Engaging in real estate, whether for investment or personal use, often requires a large sum of money.
This includes the necessity of hiring a registered Real Estate Agent (REA), a Probationary Estate Agent (PEA), or a certified Real Estate Negotiator (REN) to ensure a smooth real estate transaction.
All of these are recognised by the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), which oversees the industry.
Though, selecting a REN may seem like a straightforward choice for managing your real estate needs, there is a risk of encountering unpleasant or problematic situations.
Scammers often exhibit clear signs of deceitful behaviour, making them easier to identify.
We encourage you to stay alert and identify these simple steps of verifying that the REA, PEA, or REN is legitimate.
Step by Step Guide To Avoid REN or REA Scammer?
6 Simple Ways to Identify a Real Estate Negotiator
1. Know the Tag Colours
In Malaysia real estate practice comes under an act of parliament and as such anyone who wants to be a property agent (as we Malaysian citizens refer to them as) is issued with their own ID tag that they must worn at all times when they engage themselves with clients and customers.
Therefore, a licensed real estate agent will be issued with a Blue Tag, a probationary estate agent with a Red Tag and a real estate negotiator a Purple Tag. All of these tags must contain:
- The Name & Photo of the property agent
- Their assigned numbers
- The Firm they are attached with
- The Firms registration number
- QR code to scan their tag to show whether they are listed with BOVAEP & which firm they are attached to
Therefore, if you come upon anyone who does not have a tag, do not do any transactions with them!
2. All Real Estate Firms Must be Registered with BOVAEP
When you appoint a registered real estate agent, probationary estate agent or registered estate agent to sell, buy or rent, you are legally appointing a real estate firm who employs them. Once you decided to appoint them, the firm that they’re working under is simultaneously responsible for all actions of their employees.
Also be aware that, ALL real estate companies need to register with BOVAEP in order operate legally.. The firm will have their own E Number to shows they are registered with BOVAEP.
However, there are firms who claim to be real estate marketing firms [especially involved in project marketing] but are not registered with BOVAEP.
To verify whether the real estate firm is registered with BOVAEP, you can head over to LPPEH official website to do a quick background check or call +6 03-2287 6666.
Verifying the firm’s status ensures you’re dealing with a professional registered real estate firm, which is a crucial step in determining your interest is protected.
3. Real Estate Negotiator (REN) and Real Estate Agent (REA) Registration Number
A very important note: If you ask to see their ID tag and the person says they forgot it, you can still ask for their registration number for an online checking.
Each real estate agent has a unique registration number, which you can verify at this link.
If they seem reluctant to provide their REN number or REA number, that could indicate you’re encountering a potential fraud or a property agent who isn’t responsible.
4. Agent’s Company name
Besides searching for the real estate negotiator number, you can search for their real estate agency name if it’s an official real estate agency firm. Every real estate practitioner must be attached to one firm.
To find out, click “Search for Firm” at the website. You can even call the firm to confirm if the property agent is really working for them.
5. Agent’s advertisement details
Real estate negotiators and registeres estate agents usually have advertisements that they post online or flyers to share to sell their property, and it must contain the following information;
- The firms E registration number
- REA/REN’s name
- REA/REN’s registration number
- Their Handphone numbers
- The firm’s office number
If you see a property flyer without the above information, take a picture and send it to BOVAEP with the street name, date, and time, with your name and contact number.
6. Verifying Bank Accounts Details
Always remember that a licensed real estate agent who works with a verified company would never ask you to do a transaction under their own bank account details.
If you’re working with an IQI REN or IQI REA, ensure that all real estate transactions are directed to IQI Realty Sdn Bhd.
We strongly advise against doing business with any real estate agents or negotiators who ask for personal banking transactions, as they might not have a real estate license.
If you need help or have questions, don’t hesitate to contact us through our website or WhatsApp at +60 12-547 7155.
Now you know the 6 things you can check to know if your real estate agent is a legitimate one. However, there are regulations in real estate industry, and also punishments for illegal brokers.
To be a real estate agent in Malaysia often requires passing the real estate agent’s written examination, highlighting the legal importance of this step in the registration process.
Section 22 C of the Valuers, Appraisers, and Estate Agents Act 1981 [Act 242] states that if anyone is caught, illegally undertaking the duties of an estate agent, they can be fined up to RM300,000 and/or be sentenced to up to three yearsin jail!
These legal decisions protects your property transactions with you from potential scams and ensures a smooth and secure property purchase transaction.
Remember, don’t hesitate to report suspicious activity to BOVAEP for further investigation.
FAQ on IQI Real Estate Agent
Why should I join as an IQI real estate agent?
These are a few reasons why you should join as an IQI real estate agent:
And many more exciting benefits!
Fast commission payouts
Home and car bonus incentives
ATLAS SuperApp to help you close sales from start to end
International network across 20 countries
Various training focusing on personal or professional standings
How do I apply to be a licensed real estate agent?
Website
The most direct way is to visit our website and follow these steps:
iqiglobal.com > Join IQI > Join IQI Today > Submit the form > Done!
You can also visit IQI’s blog and submit the interest form under each article.
IQI Real Estate Negotiator (REN)
You can also join through existing IQI registered estate agents by directly contacting them. They will send you a referral link to enter and brief you about the steps of joining.
IQI Recruitment Ads
IQI always posts recruitment ads on social media, so do not hesitate to sign up with us when you see our ads.
After interviewing with us, you’ll need to complete the following steps to be officially on board IQI as a property agent to become a trained professional.
- Registration Fee: You’ll need to pay a one-time registration fee to get the REN kit (IQI t-shirt, REN tag and exam etc.) *If you join using the referral link, you’ll need to use that link to register and pay the fee.
- REN Training: After paying, you’ll need to attend a 4-day new property related course – to get you ready and equipped with all the professional competence required as a real estate agent.
- Attend REN Exam: You must attend the REN exam within 24 hours after the practical training ends. After you pass the exam, you’ll need to attend the two-day NCC course held by MIEA. After getting the cert, you can submit the related documents to IQI to get your REN tag.
Congratulations, you’re a qualified registered estate agent now! You can obtain all the perks and many advantages provided by IQI.
Is it a commission-based job?
Yes. IQI REN is entirely commission-based, dependent on your own estate agency practices to let you work independently, push you to your fullest extent to earn money.
Do I need any qualifications to join?
One of the many advantages, is for example that there is no specific minimum entry requirement needed to join as an IQI agent. We provide professional competence and comprehensive systems that will get you on board and prepare you for your real estate career.
Can I work remotely?
Being paid as an agent requires interacting with clients and property managers, including house viewing, signing off contracts, and engaging with different departments. It is not encouraged to work remotely in this real estate career.
Now that you know whether your real estate agent is the real deal or not, you can now safely place your investment on your desired property!
Need help with that? We can absolutely help you! Fill in your details below now, and our professional competence real estate agents will contact you soon.
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