Most real estate negotiators are well-trained professionals and can help you in many aspects that can be difficult and confusing for most consumers. If you are not familiar with the whole process, you should engage a professional negotiator to help you. But in any case, it is good to understand how the system works and what to expect in order to avoid confusion and disappointment.
On actual fact, not everyone can become a registered real estate negotiator. However, due to the fruitful gaining of the business in the past, many people chose this profession to get monetary gains. Thus, many frauds surfaced.
According to The Malaysian Institute of Estate Negotiators (MIEA), there are approximately 1,900 negotiators registered with the Board of Valuers, Appraisers and Estate Negotiators. The Board is a regulatory body of the Estate Agency Profession. It comes under the purview of the Ministry of Finance and is governed by the Valuers, Appraisers and Estate Negotiators Act 1981. Its primary function is to regulate the Valuers, Appraisers and Estate Negotiators practising in Malaysia. Presently, all practicing estate negotiators must be approved and registered with the Board.
The main responsibility of the board is to keep and maintain the Register of Valuers, Appraisers and Estate Negotiators, Probationary Valuers and Probationary Estate Negotiators, and firms of Valuers, Appraisers and Estate Negotiators. Its tasks include:
- Approving and rejecting applications for registration
- Holding disciplinary proceedings against members
- Conducting examinations
- Prescribing a scale of fees
- Regulating the professional conduct and ethics of valuers, appraisers and estate negotiators
- Awarding scholarships
Once registered with the board, estate negotiators can then regulate a service in selling, buying and leasing properties for clients.
It is important to note that only registered negotiators are allowed to exhibit signboards or give out any letters, name cards, pamphlets, notices or advertisements. Any illegal estate negotiator will be punished by law , the penalties can be paying fine or imprisonment for a term not more 3 years.
So be cautious when you are looking for an negotiator. Try to get referrals from neighbours, friends or even colleagues. Make sure you go through an interview with at least 3 negotiators before you decide the final one to help you with your properties.