Property Hunter Magazine October Issue 2014 | Page 60

/// West Malaysia Property News

Insist on the Real Estate Authority Tag
materials including billboards, ads in print
and digital media.

Seagate Invests RM1 Billion on
New Penang Plant

“Failing to do so, an individual who commits
the offense shall be liable to a maximum
fine of RM300,000 or imprisonment not
exceeding three years or both, under
Section 30 of the Valuers, Appraisers and
Estate Agents Act 1981,” he said.
Lim also revealed, to date more than
11,000 companies have registered under
Bovaea and 10 per cent were from the
states of Sabah and Sarawak.
Lim also urged the public to play an
important role to help combat crimes
committed by illegal brokers to reduce
fraud in the real estate business.
Career opportunities in the Real Estate
industry

As the nation is moving towards a
developed and high-income status, the
demand for real estate or private homes is
increasing from time to time.
Protect your real estate interest by
not falling prey to brokers who are not
qualified, lack the knowledge and skill to
effectively represent you.
As such, the Board of Valuers, Appraisers
and Estate Agents Malaysia (Bovaea) has
initiated an exercise to register Real Estate
Negotiators (RENs) by identification tags to
all registered RENs.
The identification tag is to enable the public
to distinguish the registered agents and
consultants from illegal brokers and to
prevent them from being cheated.
Bovaea board member Eric Lim said,
now the public can identify every agent
or consultant on duty through an
identification tag and each identification tag
will have a QR code that can be scanned to
check whether the agent or consultant is
registered or not.
“Negotiators who have yet registered and
wish to obtain the identification tag must
first attend a one-day course to enhance
their professionalism in the field before
registering with Bovaea.”
“This step is important because it will
reduce the number of illegal brokers.
“RENs are also required to include their
registration number in all promotional

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Institute of Estate Agents of Malaysia
president Siva Shanker noted that the
implementation of the registration exercise
will offer new job opportunities to the
youth, especially for those interested in the
field of real estate.
“It is not difficult to become a registered
agent or consultant. You only need to pay
RM600 and attend courses for two days.
“At the same time, we also hope that the
number of agents or consultants who are
registered will be increased from time to
time. We strongly encourage the public,
especially young people to participate
in this field because it has great career
opportunity. “
“Malaysian Institute of Estate Agents
(MIEA) will especially help those who are
interested in becoming a real estate agent
or consultant where MIEA has collaborated
with local universities to offer diploma
programmes,” he said.
Siva added real estate education is to
ensure graduates are ready to provide
professional services in the real estate
industry.
“For example, in Sabah and Sarawak, MIEA
has partnered with the Open University
of Kota Kinabalu, Sabah and Kuching
Open University. Moreover, with Bovaea’s
recognition, diploma graduates can first
register as a temporary estate agent before
deciding on joining their preferred real
estate company,” he added.

American multinational
firm Seagate will invest
RM1.05 billion in Penang,
which is set to boost the
island’s manufacturing
sector, Chief Minister Lim
Guan Eng said today.
“The state government is
pleased that Seagate are
expanding their operations
in Penang,” he said in a
statement today.
Seagate, which
manufactures hard disks
and provides data storage
solutions, would purchase
40 acres of land, with the
option to purchase another
30 acres at the Batu Kawan
Industrial Park.
“The land purchase