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Malaysia: MoF urged to redress challenges in real estate services sector
PETALING JAYA: The Malaysian Institute of Estate Agents (MIEA) is urging the Finance Ministry (MoF) to redress the challenges in the real estate services sector.
In a statement yesterday, the association said it wants the government to review and evaluate the effective managing of the profession and determine its future direction, adding that MIEA has long made the call for the creation of a separate board for real estate agents – to more effectively regulate its practitioners.
“The profession is currently regulated under Act 242 by the Board of Valuers, Appraisers, Estate Agents and Property Managers, which comes under the purview of the MoF.
“The current board was overwhelmed regulating the four professions under the real estate services industry, namely property managers, valuers, appraisers and real estate agents,” MIEA president Eric Lim said in the same statement.
He said real estate agents, who made up the majority of the profession, were not adequately represented at the board level.
“The real estate profession should be regulated by its practitioners, similar to other professional bodies in Malaysia and Singapore.”
Lim noted that MIEA set up a task force, comprising prominent and long standing members of the industry, in 2010 and then in 2017, to study the matter of a separate board.
“The task forces had unanimously agreed that having a separate board would lead to better outcomes for the profession as a whole.”
Meanwhile, MIEA chief executive officer Soma Sundram said the property sector needs a regulatory body whose representatives better understand the realities of the industry.
“In terms of practice standards, we are 25 years behind developed countries like the United States and Australia.”
He added that each profession should be regulated separately in view of the different sets of challenges faced.
“These will lead to better enforcement measures and drive the development and growth of real estate practitioners in the country.”
Source: https://www.thestar.com.my/business/business-news/2018/11/01/mof-urged-to-redress-challenges-in-real-estate-services-sector/#vmkBQAwRHIQ5jDg5.99