A licensed real estate agent protects you where it matters most. Property deals involve a large sum of money, so you should never deal with someone you have not verified.
In Malaysia, every transaction must be handled by a licensed Real Estate Agent (REA), a Probationary Estate Agent (PEA), or a certified Real Estate Negotiator (REN). All three are registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), the body that governs the industry.
Scammers do exist, but they usually leave clear warning signs once you know what to look for.
At IQI Global, we do not compromise. We only work with agents verified and registered with BOVAEP, and we have zero tolerance for unauthorised activity. All payments must go to the official IQI Global bank account, never to a personal account.
Here are the simple steps to check that your agent, PEA or REN is genuine.
How to Verify a Licensed Real Estate Agent in Malaysia: 6 Simple Checks
- 1. Check the REN or REA Tag Color
- 2. Confirm the Agency Is Registered with BOVAEP
- 3. Verify the REN or REA Registration Number
- 4. Check the Agency Name and E Licence Number
- 5. Look at the Details in the Advertisement
- 6. Verify the Bank Account Before You Pay
- FAQ: Working with a Licensed Real Estate Agent at IQI
1. Check the REN or REA Tag Color
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. Confirm the Agency Is 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. Verify the REN or 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. Check the Agency Name and E Licence Number
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. Look at the Details in the Advertisement
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. Verify the Bank Account Before You Pay
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: Working with a Licensed Real Estate Agent at IQI
These are a few reasons why you should join as an IQI real estate 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!
In Malaysia you start as a Real Estate Negotiator (REN) you’ll need to be 18+ with SPM, join a BOVAEP-registered agency, and pass the 2-day Negotiator Certification Course before your REN tag is issued. Joining IQI makes it simple: we place you in the NCC, handle your BOVAEP submission, and give you 4 days of property training before your first client. Apply at iqiglobal.com → Join IQI → Join IQI Today, or ask any IQI negotiator for their referral link.
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.
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.
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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