New ID Tag System to Protect Buyers start from May 05, 2014
A new identification (ID) tag system for genuine real estate agents and negotiators will be implemented this month, said the Board of Valuers, Appraisers and Estate Agents (BOVAEA).
The move is in line with efforts to enhance professionalism within the real estate industry, which is valued at over RM100 billion, and protect buyers from being deceived by illegal agents and negotiators.
To date, over 50 percent of the property transactions in Malaysia are being handled by illegal agents.
According to Foo Gee Jen, honorary secretary of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS), who is also a board member of BOVAEA, the board receives around 60 complaints per month relating to various misconducts by illegal agents and negotiators.
These include misrepresentation of property size, failure to return deposits and miscalculation of assets valuations.
In 2012, the value of property transactions within the country reached RM142 billion. Out of that figure, 60 percent was handled by illegal agents, said Foo.
He revealed that it will cost BOVAEA over RM1 million to introduce the ID tag, which will include details of the property agent or negotiator, like his or her firm’s name and identification card number.
The ID tag will also include a Quick Response code, which will allow buyers to double-check the details online through their smartphones.
While the tag is not a licence, there is an annual registration fee of RM100. Applicants are mandated to attend a course and submit their application along with their certificate of attendance.
So far, around 16,500 people have attended the course and only 12,000 applied for registration as negotiators, said Foo.
