My Crib's Blog

Search

Suggested keywords:
  • Location

  • Buy

  • Rent

  • Loan

  • Price

  • Trend

  • Analysis

Differentiating Between Real Estate Agents in Malaysia: What You Need to Know

  • Share this:
post-title

Discover the key factors to differentiate real estate agents in Malaysia, as we explore their qualifications, expertise, and strategies to help you make the best property investment decision. Learn more now!

In Malaysia, real estate agents are essential for simplifying real estate transactions and maintaining the professionalism and ethics of the sector. There are many different sorts of properties available in Malaysia's real estate market, including residential, commercial, industrial, and agricultural assets. The demand for and value of each type of property vary, which has an impact on price and sales approach. Real estate agents in Malaysia can be classified as Registered Real Estate Agents (REA), Probationary Estate Agents (PEA), or Real Estate Negotiators (REN), depending on the needs of buyers and sellers. We will go into great detail about each kind of real estate agent in this article.

Registered Real Estate Agents

Real estate agents who are registered with the Board of Valuers, Appraisers, Estate Agents and Property Manager Malaysia (BOVAEP) are known as Registered Real Estate Agents (REA). They have the legal right to handle all aspects of real estate agency activity, such as marketing, leasing, selling, and property management. A person must meet the following criteria in order to be an REA:

By Examination

  • Must be a Malaysian citizen or a permanent resident of the country.
  • The minimum entry requirement stipulated by the Rules is that candidates who desire to sit for the estate agents examination must possess a MCE/SPM certificate with not less than 5 subject passess of which at least 3 shall be credits. One of the credits shall be in either Mathematic or Science or Commerce or Accounting. Applications from candidates who do not possess an SPM/MCE however have obtained a higher qualification recognised by Jabatan Perkhidmatan Awam (03-8885 3365/60/61) and Malaysian Qualifications Agency (03-7968 7002/57/33) may be considered.
  • The Estate Agent’s Examination for the Part I & Part II will be held sometime around June or July of the particular year. Registration is open from 2nd January until 2nd May of the particular year.
  • The Part I and Part II exams are written exams (subjective). Each part consists of 6 subjects. The fee is RM50.00 per subject and processing fee is RM50.00.
  • Persons who have majored in property related courses and have obtained degrees of the same are exempted from the estate agents' written examination. 
  • Any person desirous of sitting for the Estate Agent’s Examination is advised to purchase a copy of the Rules & Guidelines to the Estate Agents Examination Part I & Part II so as to have a better understanding of the procedures. You may obtain the same by enclosing an M.O./Cheque in favour of the Board of Valuers, Appraisers and Estate Agents Malaysia for RM14.00 which is inclusive of postage charges.

 

PEA: Probationary Estate Agents

Real estate trainees who are enrolled with BOVAEP are known as Probationary Estate Agents (PEAs). A PEA must successfully complete a 2 years probationary period, during which time they must be supervised by a licensed real estate agent. Upon completion of the 2 years post-qualifying practical training, the candidate will be required to sit for the oral examination (Test of Professional Competence) by the board. Only upon passing the Test of Professional Competence, will the candidate be eligible for registration as a registered estate agent.

Real Estate Negotiator (REN): Who is One?

A worker working for a Registered Estate Agent is referred to as a Real Estate Negotiator (REN). Although they are qualified to practice, they are not registered with the Board. The following criteria must be met before they can work for the real estate company. They are required to attend the Negotiator Certification Course (NCC) for the entire two-day, and they will receive a certificate of attendance.

Application can then only be made with BOVAEP  thru the registered firm by using the prescribed form together with the letter of employment/engagement and NCC certificate. Only after BOVAEP certified, designates, and issues a REN number and Tag may the REN be deployed by the firm and only then can they represent sellers, landlords, buyers & tenants in the sale and marketing of properties.

Conclusion

Whether you are buying or selling a property, it's important to choose the right real estate professional for your needs. REAs, RENs, and PEAs all play important roles in the real estate industry, but they differ in terms of licensing, services provided, and commission structure. By understanding these differences, you can make an informed decision about which professional to work with and ensure that your real estate transaction is successful.

 

Also Check : Get the Details Right: Setting Up a Tenancy Agreement in Malaysia


 

Category: House Hunting