Investing or owning a property requires a big sum of money, so it is necessary to find a real estate agent or negotiator that is the real deal. With so many scams out there, we want to ensure that you avoid any unpleasant situations, and receive the right real estate experience.
So before you proceed with any contracts or agreements, you can start with verifying the license of your real estate agent in these 5 simple ways.
1. Authority Card / ID tag
Every real estate agent (REA) and real estate negotiator (REN) has their own ID tag that they must wear at all times when they conduct business. A REN is an agent on probation who wears a red tag, and a REA wears a blue tag.
The following information will be displayed on their tag:
- IC no
- REN no
- Firm name
- Firm registration no.
- Quick Response (QR) code
- BOVEAP holographic logo
If you happen to come upon a REA or REN who does not have a tag, do not start any transactions with the agent.
If they are really an agent, you can scan their QR code on their tag, and their REN/REA profile with all their information will appear on their webpage!
2. Check if firm name registered with Board (BOVAEAP)
Another way to verify if their license is real is to check if their firm name is registered with BOVAEAP. You can either call 603-22876666, or search their webpage (http://search.lppeh.gov.my/).
3. REN/REA registration number
If you requested to see their ID tag and they told you they forgot to bring it, ask for their registration number.
Every BOVAEAP agent has their own registration number, and you should be able to find it through here: http://search.lppeh.gov.my/.
4. Agent’s Company name
Other than searching for REN number, you can search for their firm’s name if it’s a real, property operating firm.
RENs must be attached to a single, registered firm. Click “Search for Firm” at http://search.lppeh.gov.my/. You can even call the firm to confirm if they are really working for them.
5. Agent’s advertisement details
RENs and REAs usually have advertisements that they post online or flyers to share, and they must contain this information:
- Agent’s property firm e-registration no. with BOVAEAP
- REA/REN’s name
- REA/REN’s registration number
- Contact details
If you see a property flyer without the above information, take a picture and send it to BOVAEAP with the street name, date and time, with your name and contact number.
Did you know?
Now you know the 5 things you can check to know if your real estate agent’s license is real or not. However, there are also punishments for illegal brokers too.
From 0 (1) of Act 242 of the Valuers, Appraisers and Estate Agents Act 1981, anyone caught illegally undertaking the duties of an estate agent can be fined up to RM300,000 and/or be sentenced to up to three years in jail!
Now that you know whether your real estate agent is the real deal or not, you can now safely place your investment on your desired property!
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