PETALING JAYA: Findings from the recently-concluded Malaysian Real Estate Convention (Marec) 2022 reveal that robust changes to the current real estate laws are needed to facilitate the profession’s growth.
Among the changes needed is a higher level of professionalism among real estate negotiators (RENs), according to the panellists during the Marec forum. The low entry level has created a lack of standard practice among RENs and the panellists discussed a need for RENs to meet certain qualifications and pass an entry examination before being allowed to practice.
The panellists said that the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) was experiencing difficulty keeping up with the profession’s needs, owing to the imbalance of estate agents represented in the board.
The panellists called for a review of the registration process to reduce inefficiencies and create an industry where every real estate practitioner would be registered.
“Digital transformation in our profession is necessary for real estate agents to be relevant and to serve the public more efficiently and effectively. It also gives the competitive edge to thwart the challenges of tech firms creeping into the profession,” said MIEA president Chan Ai Cheng.
Insufficient laws surrounding the practice have caused illegal brokers to increase. It has also allowed tech firms to engage in real estate practice, which is in violation of section 22C of the Valuers, Appraisers, Estate Agents and Property Managers Act. The panellists urged the government to look into more encompassing laws regarding real estate.
There was also an agreement that the professional fees for estate agents should have a minimum cap. This is the model for other professions in the country and is regularly practised in many developed countries.
The convention was attended by 350 participants from Malaysia, Singapore, Indonesia and Thailand.
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