I almost become a property agent in Malaysia
Background is that I had been trying to get a property license in Singapore. Took the night class and I had to pass the RES exam within 2 years. Took paper 1 and 2 which I kept failing paper 1 for four times. Each time you know have to wait few months then retake and fail. Not that I given up but I just exceeded the 2 years time frame. (Super pissed off)
Fast forward to yesterday, we were geo-arbitraging between SG and Johor. Everytime we pass the CIQ, we got approached by all the agent selling property. The way they market the property is like selling fish in the market. Like lelong lelong, cheap cheap must go like that.
Jackie suggested me to go ask the agent if I can work for them like promoting property at a roadshow booth like them and ask about the comm structure etc. So I went in to ask and surprisingly one of the booth accepted and explained some basic info on how to join. I did mention to them that I am a foreigner who is keen to do promotor for condo in Johor.
I was so shocked with the incentive given for promoting these units. Example, you can get an iPad if you close 5 deals within 6 months, car allowance of RM2,088 if you hit 10 deals in a year. Then there are incentive trip and also so voucher for electronic gadgets. It seem very lucrative to me. It is even more so when the business head is young lady with lots of branded stuff on her. She even show her past records of closure in her first year, by leveraging on targeted ad, she is able to ROI very easily on her monthly sales which allows her to be promoted to business head within 3 years. Sound exciting to be honest.
To be honest, the whole day in Johor I was fantansizing about buying a condo or landed in Johor, get a pet dog and just buy ad and play whatsapp, do viewing in Johor close deal and collect cheque. Sound so easy and fun. But after my short internet research, it seems that its very unlikely I going to collect commission like crazy in Johor.
- To do real estate work you either becomes an agent which you need to be PR or Malaysian.
- As a foreigner you can be a real estate negotiator (REN) but you need to obtain work visa and get proper documentation from authorities.
- Even if you do a pure referral to licensed agent in Malaysian, we need to pay 30% on commission earned without expense deduction, also company have to retain 10% retaining tax.
- Illegal conduct of real estate work can be fine up to 300k. So....
| Real Estate Agents | Real Estate Negotiators | |
| Definition | Real Estate Agents are fully licensed professionals who have undergone formal training and passed the relevant examinations conducted by BOVAEP. | Real Estate Negotiators work under the supervision of a licensed Real Estate Agent. They do not hold a full estate agent licence. |
| Process | Step 1. Complete a recognised Diploma or Degree in Estate Agency and have a minimum of two years of practical experience under a licensed real estate firm. Step 2. Apply for a licence to practise as an estate agent. | Step 1. Attend a two-day Negotiator Certification Course (NCC) and register with BOVAEP through their employer (a licensed Real Estate Agent) to qualify as a REN. Step 2. Receive a REN tag with a unique REN number, which allows professional activities. |
| Roles and Responsibilities | A registered estate agent can run their own real estate agency, hire Real Estate Negotiators, and provide almost all property-related services, including sales, leasing, and property management. Real Estate Agents can sign legal agreements on behalf of their clients and are accountable for all transactions that occur under their agency. They are allowed to act independently or manage a team of negotiators. | Real Estate Negotiators handle regular day-to-day tasks including showing properties, negotiating prices, and managing client relationships. They can’t operate independently. They can’t sign legal agreements or act on their own in official transactions. All their deals must be overseen by the licensed agent or agency they work for. |
| Legal standing | Real Estate Agents hold an E-licence issued by BOVAEPThey are fully responsible for the compliance of their real estate agency, its negotiators, and property managers. | Real Estate Negotiators don’t have an independent licence but operate under the Real Estate Agent’s licence. Their actions are the responsibility of the licensed agent who supervises them. REN tags serve as their authorisation to work. |
| Fees and commissions | Licensed agents can set fees for their services within the guidelines provided by BOVAEA. They are also liable for their income and financial management. | Real Estate Negotiators earn commissions from transactions but do not set fees independently. |
How to become a Real Estate Agent in Malaysia
Maybe I am just too young too navie.... Don't bother... Just relax..... Stop being entice to work again.
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