A property agent for you to know is a person who negotiates the sale or rent of property on behalf of other people. Based on this definition, it can be said that property agents are those individuals whose job revolves around property transactions.
As a property agent, their role is to help buyers to identify suitable properties for purchase, by providing advice on location, features, state of repair etc. They also provide information about the property’s market value, which is based on surrounding properties, the building size etc.
On the other hand, they are also responsible for introducing buyers to sellers and negotiating offers in their favour with regard to purchasing prices. They usually receive a commission when a sale or rent is completed.
The services they provide are invaluable in selling or renting properties since they have knowledge about the market condition, which enables them to make suggestions on the selling or renting price and prepare the property for sale or rent.
2 Types of Property Agent in Malaysia: REN and REA
When it comes to a property agent, one may be confused as to what they actually do as a job because there are 2 types of property agents in Malaysia: Real Estate Negotiator (REN) and Real Estate Agent (REA).
They bear different names because each type of agent has different scopes of work areas and responsibilities.
Real Estate Negotiator (REN)
RENs are basically licensed agent’s assistants, however, they are not in charge of directing a property agency’s operation, negotiators do not have to go through the same complicated and time-consuming procedure as licensed agents.
However, before being allowed to conduct the work as well as provide property services, RENs must receive the relevant certification.
Every negotiator must attend a two-day session called the Negotiator’s Certification Course, during which they will study the principles of the trade, as well as the applicable rules and best industry practices.
You will obtain a participation certificate once you have finished and succeeded in the Negotiator’s Certification Course. A person can apply to work as a REN at a licensed property agency with this vital paperwork.
After you have been recruited, the property agency can request to the board for a REN identity card (ID). Your name, photo, issue number, NRIC number, the name of your property firm, and the company’s registration number are all included on the REN tag.
Your customers may also validate your identity by scanning the (QR) code on the ID. This is really a wonderful tool that sets you apart from shady real estate brokers and fraud scammers.
Real Estate Agent (REA)
REAs can act independently and provide property management services such as selling or renting out properties. They also could seek a license from the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA) to start their own property agency.
Each licensed agent can engage up to 50 RENs, who are frequently the proprietors of a property agency or in senior management. You will be included on BOVAEA’s roster as an official REA after you have your Diploma in Estate Agency.
An ID card with your image, agent’s name, agency name, and E number will also be given to you. The ID will also have a QR code, similar to a negotiator’s tag, although an agent’s ID will be blue rather than red like a REN’s tag.
You could already provide property services at this time, but you really should still obtain a board license in order to manage your own property agency.
Regulatory Bodies in Malaysia for Property Agent: BOVAEA and MIEA
There are two bodies that take charge of monitoring property agents in Malaysia: the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA) and the Malaysian Institute of Estate Agents (MIEA).
BOVAEA is the property industry regulatory body that is under the Malaysian Ministry of Finance. The board regulates property agencies’ operations, property agents’ conduct, and property appraisers’ valuation practices.
BOVAEA functions are:
- To accept or decline registration applications.
- To conduct disciplinary hearings.
- To carry out exams.
- To establish a fee scale.
- Scholarships to be awarded.
- To keep and maintain all the agents related to properties.
- To supervise all the agents.
Meanwhile, MIEA serves as an enforcement authority that imposes BOVAEA’s guidelines. MIEA also regularly carries out training courses for property agents in Malaysia on their responsibilities as well as ethical codes that they must follow.
MIEA functions are:
- To bring all experts in the profession together and to preserve their values.
- To establish the set of ethical standards, as well as to ensure good professional ethical guidelines.
- To monitor and defend the entire public’s interests against fraud committed by professionals or those not qualified to function as professionals.
- To offer all Professionals learning, training, exam, technological, and basic knowledge.
- To settle disagreements and conflicts through negotiation.
- To create a forum for company growth and collaboration.
- To develop, enhance, and uphold the standards of expertise among professionals.
- To advocate for the formation of the Malaysian Board of Estate Agents.
- To eliminate shady real estate brokers and unethical behaviour.
- To represent all the agents’ practice with BOVAEA
How a Property Agent Facilitate the Buying and Selling of Properties in Malaysia
When it comes to buying and selling property in Malaysia, the role of a property agent is essential. They can facilitate the entire process by helping you find the right property, negotiating on your behalf and even handling the legalities.
The process of buying and selling properties here can be complex, involving various legal procedures. As with any property transaction, there are multiple steps that must be completed for a deal to go through.
- Before selling the properties, pay off all of your debts. The sale price or list price of your home is determined by its value. This procedure would be only applicable if your home is a resale.
- If you are selling a recently released property. Decide a selling price for your home. When you know how much your house cost, you should concentrate on the kind of homebuyers who really are seeking homes such as yours.
- Make some house repairs to boost the value of your house. Then you need to gather the required paperwork. To promote the home for sale, you need to advertise your property online or offline.
- Discover a potential buyer and work out a deal. If you are already willing to sell, consult with a lawyer. After that buyer must sign the letter of offer. Then also need to pay a booking fee.
- If the buyer not paying with cash, then the buyer must submit an application for a loan. You however can continue to sign the SPA when your buyer has received a house loan.
- Then there will be a period of property transfer. To complete the sale of your home, you must pay the closing charges when the transfer is completed.
The process of buying and selling a property can be tedious, but with the help of an experienced property agent, it does not have to be. They will be able to handle all of the paperwork, negotiations, and communication with the other party.
When you use a property agent, he or she should have a good marketing plan that focuses on selling your property as soon as possible. A property agent can help you do this by advertising your property online or offline and ensuring it is seen by as many potential buyers as possible.
A property agent is able to negotiate on your behalf and sell your property quickly for the best price possible. A property agent should have all the information on the market value in your area, so you will be able to find out if your property is being under-priced or over-priced.
Property agents usually also know what kinds of property buyers are looking for and what types of properties they might be interested in. This means you will not be wasting time showing the property to buyers who can not afford it or do not want that property type.
All of these will leave you free to focus on your own life and not worry about missing out on a great property deal. So, if you are looking to buy or sell a property, be sure to work with a good property agent. Otherwise, you could run into some serious problems.
Why It Is Important to Hire a Property Agent in Malaysia
When it comes to property transactions in Malaysia, a property agent is usually needed. They can help you sell your property quickly for the best price possible and also help you buy a property efficiently.
Property agents are professionals who have a thorough knowledge of property laws and procedures in Malaysia. They know what buyers are looking for and how to market your property in the best way possible to attract buyers.
If you are thinking of buying or selling a property in Malaysia, it is important to consider hiring a property agent. Here are seven reasons why you should do just that:
- Property agents have extensive knowledge of the Malaysian property market and can help you find the right property at the right price.
- They can handle all the paperwork and negotiations on your behalf, saving you time and hassle.
- They have established relationships with buyers and sellers, which can help you seal a deal quickly.
- Your property agent might well have connections with banking organisations that might help you get a good rate on your house loan facility.
- Also, a property agent can market your house properly offline or online.
- A well experienced professional can also help you navigate the complexity of documentation and provide legal advice.
- They are always completely dedicated to obtaining the greatest possible deal for you.
Malaysia has a growing property market, and agents are in high demand. If you are looking to break into this industry, it is important to understand the basics of what property agents do.
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