I am someone who would always insist that buyers and sellers should deal with REGISTERED real estate professionals; negotiators and agents. We need to stop saying that in Malaysia anything goes. Do we really want to pay money to someone who looks like they are veterans in the industry but is actually not registered and thus will be much harder to find once something goes wrong? Think about it seriously.
The Malaysian Institute of Estate Agents (MIEA) organised the two-day Malaysian Annual Real Estate Convention (MAREC) on 28th and 29th February 2020. At first they were worried about the turnout due to COVID-19. However, the turnout was one of the largest in MAREC history with 403 registered participants. (kopiandproperty.com is official online blog for MAREC 2020 and we also learnt a lot from MAREC 2020 speakers too)
In his opening speech, MIEA President Mr Lim Boon Ping shared that with the current challenging time, it is vital for all practitioner to acquire new information, knowledge and skill-sets to move forward. He reminded everyone to stop saying IT is a disruption but to start embracing it.
He then shared that MIEA will be undertaking a series IT initiative where we are working with several strategic IT partners in Proptech, Fintech and Insuretech start-ups. One example is the “MIEA AgentData” apps which will help capture property transactions data at the point of bookings (earnest money collected) and followed through till the point of Sale and Purchase Agreement signed. Official transaction data will not be available much quicker than the three to four months period previously.
He also shared that beyond just registered firms, MIEA will now be offering Professional Indemnity (PI) Insurance for individual REA, PEA and REN. The broker firm Howden will offer this at a very affordable rate exclusive to MIEA members.
We have identified an insurance broker firm, Howden to offer this PI Insurance at a very affordable rate exclusive for MIEA members. This move will make the individual practitioners be seen to be professional and accountable in what they are doing and at the same time providing a second level of protection to their clients.
MIEA is also in the midst of creating a reliable “market place” for the practitioners to keep out fake listings. It will be a Multiple Listings Service (MLS) system with Cloudaron. This is not aimed to compete with the existing property portals, but to provide a more efficient and reliable B2B or Agent-to-Agent online system and hence enhancing the chance for agents/negotiators to close more cases through co-agency.
MIEA will also be allocating RM200,000 to run a 12 months’ Public Awareness Campaign to educate the public to use only the services of Registered Estate Agents and Real Estate Negotiators. The campaign will be launched to the public today. Happy learning to all the participants.
Next suggested article: Renting and Selling? Get help from REAs and RENs yeah
P/s: I do wonder if they will be using some property blogs in this PR campaign too… especially a blog with 40,000 visits per month?