Focus on cracking down on illegal property brokers, MIEA urged

 

KUALA LUMPUR (March 28): The Malaysian Institute of Estate Agents (MIEA) should focus on cracking down on illegal brokers instead of hassling property technology (prop-tech) companies, says online rental platform Speedrent Technology Sdn Bhd.

Speedrent connects landlords directly with tenants and provides insurance and rental protection.

Its founder, Wong Whei Meng, said the problem of illegal brokers was far larger than start-ups which simply wish to enhance the user experience in different industries.

“With the advent of the digital age, property brokers should keep with the times and increase the digital penetration rate of properties.

“MIEA has many high-profile ways that could be used to combat illegal brokerage, but it seems that they have been focusing such methods on suppressing startups,” he said in a statement today.

It was recently reported that the MIEA has lodged several police reports on several prop-tech startups illegally carrying out real estate practice.

Wong also called on the Government to revise the industrial agency law as soon as possible as the law has not been amended for 20 years.

“Government regulation on the online development of businesses would ensure that all sides have fair competition and opportunities,” he said.

Real estate agents are currently regulated under the Valuers, Appraisers, Estate Agents and Property Managers Act 1981.