The Estate Agency Profession & Practice.

THE REAL ESTATE PROFESSION

The Real Estate Profession comes under the purview of the Ministry Ministry of Finance and is regulated by The Board of Valuers, Appraisers & Estate Agents, Malaysia and governed by the Valuers, Appraisers & Estate Agents Act 1981, the Rules 1986 and The Standards 

 

ESTATE AGENCY PRACTICE?

It means acting or holding oneself out to the Public as ready to act, for a commision, fee, reward or other consideration as an agent in respect of the sale or other disposal of land and buildings and of any interest therein or the purchase or other acquisition of land & buildings and of any interest thereon or in respect of the leasing or letting of land and buildings and of any interest therein. 

 

WHO IS AN ESTATE AGENT?

Means a person whose name has been entered under Part III of the Register and to whom an Authority off Practice has been issued by the Board of Valuers, Appraisers & Esstate Aegnts under Section 16 of the Act.

 

WHO IS NEGOTIATOR?

A negotiator is a real estate salesperson employed by a real estate agent. All negotiators are required to work on a full time basis with a real estate firm. 

 

C.R.E.N. (CERTIFIED REAL ESTATE NEGOTIATORS)

To raise the standard of prefessionalism the Malaysian Institute of Estate Agents have registered Negotiators and they are called Certified Real Estate Negotiators and they carry a cerification card. Please insist on looking at the card when appointing a Negotiator to represent you. 

 

PROFESSIONAL FEES CHANGEABLE BY AN ESTATE AGENT UNDER THE SEVENTH SCHEDULE, RULE 48

FOR SALE OR PURCHASE OF LAND AND BUILDING

• 2.75% on the first RM500,000 and
• 2% on the residue over RM500,000

FOR LETTINGS

• Tenancy up to 3 years
• Exceeding 3 years up to 4 years
• Exceeding 4 years up to 5 years
• 1.25 months gross rental
• 1.50% months gross rental
• 1.75% months gross rental

RENT REVIEW

• 50% of the fees chargeable under lettings(This is for renewal of Tenancy Agreements)

Claims

Claims are allowed for travelling, printing, copies of documents, advertisements, sign boards, etc.

* Esstate Agents can collect fees from one party only i.e either the Seller/Landlord or Buyer/Tenant

 

SERVICE TAX

All Real Estate firms are required by law to collect 5% service tax on professional fees payable by the clients and it is compulsory for those using the services to pay the service tax which will be forwarded to the Customs Department by the Real Estate firm.