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

Estate Agent Talk

Landlord EICRs Compliance in 2026: EICR Rules, Costs & Risks — Interview with Ethem from Efficient Home Energy

With thousands of landlords approaching their next round of electrical safety renewals, 2026 is shaping up to be a crucial year for safety compliance. In this exclusive interview, Ethem, an electrical safety expert from Efficient Home Energy, breaks down the risks, the regulations and the practical steps landlords and letting agents must take to stay compliant and protect…
Read More →
Breaking News

Mortgage arrears and possessions Q3 2025

UK Finance today releases its latest mortgage arrears and possessions data for Q3 2025, while highlighting continuing lender support for any customers facing financial difficulty. Key Information  The number of homeowner mortgages in arrears fell by four per cent in Q3 2025 compared to the previous quarter. The number of buy-to-let (BTL) mortgages in arrears…
Read More →
Love or Hate Rightmove
Breaking News

Glasgow agents coughing up the most commission to Rightmove

The latest research from The Property DriveBuy reveals that Britain’s estate agents are paying an average of 7.2% of their sales commission to Rightmove, with agents in Glasgow and Newcastle taking the biggest hit from the property portal market leader. The Property DriveBuy has compared the estimated average sales commission of an estate agent in Great…
Read More →
Breaking News

Property transactions forecast to climb 8.5% in 2025

The latest market analysis by GetAgent.co.uk suggests that the doom and gloom headlines surrounding the property market are misplaced, as not only has the market stood firm where property values are concerned, but transactions are forecast to increase by 8.4% across the UK market in 2025 when compared to last year, signalling the strongest year for…
Read More →
Breaking News

Elizabeth line rental growth outpaces wider London market

Elizabeth line rental growth outpaces the wider London market, with commuter towns leading the charge where rents are up 41% The latest research from London lettings and estate agent, Benham and Reeves, has found that since the Elizabeth line fully opened in May 2023, rental growth along the route has outpaced the wider London average…
Read More →
Rightmove logo
Breaking News

Rightmove seeks agent views on stamp duty reform to take to government

The UK’s largest property platform Rightmove is calling for agent views on how reforms to the stamp duty system could work best in England. It follows rumours the government is considering changes to the way the tax works in England in the forthcoming Autumn Budget. One rumoured proposal would see the current system replaced by…
Read More →