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

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