What Property Buyers & Sellers Need to Know Today

With the rise of attractive offers and the lowest interest rates Malaysia has ever seen, you have probably heard that if you have the chance, now is the best time to buy.

While this is great news for property buyers, there has been a surge of real estate villains lurking to take advantage of you as well as those looking to sell their property.

In a zoom interview with the immediate-past Sabah chairperson of the Malaysian Institute of Estate Agents (MIEA), Mr Victor Wong spoke out to warn the public of the dangers of falling prey to these villains.

Read on to learn about property scammers and how to protect yourself against them.

Highlights

• The MIEA estimates a soft property market until Q1 of 2021
• According to the recent property report, property value in Sabah has dropped by 30% compared to 2019
• Banks and purchasers are taking a "wait-and-see" attitude although the activity in the market is picking up some momentum
• With the lowest interest rates ever, now is the best time to purchase

Highlights

• The public should be wary of imposters and scammers
• All legitimate agent or negotiator will have a Real Estate Agent (REA) or Real Estate Negotiator (REN) Tag, issued by the government
• Be sure to check the background of any agent or negotiator that you are undergoing transactions with by scanning the REA/REN tag QR code
• You may also verify the firm, agent or negotiator if they are registered on this official list made by the board of valuers and Ministry of Finance.

13 ways homebuyers and sellers can fall prey during property transactions:-

• Cheating
• Absconding
• Misrepresentation
• Misleading
• Profiteering
• Withholding Facts
• Representing sellers and landlords without legal authorization
• Undercutting selling price
• Not knowing the legal process
• Having a personal conflict of interest
• Not adhering to the Code of Ethics
• Collecting Fees from both parties
• Collecting more than the allowed fees

Highlights

• Ask them questions! Registered agents/negotiators or brokers will be knowledgable however the easiest and safest way to be sure is by checking their REA/REN tag to avoid falling prey to sweet-talking
• Real estate agents will have a blue REA tag, Negotiators will have a red REN tag
• There are no fake tags as the QR code is given by the government and is renewed every year

Highlights

• Registered agents and negotiators have years of experience and are trained experts in the industry
• They will give you thorough analysis and details to make the best decision on your purchase
• At the same time, they will protect the purchaser and the owner by guiding you through every step
• They will help you to understand how banks work and also protect you with legal advice and proper lawyer recommendation

Highlights

• When you see a property for sale or rent, check the details. It is enforced that the advertisement should display following - the Agent’s name; the REN/REA/PEA number; their contact number; the real estate firm they represent and its E Registration number; and the real estate firm’s contact number.
• Cross check and verify these details here.

Highlights

• The MIEA launched the public awareness campaign called "My Real Agents". You can view the campaign here - https://myrealagents.com/ #myrealagents

Conclusion

Thousands of Ringgit is at stake here. The MIEA has received an increasing number of victims who have fallen prey to scammers so stay vigilant and make sure you are only dealing with registered estate agents (REA) and negotiators (REN) to purchase or sell a property.

They are recognized by the Malaysian law as professionals and will follow the enforced requirements when advertising and dealing with transactions to protect the public.

Verify your agent or negotiator here.