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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 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.
How To Avoid REN or REA Scammer?
6 Simple Ways to Identify a REN
1. Real Estate Agent Authority Card / ID tag
In Malaysia real estate practice comes under an act of parliament and as such anyone who wants to be an agent (as we Malaysians 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 verified REA will be issued with a Blue Tag, a PEA with a Red Tag and a REN a Purple Tag. All of these tags must contain:
- The Name & Photo of the 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 an REA, PEA or REN 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 this link 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 real estate agent or negotiator says they forgot it, you can still ask for their registration number for an online checking.
Each agent has a unique registration number, which you can verify at this link.
If they seem reluctant to provide it, that could indicate you’re encountering a potential fraud or someone who isn’t responsible.
4. Agent’s Company name
Besides searching for the REN 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 agent is really working for them.
5. Agent’s advertisement details
RENs and REAs 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 legitimate REN 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 transactions are directed to IQI Realty Sdn Bhd.
We strongly advise against doing business with any agents or negotiators who ask for personal banking transactions.
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 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 years in jail!
This 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 BOVAEAP 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 agent:
- 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
- And many more exciting benefits!
How do I apply to be an 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 REN 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 an agent.
- 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 REN training – to get you ready and equipped with all the knowledge required as an agent.
- Attend REN Exam: You must attend the REN exam within 24 hours after the 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 REN now! You can enjoy all the perks and benefits provided by IQI.
Is it a commission-based job?
Yes. IQI REN is entirely commission-based.
Do I need any qualifications to join?
There are no specific qualifications needed to join as an IQI agent. Our experienced team and comprehensive system will get you on board and all prepared to be an agent.
Can I work remotely?
Being paid as an agent requires interacting with clients, including house viewing, signing off contracts, and engaging with different departments. It is not encouraged to work remotely for this position.
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 real estate agents will contact you soon.
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