MIEA: Property agents, negotiators have a role in FundMyHome

PETALING JAYA (Nov 23): Real estate agents and negotiators have a role to play in the new FundMyHome property scheme, said Malaysian Institute of Estate Agent (MIEA) president Eric Lim.

"It is an interesting scheme and I think we have a role to play [in it] given that we have a big client base and network in the industry. So we would love to work together with [FundMyHome]," he told EdgeProp.my after a briefing at the institute's headquarters here today which involved 110 real estate agents.

During the briefing, EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong said the platform is one that is inclusive of all stakeholders.

"It must cater for the needs of homebuyers, developers, financiers and real estate agents, valuers and every single person who currently participates in the property ecosystem.

"We want to change the ecosystem to make it better but we will change it in a way where every stakeholder continues to participate," he said during the briefing, which was moderated by MIEA CEO Soma Sundram.

In his presentation, Tong said real estate agents can help prospective FundMyHome homeowners by facilitating transactions under the scheme.

Introduced by EdgeProp, FundMyHome allows one to buy a property featured on FundMyHome.com by paying just 20% of the property price.

The balance 80% of the cost of the property is contributed by participating institutions, who share the returns from changes in the future value of the homes.