This article first appeared in NST.com.my, on July 27, 2019.
By Kalbana Perimbanayagam
Source: NST.com.my / Housing and Local Government Minister Zuraida Kamaruddin said it is important for people to choose a certified agent endorsed by the Malaysian Institute of Real Estate and the ministry. - NSTP/MUHAIZAN YAHYA
PETALING JAYA: Members of the public have been urged to be wary of dubious real estate property agents or negotiators when selling or buying a property.
Housing and Local Government Minister Zuraida Kamaruddin said it is important for people to choose a certified agent endorsed by the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), which is under the purview of the Finance Ministry.
She said a proper real estate agent requires the certification by the Real Estate Negotiators (REN), adding that they are issued tags when attached to a real estate firm.
"If they do not have the REN tag, they are breaking the law if they sell any properties. It is illegal and punishable by the law," she said in a speech at National Real Estate Awards 2019 here. The speech was read out by Housing and Local Government Ministry Deputy Director-General Dr Alauddin Sidal.
In her speech, Zuraida said many uncertified real estate agents marketed projects on behalf of developers at shopping complexes and public spaces.
"This is a breach of the law and all stakeholders including developers should take heed of this and ensure those involved in marketing your projects are certified and have tags. Only those who have tags are legally certified and they have the legal capacity to represent a developer."
Zuraida said it is important for the public to understand that the government had instituted laws which required real estate transactions of any kind to be done by those legally certified.
"This is so that they will not get cheated and their personal interests will be protected throughout the process. Any time you engage in a sales or purchase transaction for a property with an agent, make sure you ask for their REN tag before pursuing further to discuss your property," she said.
She said with the supply of property expected to continue to grow, real estate industry players must find new ways to market their projects, as well as attract new buyers to invest in these properties.
"MIEA needs to play a more active role in engaging members to come out with more strategic ideas to help developers market these units."
Zuraida added that the ministry is also playing a pivotal role to encourage real estate and ownership among Malaysians through the Home Ownership Campaign (HOC 2019).
Tonight's awards ceremony also saw the official introduction of the newly elected MIEA president Lim Boon Ping following his appointment on July 1.
"We have grown from a simple 1500 members to 6000 today and it's a great achievement," he said his speech.
The biggest award of the night, the Lifetime Achievement Award, was presented to former MIEA president K. Thinahara from Richiprop. The CEO of the Year award was given to S. Sarkunan from Knight Frank Malaysia Sdn Bhd.
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