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What you should know before engaging a property agent in Sarawak?

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An experienced agent will be familiar with the area of your house. They can advice you on the latest transaction price and the reasonable asking price for your house. They have been trained with the entire selling process. They can help you to find the right buyers and negotiate on prices.

🔸What are the things that you should know before engaging a property agent in Sarawak?
▪️A qualified estate agent must registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP).

BOVAEP was set up in 1981 under the purview of the Ministry of Finance, Malaysia. The setup and operation of this Board is governed by the provision of Valuers, Apprisers, Estate Agents and Property Managers Act 1981. Its primary function is to regulate the Valuers, Appraisers, Estate Agents and Property Managers practising in Malaysia.

All registered property agents in Sarawak are governed under the same Board together with others in different States of Malaysia.

The functions of BOVAEP are :
● To keep and maintain the Register of Valuers, Appraisers, Estate Agents and Property Managers, Probationary Valuers and Probationary Estate Agents and firms of Valuers, Appraisers and Estate Agents.
● To approve and reject applications for registration.
● To hold disciplinary proceedings.
● To conduct examinations.
● To prescribe Scale of Fees.
● To regulate the professional Conduct/Ethics of Valuers, Appraisers, Estate Agents and Property Managers.
● To award scholarships

🔸Do you know Real Estate Agent (REA), Probational Estate Agent (PEA) and Real Estate Negotiator (REN) are different?

Most Sarawakian as well as Malaysians assume they are the same, as they seem to be doing the same job. In reality, they are different professions.

▪️Real Estate Agent (REA)

REAs are certified and registered under BOVAEP. They can own and operate their own real estate agency and employ up to 30 real estate negotiators (REN) to assist with the provision of real estate services. If the firm has more than one REA, the REN numbers will then be multiplied accordingly.

Given their seniority, a REA is required to possess the necessary academic qualifications and meet the minimum experience, standards and expertise set by BOVAEAP. A REA will have to carry a formally issued ID tag. This blue-coloured tag will bear the agent’s and agency names as well as an E number (E XXXX).

Whoever passed the academic qualifications set by BOVAEAP but has not sit for the oral test of professional competence (TPC) before getting their registration as a REA, will known as Probationary Estate Agent (PEA).

▪️Real estate negotiator (REN)
RENs are sales persons engaged by the registered estate agent. RENs are not authorised to act independently of the estate agency firm and when in doubt members of the public are advised to check with the Board or the estate agency firm concerned. Negotiators can only work for one estate agent at any one time and on a full time basis only.

Since they do not manage the business themselves, they are not required to obtain a registration under BOVAEAP. However, these individuals must attain the necessary certification before they are allowed to practise.

Every REN must attend the Negotiator’s Certification Course, in which they will be taught the basics of estate agency as well as the related laws, Acts and standards pertaining to the industry. After that, their employer (firm) will apply for the REN tag from BOVAEAP.

Once the negotiator has obtained his designated tag and issue number (REN XXXXX), only then can he or she start representing sellers, landlords, buyers and tenants.