I have always used the services of a licensed real estate professional for my real estate investments and I will continue to do so. I feel more assured, these professionals have helped me a lot in my property investment journey and I personally know so many of them who are working very hard to earn their living. Let’s face it, these people are taking a huge risk because selling or renting out properties is not easy at all.
However, it’s not an easy job for The Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) to control the many unlicensed brokers who were also offering their services but without the need to follow the stipulated rules and regulations from BOVAEP. There was a raid conducted by BOVEAP with assistance from the police recently.
Article in edgeprop.my The Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) and the police conducted a joint raid on a real estate cooperative firm’s office in Puncak Alam, Selangor. BOVAEP board member Ishak Ismail said, “We have received a large number of complaints from the public that this firm has been appointing illegal brokers to sell housing projects on behalf of property developers and perhaps, members of the public.”
According to Act 242 or the Valuers, Appraisers and Estate Agents Act (1981), a real estate agent must obtain a licence or permission from BOVAEP before doing so. He said the cooperative has engaged some 2,400 real estate agents and is involved in selling a number of housing projects nationwide. He said, “Therefore, we came here to inspect the relevant documents (that a legal real estate agency should have) to determine if there is any wrongdoing in pursuant to the Act.” Article in edgeprop.my
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