14 May 2010

Buying a Property in Malaysia ; Who is an Estate Agent?

An Estate Agent is actually a Negotiator to assist parties to sell or buy properties in Malaysia. The Official organisation for these agents is Malaysia Institute of Estate Agents.

They usually impose a fee of around 3% of the purchase price. You may see the scale fee of an Estate Agent at their webpage, particularly at the FAQ page. Please see link at :-

Additionally you may also read this 2007 article placed at Iproperty.com. The link is at http://www.iproperty.com.my/news/654/Who-Are-Estate-Agents.

Below is an extract of that article:-

"The Malaysian Institute of Estate Agents (MIEA) is the recognised body representing all registered estate agents in the country. Formerly known as the Malaysian Association of Real Estate Agents (MAREA), it was formed in 1974 but officially registered in April 1977 with the Registrar of Societies. The name was changed on 3 May, 1989 to reflect a more professional image of the organisation.

The MIEA's vision is to unite all registered estate agents in Malaysia as an independent body to promote greater excellence and professionalism in the real estate industry, so that it achieves higher ideals and creates more profitability.
Among its objectives are to:
  • Address critical issues that affect the industry
  • Cultivate a positive public perception of the profession
  • Safeguard and protect the interests of its members and the general public
  • Uphold high professional standards, ethics and integrity among its members
  • Commit to continuous education to keep its members progressive and up-to-date to remain competitive
  • Raise public awareness and encourage them to only use the services of registered estate agents
Useful Contacts:-

The Board of Valuers, Appraisers and Estate Agents Malaysia
Suite 3B-10-3A, Level 10 Block 3B,
Plaza Sentral, Jalan Stesen Sentral 5,
Kuala Lumpur Sentral,
50470 Kuala Lumpur.
Tel : 03-2273 7839/7862/ 5584
Fax : 03-2273 1808
Website : http://www.lppeh.gov.my/index.htm

The Malaysian Institute of Estate Agents (MIEA)
88-B, Jalan SS 21/39, Damansara Utama
47400 Petaling Jaya
Selangor Darul Ehsan
Tel: 03-7727 7477
Fax: 03-7729 3693
Website : http://www.miea.com.my"

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