FAQ
HOW MUCH AGENCY PROFESSIONAL FEES SHOULD I PAY?
Under SEVENTH SCHEDULE (RULE 48) of The Valuers, Appraisers and Estate Agents Act 1981 & Rules 1986:-
1. Sale or Purchase
A maximum of 3% of the sale price of the property.
2. Lettings
Up to 3 years - 1.25 months gross rental
Exceeding 3 years up to 4 years - 1.50 months gross rental
Exceeding 4 years up to 5 years - 1.75 months gross rental
Exceeding 5 years:-
Exceeding 5 years (without option for renewal) - 1.75 months gross rental
Exceeding 5 years (with option for renewal) - 1.75 months gross rental plus 0.25 months rental for every additional year
3. Rent Reviews - 50 % of the fees chargeable under lettings
4. Additional Claims
In addition to the fees stated in items 1 to 3, claims may be made for:
The cost of printing, plans, copies of documents, lithography, travelling (only where the distance between the estate agent's office and the property is more than 40 km) and other expenses actually incurred;
The cost of media advertisements, signboards, brochures and other promotional material.
Note : The above additional claims may not be incurred by the registered estate agent without prior concurrence of the client.
WHAT IS THE DIFFERENCE BETWEEN ESTATE AGENTS, PROBATIONARY ESTATE AGENTS & NEGOTIATORS?
Real Estate Agents (REA) are qualified persons registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEAP) and obtained Authority to Practice. REAs would have registration number starts with 'E'. REA may open own agency.
Probationary Estate Agents (PEA) are qualified persons who are undergoing probationary period before qualified as REA. PEAs shall work under supervision of an EA and would have registration number starts with 'PEA'.
Real Estate Negotiators are persons employed by a registered estate agent to assist him in the estate agency practice. RENs must be registered with BOVAEAP and would have registration number starts with 'REN'.
HOW DO I KNOW AN REN/PEA/REN IS GENUINE?
All REN/PEA/REN must be registered with BOVAEAP and can be search from it's website http://search.lppeh.gov.my/.
WHO SHALL PAY FOR THE AGENCY PROFESSIONAL FEES?
Client who engages the service of the estate agency.