Category Archives: 3.Real Estate Agent

Real estate negotiators subject to registration exercise

Posted on November 27, 2013  |  1995 Views |  Topic : Property News.

BY NATALIE CHAN

nataliechan@thestar.com.my

From left :

(From left) RISM representatives Tunku Fauzi Datuk Abdul Malek and Adzman Shah Mohd Ariffin, MIEA president Siva Shanker, PEPS president Lim Lian Hong, MIEA past president Soma Sundran and MIEA representative Lim Boon Ping.

Malaysian real estate negotiators will now be subject to a nationwide registration exercise implemented by the Board of Valuers, Appraisers and Estate Agents.

In a joint conference organised by the Malaysian Institute of Estate Agents (MIEA), the Royal Institution of Surveyors Malaysia (RISM) and Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector, Malaysia (PEPS) , MIEA president Siva Shanker said that the rationale of the exercise, among others, was to enhance professionalism in the real estate industry.

To date, only real estate agents are required to be registered with the Board of Valuers. Under this exercise, real estate negotiators need to attend a one-day training programme run by MIEA, RISM and PEPS to obtain a certificate of attendance which will then enable them to register via a registered real estate agent.

The registration exercise, which began last month, is expected to end on 31 Jan 2014. Upon registration, negotiators will receive a tag, which they are required to display at all times during their conduct of business starting 1 Apr 2014.

PEPS president Lim Lian Hong said that the exercise is to ensure good governance and regulation in the industry. “As the country progresses, we look towards a regulated profession, where people toe the line.”

When asked about the exercise, Hartamas Real Estate Malaysia Sdn Bhd associate director Christopher Chan said that he was pleased with the move and that it was long overdue. “Up till this point, there are no qualifying exams to sit for. But with this one-day training programme, it is a good start to enhance professionalism,” said Chan.

A real estate negotiator who declined to be named was also supportive of the move. “I think it’s a good move as it will weed out illegal real estate agents and negotiators,” she said.

Real estate negotiators who have yet to register can contact :

MIEA : +603-7960 2577

RISM : +603- 7954 8358

PEPS : +60-7960 1318

Estate agents seeking action against illegal ones

Sunday July 22, 2007

Estate agents seeking action against illegal ones

By ROYCE CHEAH

royce@thestar.com.my

KUALA LUMPUR: The Malaysian Institute of Estate Agents (MIEA) is puzzled why no unlicensed real estate agent has been brought to court despite 20 police reports lodged so far.

MIEA president K. Soma Sundram claimed that there were more than 10,000 unlicensed agents and they were hurting the industry image.

Soma Sundram said there were about 1,500 active legitimate estate agents at present and 10,000 genuine real estate negotiators in the country.

“Unlicensed agents hurt the image and professionalism of the industry while posing a threat to the public because there will be no legal recourse if something goes wrong.”

Soma Sundram told a press conference yesterday that unlike registered estate agents, unlicensed agents would not maintain clients’ accounts or have professional indemnity.

“They may charge a lower service fee, but they will sell a property for more than the price agreed to by the seller and pocket the difference.

“Most of these agents are housewives. Even expatriate housewives are getting into the business,” he claimed.

Soma Sundram also alleged that retired or inactive registered estate agents were leasing out certificates to unlicensed agents.

“This is so the illegal agents will appear to be operating legitimately. We will take action as we know who these people are.”

MIEA has sent two letters to Prime Minister Datuk Seri Abdullah Ahmad Badawi detailing the problems of unlicensed agents and seeking the Government’s help.

On how the public could identify whether an estate agent was legitimate or not, Soma Sundram said there were a number of ways that include ensuring the agent has a physical office and advertisements carry office telephone numbers and the firm’s “E-number” to show that the firm was registered with the Board of Valuers, Appraisers and Estate Agents.

Getting real about agents

By KARINA FOO
karina@thestar.com.my

Protection: Siva (right) says doing business with unqualified agents exposes people to risk.

BEING a real estate agent isn’t as easy as it appears to be on the surface.

While it seems like a simple career that reels in big bucks by selling property with the skillful eloquence of describing how “appealing” it is, these professionals have a lot more to prove of themselves in the real world.

Unless they have credible and recognised qualifications in order to walk the talk, they could end up underserving their clients, says PPC International chief executive officer and Malaysian Institute of Estate Agents (MIEA) president Siva Shanker.

“It sounds unfair, but unqualified, so-called ‘agents’ are a menace to society because they are unscrupulous and dishonest. They collect more in fees than is legally due to them by marking up the prices of the property they are selling and often misrepresent themselves in many instances.

“Unfortunately, such audacious acts are discovered by the buyer when it is too late,” explains Siva.

He says there are more than 1,700 registered real estate agents in Malaysia while those not registered (yet), are called negotiators.

For the layman, a real estate agent, or estate agent, is a professional who sells or lets residential or commercial properties, or land for their clients.

The role generally involves valuing properties by comparing the condition of property with others in the area to get the best price for the client.

A negotiator is a property salesperson who works with or for an estate agent to market the agency to potential clients using skills in negotiation, marketing and sales. One of their primary roles is to convince clients that their agency is the right one to handle the sale or lease of their property.

Get a real real estate agent

As an individual who appears to be forthright and perhaps even brutally honest about his concerns for the industry, Siva is very passionate about his personal views after more than 25 years of experience in the business. He has worked in both large international property consultancies as well as small local outfits.

He hopes to address one of his major concerns with MIEA’s efforts to embark on a mass education and awareness exercise that will teach the general public to recognise and identify illegal agents.

Not easy: While being a real estate agent seems like an uncomplicated career,
these professionals have a lot to prove in the real world.

“If you do business with them and something goes wrong, you will not be protected by the law and it would be like handing your money to a thief.

“At the moment, strict enforcement against these people is lacking and the general public continues to put their trust in them,” says Siva.

Together with the Board of Valuers, Appraisers and Estate Agents in Malaysia, MIEA will disseminate the message via print and television.

Currently, the campaign is still being planned and Siva indicates that if things go as scheduled, it will be launched between September and October.

These are just one of the major projects that MIEA is in the midst of rolling out this year. The institute’s other endeavours include providing holistic education for those interested in making real estate their career.

“We have tied up with Open University Malaysia (OUM) to provide a professional diploma in estate agency for yearly intakes. This course will be taught by members of the Board of Valuers, Appraisers and Estate Agents.

The courses are available at subsidised rates as MIEA is a non-profit organisation and fees will be used to cover the institute’s basic costs and to continue running its secretariat.

The institute is also hoping to negotiate with OUM to make the course available in more states in Malaysia as well as to have multiple intakes each year. But there is yet to be a proper infrastructure to support these plans at least for the remaining part of this year.

MIEA also runs the Real Estate Professional seminars (Reps). Some of the material covered in the seminars includes opportunities and challenges in the condominium market, sale and purchase agreements, identifying property hot spots and how to sell properties via open houses.

Booming market: The property market in parts of Malaysia, such as Penang
(above), the Klang Valley and Johor, is booming, leading to opportunities for those
seeking to work as a real estate agent.

For negotiators, MIEA organises monthly negotiator training courses. “Those who want to be negotiators can sign up for a two-day course to learn the basics of estate agencies that are taught by professionals in the field.

“Among the subject range, some topics that are covered include ethics and laws, how to make use of social media, making a property posting and how to deal with clients.

“We want as many negotiators as possible to study because we always want to improve the skills set in the industry,” explains Siva.

Soft skills crucial for success

When it comes to the skills required in the industry, Siva says that soft skills are crucial for individuals to succeed in real estate.

The requirements for getting into real estate definitely lower than other professions like medicine, accounting and engineering.

“It’s true that there are fewer paper qualifications required for a real estate agent compared to other highly technical jobs, and that’s why many think they can become an agent.

“But they don’t realise that there is a high failure rate because of the immense pressure and hard work that is expected of them.

“Firstly, a person has to start as a negotiator and from experience, many people don’t make it past six months because they give up. This is because they set very unrealistic expectations and think it’s going to be smooth sailing, but when they are faced with the hard reality of the industry’s ruthless competitiveness, they find that they’re not cut out for it and give up easily.

“That’s why tenacity, perseverance and diligence are the most important attributes someone needs to have to make it as a negotiator and eventually a successful agent,” stresses Siva.

The starting salary for negotiators is RM900, which is the minimum wage, on top of commissions ranging from 10% to 40%.

Another initiative by MIEA that the public can look forward to is the Malaysian Annual Real Estate Convention (Marec) that is held in March every year.

“It is the biggest real estate convention organised by the professionals in the industry so visitors will get first-hand knowledge about the industry and current trends. The convention is attended by about 500 people each year,” says Siva.

The institute also held the Malaysian Secondary Property Exhibition 2013 (Maspex) from April 12 to 14 with a total of 22 exhibitors comprising real estate agents.

They were selling and representing secondary properties worth a total of RM1.8bil in the Klang Valley also Penang.

“Unlike property exhibitions that showcase properties by developers, Maspex is an exhibition featuring secondary properties and units that were purchased by the public and re-exhibited because they want to sell them.

“It was attended by 10,000 people and within the first two days, four properties were sold. Within three weeks of the exhibition another 108 properties were sold and it was an outstanding result,” says Siva.

The institute is currently working together with Maybank to run Maspex in Penang in October and in Johor in November. There will be another Maspex next year in Kuala Lumpur as well as a small secondary property exhibition in Singapore.

MIEA also hosts its annual dinner celebration for achievements and awards for real estate agents that’s held around October.

There are 22 categories of awards that are open nationwide and the institute wants to increase it to 25 categories to encourage more excellence and achievements in the industry.

For more information, visit miea.com.my.

Your real estate agent can find what may be hidden

Your real estate agent can find what may be hidden

Advice about the home, neighbourhood just a few things they offer

You are entitled to be your own real estate agent, but using a professional has benefits.

You are entitled to be your own real estate agent, but using a professional has benefits.

By: Staff Reporter., Published on Fri Jul 05 2013

Q: I walked through an open house and would like to make an offer on the place.

I am not currently working with a real estate agent. Do I have to use the seller’s representative, or can I represent myself?

A: As a home buyer who has not signed a representation or service agreement (a contract between a buyer and a brokerage), you have three options: work with the seller’s representative, seek out a different real estate professional to work with, or represent yourself.

The benefits of working with a registered real estate professional include knowledge, experience, accountability and the availability of consumer deposit protection.

Your registered real estate professional will be able to provide guidance and advice about the condition of the home, share information about the neighbourhood, help in the negotiation process and navigate you through the legal paperwork.

Additionally, they may guide you to other properties that are even better suited to your needs than the original home you saw.

In a typical real estate transaction where both the buyer and the seller have representation, the seller pays the commission to both the listing real estate brokerage and the buyer’s real estate brokerage. In most instances, there is no additional cost to the buyer.

If you choose to be represented by the same real estate professional as the seller, both you and the seller will need to provide written consent for that scenario.

Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He is in charge of the administration and enforcement of all rules that govern real estate professionals in Ontario. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at http://www.youtube.com/RECOhelps .