Given the growing number of cases involving illegal brokers, the Malaysian Institute of Estate Agents (MIEA) urged first-time property buyers and renters to engage only registered real estate agents or negotiators to guide them with their property transactions.
In fact, the association’s first-ever public awareness campaign, dubbed #MYREALAGENTS, aims to inform buyers and renters of the importance of engaging the services of registered agents or negotiator as well as provide practical ways on how to protect themselves from losses, said MIEA President Lim Boon Ping.
The campaign was launched on 28 February at the Malaysian Annual Real Estate Convention (MAREC) Summit 2020, reported Bernama.
The website and social media channels of #MYREALAGENTS feature content on the legal aspect of selling, renting and buying a property. It also offers a checklist, tips and what to look for when engaging a real estate agent or negotiator.
Property buyers and renters are advised to ascertain first if the agent that they are engaging has an authorisation card or tag stating the firm they work with is MIEA-registered and if the agent is familiar with the area where you want to buy or rent a property.
After that, the buyers or renters should check with the Valuation and Property Services Department (JPPH) regarding the property’s value. They are also advised to understand their agent’s role, while determining the type of appointment they have and the charges to be paid.
Aside from understanding the appointment letter’s contents, buyers and renters should also ensure that all appointments are made in writing.
Based on the website, there are 39,986 certified real estate negotiators and 2,841 registered real estate agents in Malaysia as at 21 February.