How to avoid scam by fake real estate agent
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 experience with the right property agent.
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.
Table of contents
Read: What is the difference between a Real Estate Agent and a Real Estate Negotiator?
1. Licensed Real Estate Agent Authority Card / ID tag
Every licensed 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 a probationary estate agent who wears a red tag, and an REA wears a blue tag.
The following information will be displayed on their tag:
1. Name
2. Photo
3. IC no
4. REN no
5. Firm name
6. Firm registration no.
7. Quick Response (QR) code
8. BOVEAP holographic logo
If you happen to come upon an 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 Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEAP). You can either call 603-22876666 or search their webpage (https://search.lppeh.gov.my/).
Verifying the firm’s registration with BOVAEAP ensures you’re dealing with a professional real estate agency, which is a crucial step in choosing a trustworthy property agent.
3. Real Estate Negotiator (Ren) / REA Registration Number
If you requested to see their ID tag and the person 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 here: https://search.lppeh.gov.my/.
Ensuring the agent has a valid REN/REA registration number is crucial for engaging with a registered property agent, highlighting the legal and professional significance of this verification step.
4. Agent’s Company name
Other than searching for the REN number, you can search for their real estate firm name’s name if it’s a real property operating firm.
RENs must be attached to a single, registered firm. Click “Search for Firm” at https://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:
a. Agent’s property firm e-registration no. with BOVAEAP
b. REA/REN’s name
c. REA/REN’s registration number
d. 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 a real estate license. However, there are also punishments for illegal brokers.
Obtaining a real estate agent license in Malaysia often requires passing the estate agent’s written examination, highlighting the legal importance of this step in the licensing process.
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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