Local real estate agents could reach out to Asean market through Arena

SETIA ALAM (March 3): The Malaysian Institute of Estate Agents (MIEA) is looking at building bridges with its Asean counterparts and help local real estate agents to expand their presence in the region.

It aims to achieve this via the newly introduced Asean Regional Real Estate Networking Alliances (Arena).

MIEA president Erick Kho said the leaders of the national real estate agents’ associations from seven Asean countries, Singapore, Philippines, Indonesia, Thailand, Vietnam, Cambodia and Myanmar, who are attending the Malaysian Annual Real Estate Convention (MAREC‘17) which begins today, will   discuss future collaborations.

“Arena is a private initiative by 10 Asean real estate associations. We will be introducing Arena initiatives to promote regional cross border real estate business,” he told the media after the MAREC’17 opening ceremony today.

By forming a strategic alliance with Asean countries, Malaysian real estate agents will have an opportunity to tap the regional market with a population of more than 600 million, Kho said.

MAREC‘17 organising chairman Lim Boon Ping added that MIEA will link real estate agents within Asean countries through their respective associations to help Asean investors interested in purchasing properties in member countries.

Arena currently consists of eight member countries: Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam. Besides MIEA, the alliance is established with seven real estate associations: namely the Cambodian Valuers and Estate Agents Association (CVEA), Real Estate Brokers Association of Indonesia (AREBI), the Myanmar Real Estate Services Association (MRESA), the Philippines Association of Real Estate Boards (PAREB), Institute of Estate Agents Singapore (IEA), the Thai Appraisal Foundation (TAF) and the Vietnam National Real Estate Association (VNREA).

Malaysia will be hosting the first Arena l convention in August.

Meanwhile, elaborating on the theme of the convention “Transforming your real estate business in a changing era”, Lim said the Internet has widened the gap between home owners and real estate agents as more property owners have turned to online platforms such as “for sale by owner” (FSBO) sites to sell their properties.

“However, we (real estate agents) shouldn’t see the Internet as a threat. They should react to the advancement of technology and reach out to more customers or property owners who want to sell their properties through the Internet,” he added.

The two-day annual convention is organised by MIEA and TheEdgeProperty.com is its media partner for the event.

Deputy finance minister Datuk Lee Chee Leong officiated the event. Speakers include experts from various industries including start-ups who were invited to talk about adapting to changes in the digital era.