- All transactions must be transacted to the agency and not the agent
It Is not a well known fact that transferring money or handing over cash directly to the agents accounts or hands is not the safest thing to do. To be safe and sound we advice all our readers to always ensure they ONLY make payments directly to the agency. If payment is have to be made in cash make sure is done in the agencies office and also make sure the agents gives a receipt with a receipt no for referencing
- The agent must be registered with the board
Currently in Malaysia it is mandatory for all real estate broker’s to be registered under the BOARD ( LPPEH) . Any and everyone should be attached to a company that is recognized by the board.
For a quick check 📷http://lppeh.gov.my/WP2016/
- Do a complete background search on the agency
Realty companies in malaysia pop up as fast as mushrooms and also close down as fast as a sprint. It is of paramount importance that we look into the company and person who is serving us. Similar to how an agent could be checked on with the boards website. Realty companies will also have their registration numbers. Companies and agents alike will have to renew their licenses on a term basis . It is important to check if they have complied to national standards. Same link as tip no 2 could be use to do a search.
- Do a title search before booking
This advice came from a few stories i got from unfortunate buyers. I had a buyer who told me that he paid a 2% booking to an agent only to find out later that the house he paid a booking for did not have a title at all as it was a very old development in the outskirts of KL. The agent then refused to refund his booking as he has already signed on the booking form.
We advice to avoid this situation from ever arising, do make sure that you insist on seeing the title or at least a copy of the title before taking any further action. Once title is obtain a search can be easily done on it at any of your STATE’S land office. Better safe then sorry.
- Check on Owner’s detail if you are going into a tenancy
Quick buck agent’s are very creative. There are many instances where they have excess to empty units who owners maybe overseas for a long time or the unit has been left by a deceased. They take opportunity of the situation to rent it out as an owner to gain 100% profit with 0 cost. It is a TERRIBLE act. Unfortunately there are many of these cases.
In order to avoid this situation. Do insist for proof of OWNERSHIP. If the agent cannot produce RESULTS. MOVE ON.
Only you can control the outcome of every deal that you do. So be accountable for it do your research and protect yourself and more importantly inform the uninformed; share that knowledge!
Written by,
Daniel Wong