Malaysia Institute Of Estate Agents in its annual real estate convention raised various issues concerning the industry and has requested that relevant bodies address them before it jeopardises the sector.
At the forum entitled “The real estate Profession – The way forward” attended by President Ms Chan Ai Cheng and moderated by CEO of MIEA Mr. K. Soma Sundram and panelist comprising from the industry recommended some robust changes to the current real estate laws to allow the profession grow.
Among the concerns raised were on the level of professionalism among the Real Estate Negotiators [RENs] which is numbering to some 28,000. They were of the opinion that the entry-level for RENs is too low and that there is a need for them to now meet certain qualifications and do an entrance exam to be allowed to practice. The views included that although the supervising agent is ultimately responsible for the actions of the REN, the individual RENs should also be held accountable for their misdeeds.
The committee members felt that this will greatly improve professionalism in the industry. The number of registered agents is low as there are only 1,400 plus+ agents as of 2020, this is due to the lengthy examination and practical process which takes up to 7 years to be registered. They requested to review the syllabus and the format, like in Singapore where all are registered practitioners unlike the situation in Malaysia today.
There comments that the Board of Valuers, Appraisers, Estate Agents, and Property Managers the regulatory board are not at a pace to keep up to the needs of the profession. They felt that managing three professions – The Valuers, Estate Agents, and Property Managers is too much to handle and has resulted in many inefficiencies and disconnect with the real estate practice. There was also agreement that the number of Estate Agents only represented in BOVAEP is far too small to bring about any significant change and requested to review this imbalance.
As for the rise in illegal brokers, the argument was that the laws are inadequate and that the police who are empowered to act have not shown great interest in nabbing illegals. They further added that tech firms are now finding loopholes within the law to offer other services and indirectly engaging real estate practice which contravenes section 22C of the Valuers, Appraisers, Estate Agents & Property Managers Act and urged the government to look into this.
There was also an agreement that the professional fees for estate agents should have a minimum cap as what is practiced in the developed countries and modeling after other professions in the country.
