We often refer to them as just ‘agents’, but did you know that there are actually several different types of real estate professionals in Malaysia who are registered under the Board of Valuers, Appraisers and Estate Agents (BOVAEA)? In tandem with the latest update to the Estate123 Member Dashboard, here are some useful info to help you identify the different designations and roles of these real estate professionals.
Registered Estate Agent (E)
Only those who are registered under the BOVAEA can act as Estate Agents. They provide a service in buying, selling, leasing properties for clients so that optimum returns can be achieved. Registered estate agents are able to establish their own real estate agency practice. An Estate Agent’s registration number is denoted by E followed by four digits (e.g. E 0000).
Probationary Estate Agent (PEA)
A Probationary Estate Agent has to undergo a two-year post practical training with a registered estate agent before taking the Test of Professional Competence (TPC). After passing the TPC, he/she can then apply to register with the Board as a full-fledged Real Estate Agent. A Probationary Estate Agent’s registration number is denoted by PEA followed by a few digits.
Real Estate Negotiator (REN)
A negotiator is employed or contracted by a firm to list and market properties under the supervision of a registered estate agent. This means that a negotiator cannot work independently and must always be under the supervision of an estate agent. A formally registered negotiator will be given a REN Number (REN followed by 5 digits; e.g. REN 12300) together with a REN Tag that displays their name, photo, IC no, REN No, firm name, firm registration no, quick respond (QR) code and security features.
Registered Valuer (V)
Registered Valuers are qualified real estate professionals that work out the value of land & buildings. Only a registered valuer can call himself a “Valuer”, “Land Economist”, “Property Consultant” or “Property Manager”. Valuers can carry out the practices of valuation, property management or property consultancy, and are regulated by the BOVAEA. A Valuer’s registration number is denoted with a V followed by a few digits.
The valuation of real estate is needed for:
- Financing and credit facilities
- Acquisition and disposal
- Taxation or other statutory purposes
- Investment or other corporate management activities
- Securitisation and other asset valuation purposes
- Market and feasibility studies
Probationary Valuer (PV)
These are individuals who have passed the initial examinations and have now formally registered with BOVAEA to sit for further examination to become a registered Valuer. A Probationary Valuer’s registration number is denoted by PV followed by a few digits.
Appraisers are registered under Part V of the Act because of their long experience and earlier registration under the various Appraisers Acts. Appraisers can, and are allowed to, practise valuation and property management. However, unlike Valuers, they are restricted in practise by geographical areas and value. This means that appraisers cannot take part in property transactions such as buying or selling real estate.
Why is it important to have your BOVAEA-registered number displayed in your agent profile?
First of all, it assures potential clients that the individual you are dealing with is a legitimate member of the Malaysian real estate industry. Secondly, a registered agent has the required know-how to handle the necessary property transactions and dealings with customers. Last but not least… Well, it is illegal for non-registered individuals to conduct property-related businesses, not to mention there is the danger of property scams. Find out how to identify a licenced real estate negotiator to avoid falling for property scams!
The Board of Valuers, Appraisers and Estate Agents (BOVAEA) Malaysia was set up in 1981 under the purview of the Ministry of Finance, Malaysia and governed by the provision of Valuers, Appraisers and Estate Agents Act 1981. Its primary function is to regulate the Valuers, Appraisers and Estate Agents practising in Malaysia.