MCO has led to many new unregistered property agents, buyers warned | Malaysian Institute of Estate Agents

MCO has led to many new unregistered property agents, buyers warned


PETALING JAYA: A body representing estate agents today urged property buyers and investors against rushing to look for good property deals following the imposition of the movement control order (MCO).

It warned there was now a surge in the number of unregistered property agents.

Malaysian Institute of Estate Agents (MIEA) CEO K Soma Sundram said many people had lost their source of income during this crisis period and believed many had become unregistered property agents.

“This is dangerous to the real estate business as we already have more than 20,000 unregistered property agents,” he said during a webinar held today.

He said buyers or investors should hire proper agents before making any decisions to avoid being cheated.

“They must avoid relying totally on the agent and must also know what is going on.

“You must also demand proper service from your hired agent as you are paying a fee of 3%,” he said.

Soma said those who were desperate to sell their properties, because of financial issues or want to get a better property, always made the mistake of hiring many real estate negotiators at the same time, hoping to sell the property faster.

“It’s a fallacy that if you hire more real estate negotiators, you can sell your property faster.

“You’ll end up losing more money as each real estate negotiator will try to outbid each other by selling it lower than the market price.”

Founder of blog Charles Tan warned buyers to beware of properties that appeared to be lower than the market value.