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MIEA: Tough time for 25,000 Real Estate Agents and Real Estate Negotiators during COVID-19 MCO

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PRESS STATEMENT: MIEA COVID19

PETALING JAYA, 2020: The Malaysian Institute of Estate Agents (MIEA) are concerned and worried for the wellbeing of an estimated 25,000 Real Estate Agents and Real Estate Negotiators in the country. 

The movement control order (MCO) has brought the real estate fraternity to a “Grinding Stop”. They are unable to help house buyers in taking vacant possession of their properties, do any viewings and physically list any properties for sale or rental. 

Like many Malaysians, the agents and negotiators are also affected morally & many financially, more so because they are mostly commission agents and do not have a basic salary. 

“We are also concerned that the market has taken a shift and that new strategies be placed to help balance the shift”, said MIEA President Mr. Lim Boon Ping

As such MIEA is making a call to the Government to consider the following proposals:

For the PUBLIC

  1. That collection of SST for Real Estate transactions be placed in ‘abeyance’ until end of the year to help sellers from having to incur additional costs.
  1. That the RPGT be zeroized as in 2007 till end of the year to help boost the already soft real estate market. This will help sellers to reduce losses who will face a ‘push down price demand’ from buyers. 
  1. To allow for a transfer of 10%* of the funds in Account 1 of EPF to Account 2 to provide liquidity for the purchase of homes or assistance in repayment of loans after the moratorium of 6 months.
  1. MIEA has in our budget proposal last year suggested for the option of Interest Only Loans for the purchase of properties.  Perhaps this would be the right time for this to be reconsidered especially after the 6 months moratorium as a longer-term measure for first time house buyers.

For the REAL ESTATE FRATERNITY

  1. That assistance be given to the Real Estate Negotiators to pull through these difficult times. We commend the government for coming up with a stimulus package that leaves no one behind. We therefore seek for the automatic extension of the benefits made available for e-hailing & subsidies for income earners less than RM2k and household below RM4k to be also extended to Registered Estate Agents, Probationary Estate Agents and Real Estate Negotiators registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers Malaysia.
  1. That a segment of the Special Relief Facility for COVID19 also be dedicated for the 1,300 registered real estate firms to keep them afloat and to avoid retrenching their staff. 
  1. To allow for a transfer of 10%* of the funds in Account 1 of EPF to Account 2 to provide liquidity for the purchase of homes or assistance in repayment of loans after the moratorium of 6 months.
  1. MIEA has in our budget proposal last year suggested for the option of Interest Only Loans for the purchase of properties.  Perhaps this would be the right time for this to be reconsidered especially after the 6 months moratorium as a longer-term measure for first time house buyers.

To Real Estate Portal Companies:

  1. MIEA kindly requests all real estate portal companies whom the real estate fraternity have fully supported throughout the years to give favorable incentives and cost benefit packages for agents to boost their advertising spend which in-turn can directly help to market properties for their clients.

To the Minister of Finance & The Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEAP) 

  1. Its compulsory for the close to 25,000 Real Estate Negotiators (RENs) & Real Estate Agents (REAs) to attend the Continuous Professional Development Programme & Continuous Development Programme (CPD & CDP) every year and also for the 2020 session. We propose that a Relieve should be provided in that all CPD & CDP programmes be deferred to 2021 and that all the REAs and RENs who at this point of time are registered or certified with BOVAEAP are given automatic renewal to practice in 2021. This will go a long way for the 25,000 practitioners to get a relief of one year in order for everyone to continue working legally and help the practitioners financially.

The Secretary General of MIEA, Ms. Serene Sew said that MIEA has also been proactive and has taken initiatives to help member agents by establishing an ‘MIEA Covid19 Helpline’ to those in need of assistance. MIEA has also launched a ‘MIEA-HOPE Program’ to help agents throughout the country on ways to assist their clients and on self-development. These programs are live and on zoom webinar and Facebook at 10am & 3pm daily until April 14, 2020. 

MIEA is also supportive of the government for all the steps taken to rid Malaysia of the Covid-19 infection threat and would like to extend any help required by the authorities.

End of press statement

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