Malaysian Institute of Estate Agents identifies illegal #PropTech Brokers

April 2, 2019

An interesting story released on The Sun Daily website written by Eva Yeong highlights the issue that is occurring with illegal proptech companies which are operating real estate practises – The Malaysian Institute of Estate Agents (MIEA) are behind the recent report.

MIEA CEO Soma Sundram was quoted as saying: “We have identified 12 companies that are directly and indirectly involved in real estate transactions. We are concerned as to them infringing on real estate practices. We’re going to make a police report and are now collecting information on these companies, to see how they have contravened Section 22c of the Act,”

  • According to Section 22c of Act 242, any and all real estate agents / negotiators practising in the industry are strictly required to be registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) and any individual or firm (aside from property owners) collecting fees from real estate practices are deemed to be in contravention of the law.

“If they (proptech firms) want to practise real estate, we welcome them. They just have to become a registered firm, then we won’t have an issue because they will follow the law. Any form of illegal estate practice is an issue with law and its practitioners’.”

Full story on The Sun Daily website: https://www.thesundaily.my/business/more-illegal-proptech-brokers-identified-BK738928

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Kerb appeal
Estate Agent Talk

Why November and December are the best and most affordable months to buy

Buyers and sellers looking for the right time to move can consider top reasons from property experts to start the process this November and December. The autumn and winter months may not be the first that come to mind when considering a move, but potential buyers and sellers can be reassured by the experts that…
Read More →
Breaking News

Farmers protest outside Westminster today in anger at the IHT ongoing debate – expert legal view

With today’s news about farmers set to protest outside Westminster in anger at the IHT ongoing debate, Tom Gauterin, Director at national law firm Freeths, said: “Although it is good to hear Mr Reed last week suggest that the Government is listening to farmers, today’s protests would suggest otherwise with the extent of their concerns…
Read More →
Love or Hate Rightmove
Breaking News

Bank Rate cuts boost optimism for 2025 despite Budget pause

Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters However, despite the dampening effect of the Budget, market activity remains stronger than last year as Bank Rate falls: The…
Read More →
Breaking News

How to market to Estate Agents UK

The UK’s property sales and letting industry is quite sizable in both volume of work and those employed within. Some 25 million dwellings in England alone exist and there were estimated to be approximately 55,500 estate agents working in the United Kingdom as of the second quarter of 2024. Up and down the country, in…
Read More →
Letting Agent Talk

Preventative Measures to Reduce the Risk of Emergencies in a Rental Home

Ensuring that a rental home is safe and well-maintained is essential for both landlords and tenants. Emergencies in a rental property can lead to significant stress, financial loss, and potential damage. However, by implementing preventative measures, landlords and tenants alike can reduce the risk of emergencies and create a safer living environment. This guide provides…
Read More →
Estate Agent Talk

Understanding the Metrics Used by Estate Agents to Determine Your Home’s Worth

Determining the value of a property can sometimes feel like a complex process shrouded in mystery. However, understanding the various metrics and considerations that estate agents use to assess your home’s worth can demystify the process and empower you as a homeowner. This blog will provide a comprehensive guide to the key factors estate agents…
Read More →