It doesn’t matter if you love them, hate them, want to join them, or are one of them: a property agent will be involved in any real estate transaction – from selling to renting, buying a house, and even auctioning properties.
Otherwise known as a real estate agent, there are many agents and real estate firms you can turn to to help you buy or sell a home.
However, just like cetak rompak DVD cases and why you should buy the original gold disc and not the purple disc, it’s crucial to know how to identify a real property agent to avoid falling prey and losing your hard-earned money.
Before we share our tips and tricks to differentiate the real deal from the imposter, let’s first understand what a property agent is and their role.
What Do Property Agents Do?
At a glance, a property agent is a middle person between two parties: the buyer and seller. While it may seem like a simple job, a property agent doesn’t just help you coordinate how to buy or sell a property.
Real estate agents help their clients negotiate, carry out viewings, analyse the real estate market, and help promote your property to get the best deal. They’ll also settle the paperwork – all you need to do is understand the terms and sign!
What Is REA And REN?
The two types of property agents in Malaysia are Real Estate Agents (REAs) and RENs (Real Estate Negotiators). Both are qualified practitioners registered with the Board of Valuers, Appraisers and Estate Agents and Property Managers (BOVAEA), also known in Malay as Lembaga Penilai, Pentaksir, Ejen Harta Tanah dan Pengurus Harta (LPPEH).
Some of the main differences between REAs and RENs are:
| Factor | REA | REN |
| Qualifications | Requires a professional diploma, a few years of work experience, and regular updates to BOVAEA for appraisal purposes | Requires completing the 2-day Negotiators Certification Course (NCC) |
| Tag Colour | Blue | Red |
| Registered Real Estate Firm | Allowed to open their own firm and hire up to 50 RENs | Not allowed to open their own firm and must be connected to a registered firm while working in the industry |
Being a REN can be considered a stepping stone to becoming a REA. But first, they must find a real estate firm to support their REN application. RENs can only start practising after they receive their certificate of attendance from the NCC and their official BOVAEA tag.
How To Check If Your Property Agent Is Legit
To know if the real estate agent you’re dealing with is credible and licensed to practice, here are five things you can check when meeting them:
1. Their BOVAEA tag colour
Registered REAs have a red tag, while RENs have a blue tag. If they claim to be an REA but hold a blue tag, the difference is worth checking to ensure you’re dealing with the right person.
2. Name and photograph of the agent
We know of people with ‘glamour’ names and even more glamorous faces, but the name and photograph of the agent must match the person they claim to be. Any inconsistencies may point to a false identity, so don’t be afraid to clarify and ask.
3. Hologram and QR code on their BOVAEA tag
The BOVAEA tag has two helpful identifying features: a holographic BOVAEA logo and a QR code that shows their REA/REN details. These are compulsory, and if the agent you’re dealing with only has one or neither, be careful with proceeding any further.
4. Verify their REA/REN registration number
Not sure if the person in front of you is legit? Search for their REA/REN registration number in the LPPEH official database for real estate agents and firms. You can choose to search by firm, member, or negotiator.
5. Registered with the correct firm
While checking the REA/REN number in LPPEH, you can also check if the agent is registered with the same firm they say they are representing. A property agent can only be attached to one firm at a time, so make sure all the details sync up before you sign.
Wait! What if the agent doesn’t have an REA/REN tag?
They may not have a tag or are waiting for one, but they can be valid agents attached to a real estate agency. Each REA has a quota for how many RENs can be under them. Hence, the REN tag may not be distributed yet until they prove their performance.
In such cases, ensure you deal with a credible agent by checking and confirming that they are attached to an agency. Also, any deposits should go through the agency’s bank account, and not to any personal accounts.
Cross Check The Property Listing’s Details!
Whether you stumbled across an attractive property online or you happened to catch a ‘for sale’ banner driving past a property, every property listing must include the agent’s correct details.
Essential information to include in property listings (online and offline) are:
- The agent’s name, contact details, and registration number
- The name and registration number of the firm the agent is attached to
Listings or advertisements lacking this or portraying false information is a definite no-no. If you come across a suspicious listing, report it to BOVAEA.
What To Do If You Encounter A Fake Property Agent?
If the property agent asks for money upfront or is incredibly pushy and forces you to deposit anything else, something’s up. Stop communicating and report them immediately to the MIEA or LPPEH.
Another thing you can do is to notify the real estate firm the agent claims to represent so that they are aware of impersonators. Do not transfer money to personal accounts, as all transactions should be made to proper business or company accounts.
As a buyer or seller, know your rights as one and don’t cave into common scam tactics like giving a deposit before viewing the property or paying extra to speed up the process. Always exercise caution when dealing with strangers, and remember: if it’s too good to be true, it probably is.