JULY 4, 2014
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EARS
of talks and discussions, pushing
to implement a systemfor improving a
vital aspect of the real estate practice
has finally borne fruit. The Board of
Valuers, Appraisers and EstateAgents
Malaysia (BOVAEA) have also just launched a
public awareness campaign, in conjunction
with the approvedNational Registration
Exercise of Real EstateNegotiators (RENs).
BOVAEA, which functions under the aegis
of the financeministry, consists of 17 board
members comprising representatives fromthe
private practice, the government valuation
department and other agencies. The BOVAEA
president is also director-general of the
Valuation and Property ServicesDepartment
DatukAbdul HamidAbuBakar. Alongwith
boardmembers, it is this body “that regulates
the valuation, propertymanagement and
estate agency practices,” says BOVAEAboard
member Eric Lim(
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).
Lim, who is also EAPC (EstateAgency
Practice&Conduct) chairman andmanaging
director and proprietor of Hartamas Real
EstateGroup, has been on the board for the
past several years. “I takemy role at BOVAEA
like national service,” he says, explaining
how the band of 17 congregate voluntarily to
discuss and drawup real estate industry
practices. These are then proposed to
Parliament before being endorsed
and enforced.
THEDETAILS
Havingmanaged to get the board to approve a
proposal last year, Limwas happy to announce
(at the launch) the newrequirements for all
real estate negotiators (RENs). “
All RENs
will nowneed to go through a two-day
structured course designed byBOVAEA,
in collaborationwithMalaysian Institure
of EstateAgents (MIEA), Royal Institure
of SurveyorsMalaysia (RISM) and
PersatuanPenilai, PengurusHarta, Ejen
Harta&PerundingHarta Swasta
Malaysia (PEPS).With the certificate of
attendance, theseRENs can apply to the
board, through a registered estate agency
firm
. Amaximumof
only 30RENs are
allowed to be registered under each real
estate agent (REA)
.
EachRENwill be
issued an authority tag
with an assigned
identification numberwhich he or shewill
need to
wear at all timeswhen carrying
outwork as aREN
,” Lim informs.
The rule also requires that all
promotionalmaterial, including
advertisements and signboards used
by the negotiators, to carry their REN
identificationnumber. “Only registered
estate agents or registered negotiators
are allowed to transact properties for a
fee. Anyonewho acts in contravention
and upon conviction, can be fined up
toRM300,000 or jailed for up to three
years ... or both
. This rule is already
enforced and it is a serious offence if not
adhered to,” Limadds.
Towards
improving
and
professionalising
the industry
>Registrationof real estate negotiators and
compulsorydisplay of identification tag
misrepresented andmoney can
be lost. Cases such as these
tarnish the image of the industry
and those in the profession, the
reason BOVAEA has been
working onways andmeans to
regulate industry practices, like
the authority tag and
registration system.
“Ask the RENs to produce
their authority tag (if they are
not alreadywearing it) before
dealing with themon any
property transaction or real
estate discussion.
No REN is
supposed to transact in
property unless he or she
wears the authority tag
.
I also urge the public
not to
respond to advertisements
that do not carry the REN
identification number or the
REA registration number
. As
registered REAs and RENs, we
are also not allowed to put up
signboards anywhere we like.
We can only
put up a signboard on the property itself
,”
informs Lim. He adds that the signboards
and stickers one sees on lamp posts or
sidewalks are illegal and advises the public
not to respond to such notices. “They can
bemisrepresented if they deal with these
individuals. This systemhelps regulate
the industry and protects bona fide buyers
and sellers.”
With the regulation already enforced,
there will be no compromise where
the system is concerned. To date, over
11,000 negotiators are registered and
have been issued their authority tags.
THE AUTHORITY TAG - IMPORTANT
THINGS TOKNOW
Colour red – A
red colour
tag denotes that
the bearer is a REN
or a
probationary
estate agent
while blue colour tags
identify the bearer as an REA.
QR code – This is to enable the public
to use their mobile device to
scan and
verify that the negotiator is registered
with BOVAEA
.
Firm– Name of agency or firm that the
negotiator is registeredwith. (Tag will be
replacedwhen the negotiator joins a new
agency or firm.)
RENname – There are
two names
printed on the tag
. The larger print
name is the
‘pseudo’ name used by the
negotiator in conducting business
whereas the smaller print name is the
full
name in accordancewith the
individual’sMyKad
.
RENnumber –
Each REN is assigned a
unique RENnumber. The number is
required to be displayed in all forms
of communication andmarketing
material
. The public can
verifywhether
the REN is authorised through the
BOVAEAwebpage
.
Hologram– A state-of-the-art hologram
image of the BOVAEA logo has been
created
to distinguish it from
unauthorised counterfeit tags
.
THEMECHANICS
Limurges the public to only deal with
registered estate agents and registered
negotiators as the industry has often been
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More than 19,000 have taken the REN two-
day course, which is conducted across all
states in the country, including East Malaysia.
“
Owners can advertise and sell their
properties directly, but one cannot act
on behalf of another for a fee. The illegal
part of the system is when someone buys
or sells property on behalf of another for
a fee, without being registered
. Practice of
the profession requires one to have a license.
The new systemwill protect the interest
of the buyer (and seller)
…
but only if the
man on the street does his or her part by
demanding to see the negotiator’s tag
,”
Limexpounds.
His final advice: “
Deal onlywith
registered REAs and RENs. Only respond
to advertisements that display the REA/
REN registered identification numbers
.”
Easy step-by-step verification
STEP 1
– Upon meeting a REN for the
first time, ask for his authority tag. Check
the identification tag number, name,
representing company, MyKad number
and look for the hologram. Inform him
that you would like to check further, if he
is registered.
STEP 2
– Scan the QR code on the tag
using your smartphone and compare the
details which will appear on the screen.
Only registered RENs will show up on
the screen. Alternatively, you can
conduct a search by accessing
BOVAEA’s website
(under the negotiator search function)
and key in the REN’s name, MyKad or
identification tag number. No records
means the REN is not registered,
thus … illegal.
STEP 3
– File a complaint with
BOVAEA and lodge a police report,
and provide details.
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DID YOU KNOW?
* Real estate negotiators (RENs) are
employed by real estate agents (REAs). RENs
now need to undergo a two-day course
before they can be registered under
BOVAEA and receive their required REN tag
which authorises them to conduct official real
estate business transactions.
* The maximum number of RENs that can be
registered under one REA is 30. * Only
registered estate agents or registered
negotiators are allowed to transact
properties for a fee.
* Anyone who acts in contravention can be
fined up to RM300,000 or jailed up to three
years, or both, upon conviction.
Financeminister Datuk AhmadMaslan speaking to a
cabbie enlisted to help publicise the campaign. With
himare (from left) CHWilliams Talhar &Wongmanaging
director FooGee Jen, Malaysian Institute of Estate
Agents president Siva Shanker and Lim.
