First-time property buyers and renters who are unfamiliar with real estate transactions should consider engaging the services of a registered estate agent or negotiator.
In light of the endless number of cheating cases involving illegal brokers, the Malaysian Institute of Estate Agents (Miea) said it is only right buyers and renters allow the professionals to guide them.
In a statement, Miea president, Lim Boon Ping, said the association’s first-ever public awareness campaign called #MYREALAGENTS is aimed at informing buyers and renters about the importance of choosing registered agents or negotiators, and how they can protect themselves from losses.
The campaign was launched at the Malaysian Annual Real Estate Convention Summit 2020 on Feb 28.
The #MYREALAGENTS website and social media channels have content on the legal aspect of buying, selling and renting a property, as well as tips, a checklist and what to look for when engaging a registered agent or negotiator.
According to the statement, the first thing one should do is ascertain if the agent has an authorisation card or tag, the firm they work with is registered with Miea and if the person is familiar with the area you are interested in.
Next, get information from the Valuation and Property Services Department on the value of the property, understand the role of your agent, determine the type of appointment and what you will be charged.
Besides this, read and understand the contents of the appointment letter and ensure all appointments are made in writing.
The website shows that as at Feb 21, there are 2,841 registered real estate agents and 39,986 certified real estate negotiators.