PETALING JAYA: Home rental platform Speedhome to start dialogue with real estate associations to address illegal brokers after five real estate associations collectively warn the public to only deal with agents and businesses registered with the Board of Appraisers , appraisers, real estate agents and property managers (Bovaep) when engaging any person or persons to perform real estate services.
âWith our influence, reach and technological know-how, we can be more effective and efficient in growing the real estate market. I strongly support the five real estate associations in ensuring that the real estate environment in Malaysia is functioning and complies with the laws in Malaysia. The interests of landlords and tenants should be protected from illegal brokers in a more regulated manner. Speedhome is ready to partner with the real estate association to tackle issues at multiple levels in the industry, âSpeedhome CEO Wong Whei Meng said in a statement on Thursday.
He added that while it is rare for professionals from different industries to work together, this would mark the first milestone of a cross-collaboration to foster a more mature real estate industry, and it is crucial that different industry players come together. come together to provide more varied solutions for the market.
âAs a licensed and licensed insurance agent, a profession that is regulated in the same way but under Law 758, I can understand the frustration as I took exams before getting licensed. I think Speedhome can be part of the solution given the unique position it occupies.
Speedhome is an insurance company offering homeowner protection insurance and operates an end-to-end property rental platform in Malaysia to generate leads for insurance packages. Speedhome invites all real estate agents to use the platform for free, because Wong is ready for healthy competition.
Previously, the Royal Institution of Surveyors Malaysia, the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia, Persatuan Perunding Hartanah Muslim Malaysia, Malaysian Institute of Property and Facility Managers and Malaysian Institute of Estate Agents jointly raised concerns about facilities that operate under the guise of providing other services but indirectly performing real estate services.
âThey call themselves financial consulting firms, technology firms, project marketing firms, etc., with the technology behind them. Today, not only are they doing the job illegally, but they are openly challenging Law 242 and questioning the validity of what the government expects of professionals and directly undermines the sanctity of the real estate profession.
âAs national associations representing the various disciplines under the law, we cannot observe and see the erosion of these moral, legal and fiduciary responsibilities by illegal brokers which undermines our work as registered practitioners. We also have a moral duty to protect the profession and call on the authorities to do what is necessary to stem the growing threat of illegal immigrants.
Citing that the real estate service is classified as a “professional service” under the Appraisers, Appraisers, Real Estate Agents and Managers Act 242 of 1981, the associations said the process of registering as a real estate agent and registration of a real estate company went through a rigorous process to ensure compliance with the law.