Looking for a new job? Here’s all you need to know to become a successful property negotiator in Malaysia!
WHO IS A PROPERTY NEGOTIATOR?
A property negotiator is a person who works for a licensed real estate agent. They aren’t affiliated with the Board, but they are authorized to practice. To work for the real estate business, they must meet the following requirements:
- They must take a two-day property negotiator course and get a certificate of completion.
- With the certificate, people can work for a Real Estate business on a ‘Contract of Service’ or ‘Contract for Service.’
- The real estate company will subsequently apply to the BOVAEA for a REN Tag. BOVAEA will certify and designate a REN number, as well as provide the REN with a tag.
- The REN can then be hired by the business to represent sellers, landlords, purchasers, and renters to help them in marketing the properties and boost up their sales
STEPS TO BECOME A PROPERTY NEGOTIATOR IN MALAYSIA:
Step 1:
Clear the BOVAEP’s real estate agency written test, or get a certificate or degree from a BOVAEP-approved higher education institution. To enroll in these courses, you must be a permanent resident (PR) of Malaysia or a Malaysian citizen with at least three credits( Business, accounting, science, or maths) and two SPM certifications that have been passed.
Step 2:
Now Join BOVAEP as a trial property negotiator. Under the supervision of the REA, you must complete two years of practical training. The internship term is one year for those with a BOVAEP-approved degree.
Step 3:
Once your internship training is completed, you must send the final documents to BOVAEP about the agent and Proposal for real estate marketing.
Step 4:
Fill out the Professional Ability Test registration form (TPC).
Step 5:
Participate in an oral interview with a BOVAEP interviewing board.
Step 6:
After passing the TPC and paying the relevant fees, BOVAEP will give the right to practice and issue a certificate.
Step 7:
You are now eligible to register as a Property negotiator.
NEGOTIATOR CERTIFICATION COURSE: A NECESSITY TO BECOME A PROPERTY NEGOTIATOR
To work as a property negotiator in Malaysia, you must first complete a two-day negotiator certification course (NCC Course), after which you will be able to register as a property negotiator and begin selling homes. This course is also known as a REN course because it is the prerequisite for becoming a REN in Malaysia. To undertake real estate transactions and receive a REN tag, negotiators must be registered with the Board (BOVAEP). The Board regulates property negotiators and real estate agents in Malaysia, and REN registration is part of the board’s attempts to strengthen the industry’s professionalism and filter out illicit dealers.
The objective of the Negotiator Certification Course:
The major goal of the course is to instill in all attendees the importance of working as property negotiators in accordance with the BOVAEP act 1981.
Course Outline:
The NCC course will encompass the following modules:
- Introduction to Real Estate Market
- The Acts and the Regulations
- The Malaysian Estate Agency Standards is a set of guidelines for real estate agencies in Malaysia.
- Real estate: A business or Profession?
- Real Estate Forms, Title, Tenancies, and SPA
- Law pertaining to Estate Agency Transaction
- Diploma Program & Negotiator Registration System
- Information Technology in Real Estate
- Certificates Distributions
WHAT IS A REN TAG?
A real estate negotiator (REN) or a property negotiator (PN) is identified by a REN Tag. It includes their name, portrait, IC number, REN number, firm name, firm registration number, rapid reply code (QR code), and security mechanisms. The REN or property negotiator must wear this tag throughout all hours when conducting their service.
HOW TO GET A REN TAG?
You must first finish the Negotiator Certification Course and acquire an NCC Certificate from BOVAEP before applying for a REN Tag. After receiving your NCC Certificate, you must have your Real Estate Agency submit an application through BOVAEP’s Board Information System (https://bis.lppeh.gov.my/) with the necessary documents:-
- Picture in IC format with a white backdrop.
- Photocopy of IC
- Employment letter
- Photocopy of your NCC Certificate of Attendance
Based on the successful completion of your REN application to BOVAEP online, BOVAEP will issue the REN Tag within 7 to 14 business days.
WHAT HAPPENS IF YOU LOSE THE REN TAG?
To verify the loss, you must get a statement from your company. You can use the recommended form to apply for replacement with BOVAEA with the letter and payment. For successive replacements, a heavier fine will be levied.
HOW TO DETERMINE IF A REN TAG IS FAKE?
Genuine REN Tag contains watermark security features. When you scan the Quick Respond (QR) using a smartphone, it will feature the negotiator information.
ROLE OF A PROPERTY NEGOTIATOR:
A property negotiator is in charge of advertising and then selling a new house to a customer, all while developing and keeping a tight relationship with them. They also offer commercial real estate and arrange leases on it. Property negotiators play a significant part in the construction sector. Their function is distinct from that of an estate agent in that they only sell new houses to customers with whom they form a close relationship.
The connections that they develop with clients are founded on honesty, trust, and utter integrity. Clients will retain constant touch with property negotiators for several years after contracts are signed and properties are legally handed over, thus it is critical that this trust and honesty connection be maintained at all times. Aftercare is a critical component of the procedure.
SALARY:
Many property negotiators are paid partially on commissions, and salaries may be quite significant, depending on the type and location of the organization that employs the employee.
JOB RESPONSIBILITIES:
- Job responsibilities of a property negotiator include:
- Client consultations
- Determining their specific requirements
- Taking clients on tours of display houses
- Client education on building concerns and legislation
TIPS TO BECOME AN AMAZING PROPERTY NEGOTIATOR:
IS PROPERTY NEGOTIATOR A GOOD CAREER OPTION FOR YOU?
Everyone wants to have a successful profession, and one of the finest careers to pursue is real estate. Here are some things to think about while choosing whether a real estate job is suited for you or not!
Do you love meeting new people and looking at real estate?
A property negotiator converses with people about real estate, their life, and their families. Many real estate buyers are unfamiliar with the sector and rely on property negotiators to give useful information about the property and the nearby area. A property negotiator provides them with information on the houses and selling prices in the area. You would also be aware of the various services and facilities, such as schools, parks, and stores. A good negotiator would be well-versed in the neighborhood’s happenings and would be able to give valuable insight to property buyers and renters seeking a place to live, as well as property owners and landlords wishing to put their house for sale.
Do you desire greater leeway with your schedule?
Property negotiators are not required to work from 9 a.m. to 5 p.m. They have a lot of leeways when it comes to scheduling appointments, whether it’s on vacations, weekends, or in between your child’s school pickups. Away from the real estate company office, you might work from your local coffee shop or a housing exhibition, as the majority of your essential tools will be on your cellphone, iPad, or laptop.
CONCLUSION:
Malaysia’s real estate market is quite well and is also tremendously competitive. Certainly, the government regulates it, but what about the higher level of competition? The industry’s diligent specialists are responsible for this. When you think about it, the real estate negotiator is the cornerstone of such a business. Anyone over the age of 18 can be qualified as a Real Estate Negotiator (REN). He must, however, be a full-time employee of a registered company. After that, he must complete a two-day Negotiator Certification Course (NCC) offered by any certified training provider. The sole way to apply is to go through the registered business and submit the necessary form together with the letter of employment and the NCC certificate to BOVAEA. A REN tag will be provided and given to the registered company after it has been authorized by BOVAEA. All the best for your new role, You did it!
If you’re interested to become a successful property negotiator, don’t hesitate to be a part of our amazing team!