Owning a property for investment or own use is a major decision which involves large sums of money. As such appointing either a registered Real Estate Agent (REA) or Probationary Estate Agent (PEA) or a certified Real Estate Negotiator (REN) is important.
All the above practitioners are approved by the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), the body which regulates our profession.
With so many illegal brokers out there, you can avoid any unpleasant, difficult or problematic situations. This will enable you to have peace of mind and receive the right experience with the right real estate practitioner.
So, before you proceed with appointing any of the practitioners, you can start the simple process of ensuring that the REA, PEA or REN is a legitimate practitioner.
These are the 5 simple ways to check!
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.
Source: MIEA
A REA is issued with a Blue Tag, a PEA is issued with a Red Tag and a REN a Purple Tag. The Tag contains;
1. The Name & Photo of the Agent
2. Their assigned numbers
5. The Firm they are attached with
6. The Firms registration number
7. 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
Source: Ippeh
When you appoint an REA, PEA or REN to sell, buy or rent, you are legally appointing a real estate firm who employs them. Many are not aware that the firm is responsible for all actions of their employees.
Should any problems arise the firm is responsible to solve it. All real estate firms must register 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. The firms are assigned with an E Number which confirms they are registered with BOVAEP.
To verify whether the real estate firm is registered with BOVAEP. Pls go to https://search.lppeh.gov.my/ and do a firm check or call 603-22876666.
Verifying the firm’sstatus ensures you’re dealing with a professional registered real estate firm, which is a crucial step in determining your interest is protected
Read more
3. Real Estate Negotiator (REN) and Real Estate Agent (REA) Registration Number
If you requested to see their ID tag and the real estate agent or negotiator told you they forgot to bring it, ask for their registration number. Every agent has their own registration number, and you can check it here:https://search.lppeh.gov.my//.
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: https://search.lppeh.gov.my/. 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;
a. The firms E registration number
b. REA/REN’s name
c. REA/REN’s registration number
d. 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.
Did you know?
Now you know the 5 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 ifanyone 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!
Conclusion
Follow these five simple steps – checking the ID tag, verifying agency registration, confirming registration numbers, searching for the agency name, and check the advertisement details – empowers you to confirm the legitimacy and professional competence of your real estate agent.
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
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 payout
- 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?
IQI 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 FeeYou’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 TrainingAfter 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 ExamYou 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?
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.
