KUALA LUMPUR (April 10): The Malaysian Institute of Estate Agents (MIEA) is advising the public to be cautious when buying or selling properties during the Movement Control Order (MCO) period to avoid falling prey to scams.
MIEA noted that amid the MCO, the majority of Malaysians who are keen to buy or sell property will be relying on online platforms.
“Be extra vigilant as there are still a high number of cases where the general public has fallen prey to these property pitfalls,” it said in a statement today.
MIEA president Lim Boon Ping highlighted that registered estate agents (REA) and negotiators (REN) are recognised as professionals under Malaysian law and that there are firm requirements that need to be adhered to when publishing an advertisement in order to protect the public’s interest.
Among others, they are required to include their name, REN/REA number, contact number and the real estate firm they represent with its E registration number and the firm’s telephone number, which the public can verify on www.lppeh.gov.my.
"There will a sudden surge on online and offline advertisement by those illegal brokers who will take advantage on the COVID-19 rise in low priced property deals and these advertisements will not contain the before-mentioned authenticity information and the public should avoid calling them," warned Lim.
He reminded that if one sees an advertisement or a property deal that looks “too good to be true”, be extra cautious and do your research”.
"Always engage a registered estate agent or a certified negotiator to verify these potential property deals," added Lim.