In Malaysia, Estate Agents are regulated by the Board of Valuers, Appraisers and Estate Agents which was set up in 1981 under the purview of the Ministry of Finance, Malaysia. The setup and operation of this Board is governed by the provision of Valuers, Appraisers and Estate Agents Act 1981. Its primary function is to regulate the Valuers, Appraisers and Estate Agents practicing in Malaysia.
Contrary to many believes, Registered Estate Agents are qualified and competent to handle most property dealings, and not merely thumb twiddling housewives as reported. To be a Registered (to be read as LEGAL) Estate Agent, one will have to have a minimum Academic Qualification equivalent to a Diploma in Estate Management from University Technology of Malaysia or a Diploma in Estate Agency as issued by the Board of Valuers Appraisers and Estate Agents, to then undergo practical training under the tutelage of a Registered Estate Agent and thereafter to pass a Test of Professional Competence.
With the academic qualifications and proper training, an Estate Agent is able to effectively and efficiently assist you in your property dealings as :
- An Agent saves you time and money by helping you define your needs and determines the target market for your properties
- An Agent provides you with trustworthy advise on terms of sale, purchase, lease or tenancy or any other structures with regards to your property
- An Agent provides an objective outlook and up to date information on the marketability of your property
- An Agent recommends the best marketing strategy for effecting the disposal of your property after careful and detailed analysis
- An Agent also advises the best means of securing the optimum price or rent within the context of the market
- An Agent is more aware of the tastes and requirements of the buyer, and has first hand knowledge of competitive values.
- An Agent is familiar with writing a detailed letter of offer that is valid and legal.
- The buyer will be timid about discussing his financial status with you, and you are similarly reluctant, but both are willing to discuss it with the Agent
- You do not have time to leave your job during the middle of the day to help the buyers to view your property and to also advise on the current loan market.
- You cannot readily negotiate price with a buyer. The third party, your Agent, can work out the negotiations.
- The average buyer who has viewed your property will not admit freely to you his likes or dislikes, yet these must be brought into the open.
- You cannot "follow-up" since this at once will be interpreted as ' you must be in a hurry to sell
- You may make needless expenditure to improve your property for selling; the Agent's experience can save you these expenses.
- You may show your home to countless would-be buyers, spend your time, money and effort and eventually pay a commission to an Agent who properly screens prospective buyers.
- You may accept an insincere offer and then spend months in litigation, to free your property in order to put it on the market again. You may find buyer's and seller's personalities conflict, thereby losing a good sale. The Agent, as a third party, can diplomatically negotiate and consummate the sale.
- Most buyers seek the services of a reputable Agent because they realize the pitfalls of direct negotiations.
- The Agent will enlist the services of fellow real estate agents, giving the owner the advantage of a wider spread in the market
- You have only one property to show (yours): today's properties are bought by comparison.
- The Agent will price the property to sell at a fair market figure. The average owner overprices, but often accepts a price far below the market value.
- Your Agent guarantees his work. He gets paid only when your property is sold
The role of an Estate Agent is more that just a "broker" or an "introducer" unless you choose to deal with such parties. Always ensure that the person you are dealing with is a Registered Estate Agent or is in employ with a Registered Estate Agent.
On behalf of The Malaysian Institute of Estate Agents and all Registered Estate Agents in Malaysia, we look forward to be of professional service to you.