Broker, Negotiator vs Agency principal. Who is right, who is “Verified”? Part 1.
When you browse through Mudah.my, you will see some agents are “Verified” some are not. Actually, do NOT be alarmed that even the “Verified” agents are not agents. The mode of verification is not strict and not updated. The best way for you to verify your agent’s identity is by the Lembaga’s (Board’s) SEARCH – http://search.lppeh.gov.my.
Board of Valuers, Appraisers, Estate Agents and Property Managers is the Government Agency which regulate the profession of Estate Agents.
Do NOT trust Mudah.my 100%. Or even 50%!
Brokers in the local connotation is illegal agents. Negotiators are those agents working under their licensed agency. Agency principals are licensed persons – or registered estate agents (REA). REAs are the holders of REAL Estate Agency Practice License (Authority to Practice) issued by the Board of Valuers, Appraisers, Estate Agents and Property Managers, Malaysia (BoVAEP). These REAs and Firms are responsible to conduct good practices and hold the money in transition by “Client’s Account”. So, your booking fee is not paid to the Seller/Landlord until the contract is formed.
Merry Xmas and Happy New Year 2019, we continue on this topic.