The Malaysian Institute of Professional Estate Agents and Consultants (MIPEAC) disagrees with suggestions for a separate Board for Estate Agents made recently according to a statement by the association.

It is in response to calls for a separate Board for Estate Agents recently.

"MIPEAC does note that the role of the Board of Valuers, Appraisers, Estate Agents and Property Managers Malaysia, set up by an act of Parliament, is to regulate the profession and to protect public interest, which may be in conflict with the objectives of the associations of private practitioners which are formed mainly to further the interest of the practitioners," said MIPEAC president Francis S P Loh.

The statement made the case that it has been almost 35 years since estate agents were registered under the Valuers, Appraisers and Estate Agents Act 1981, via an amendment Act in 1984. The Board of Valuers, Appraisers, Estate Agents and Property Managers falls under the purview of The Ministry of Finance.

"The last few years has seen changes to the industry, namely the registration of negotiators or RENs by their respective agencies with the Board, as well as the amendment of the Act to strengthen the law and its enforcement against illegal agents. The revised Malaysian Estate Agents Standards (MEAS) are in the final stages ready to be rolled out while changes to the Valuers, Appraisers and Estate Agents Rule 1986 are awaiting the Minister’s approval.

"All these have taken place with the involvement of current stakeholders in the private practice, each having their representatives at both the Board and subcommittee levels, namely the Estate Agency Practice Committee (EAPC). The onus is on the various stakeholders representing the practitioners well," he said.

Francis added that it is normal for the Board to get feedback for any proposed changes in policies through the various associations representing the real estate professionals before implementing them. "Where there is agreement among the various associations, these changes are mostly adopted," he said.

He continued by saying all the standards guidelines circulars in force today by BOVEAP were the result of representations made by practising estate agents.

"Of course, there are disagreements and frustrations in certain aspects, but that may need a longer time to resolve issues. Sometimes there are just limitations to what can be enforced or implemented but the Board has either been receptive or willing to discuss matters. Where issues are beyond the scope of the Board to handle, it engages with other agencies and ministries to seek views and solutions," he said.

The suggestion to establish a separate Board for Estate Agents under a different ministry would entail a long and steep learning curve again, he pointed out, as having to be regulated by an entirely new board, which may comprise of members new to the industry.

"This would roll back 35 years of progress for the profession. It will also make a mockery of the property services industry as many registrants practice a mix of estate agency, research and consultancy, property management and valuation, as well as emerging subfields of intellectual property, plant & machinery and business valuations," he said.

Francis also said the formation of a separate board within or without the Finance Ministry itself would merely be replicating and formalising what is already put in practice for years by the Board with its separate estate agency committee.

"There is no necessity to reinvent the wheel," he concluded in the press statement.