Malaysian Institute of Estate Agents identifies illegal #PropTech Brokers

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

Estate Agent Talk

Landlord Safety Certificate Cost Breakdown for London Property Owners

London Safety Certificate is your trusted provider in London, offering fully accredited and dependable services to help landlords meet their legal obligations with confidence. As a landlord, you’re responsible for guaranteeing that your property meets UK legal safety standards, which means obtaining various safety certificates. The costs for these certificates can vary; for instance, a…
Read More
Breaking News

Nationwide House Price Index – Thoughts from the Industry

The latest Nationwide House Price Index for July 2025 shows that: House prices increased by 0.6% between June and July of this year. On an annual basis, the average house price increased by 2.4% up from a 2.1% annual rate of growth in June. As a result, the average UK house price now sits at…
Read More
Breaking News

Nationwide House Index – July 2025

Annual house price growth edges higher in July Annual rate of house price growth increased modestly in July to 2.4%, from 2.1% in June House prices were up 0.6% month on month UK house price to earnings ratio at lowest level in over a decade at c.5.75 Headlines Jul-25 Jun-25 Monthly Index* 540.5 537.4 Monthly…
Read More
Breaking News

Late payment reforms offer hope for SMEs

The Government has unveiled its Small Business Plan aimed to support SMEs and unlock growth. This plan outlines their intention to tackle late payments, an issue which costs the UK economy £11bn a year and forces 38 businesses to shut down every day. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said:…
Read More
Breaking News

Late payment reform is welcome, says FMB

Measures announced as part of the Government’s ‘Small Business Plan’, to tackle late payments and tool theft, futureproof skills, and improve access to finance, are welcome steps to create a more level playing field for small building companies, say the Federation of Master Builders (FMB). Brian Berry, Chief Executive of the FMB commented: “Late payments…
Read More
Social Housing 2019
Breaking News

Build to Rent sees global surge

Build to Rent Goes Global: New Data Reveals Surge in UK, US, Australia and New Zealand New global data from Inventory Base reveals that Build to Rent (BTR) is no longer a UK phenomenon. n, it’s a rapidly expanding housing model gaining serious traction across New Zealand, Australia, and the United States. Nowhere is this…
Read More