The associations are the Malaysian Institute of Estate Agents (MIEA), Royal Institution of Surveyors Malaysia (RISM), Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS), Malaysian Institute of Property and Facility Managers (MIPFM), and Persatuan Perunding Hartanah Muslim Malaysia (PEHAM). According to the statement, this is a reminder that there are people who are not estate agents but are operating an estate agency business illegally — and using many forms of creative ideas to do so. Real estate service is gazetted as a professional service under the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) to protect the public. While this is the law, many have found the work of an agent "lucrative" and have "jumped in" to provide real estate service. Aside from that, the real estate associations are not against innovation and technology, but they want to reinforce their stand that they cannot condone anyone, either individuals or companies, in any form or shape that does not comply with existing laws of the land where it fits as far as real estate agency practice is concerned.

Source: The Edge Markets September 09, 2021 03:11 UTC