well as RENs,” Kho added.
Recent survey conducted revealed that around 30,000 to 40,000 unregistered REN have been operating illegally in the country, attributing to about RM 24 billion worth of deals brokered each year. Rising number of consumer complaints that MIEA has been receiving reported some of the common occurrence among the unethical conducts of REN which are:
i. Tenancy Agreement issues – unfair clauses
ii. RENs promising things which they cannot deliver – bank loans and consent issues
iii. Altering documents without the knowledge of the person/s concerned
iv. Displaying photos in property websites that do not reflect the exact picture nor condition of the said property
Siva Shanker, President of Malaysian Institute of Estate Agents (MIEA) said “In our strive to push for licensing and certification amongst the RENs, it is crucial for MIEA to partner with like-minded industry players like PropertyGuru Malaysia that complement our aim to protect the interests of homebuyers, as well as real estate agents. In addition to ensuring integrity, credibility and professionalism amongst RENs, partnerships like this will add great value and benefits to our members, creating more business opportunities to enrich their career in the property market”.
In addition to the signing ceremony, MIEA also shared the Property Market Outlook 2014, providing an overview on local property market outlook, growth and demand; as well as a highlight on both Penang and Johor markets.