How to be a property agent in Malaysia in just 5 steps
Everyone has different reasons why they think becoming a property agent is the correct career choice for them. They enjoy helping people buy the perfect home, reaping from the benefits of earning large earnings or exploring the excitement of the real estate market.
But, one question consistently comes from people looking to enter the real estate industry: “How do I become a real estate agent and what do I need to know?”
1. What is the difference between Real Estate Agent (REA) and Real Estate Negotiator (REN)?
Before we can start writing any chapters on life as a property agent, the first step is to understand the differences between a real estate negotiator, and a real estate agent.
Real Estate Negotiator (REN) are individuals working alongside licensed real estate agents (REA) but do not have full qualifications and accreditation. Real estate negotiators are still accredited in their own way and must be registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA).
They must attain the following requirements to be employed by the Real Estate firm; they must attend a two-day course on Real Estate and will be issued a certificate of attendance. With the certificate, they can seek employment either on a ‘Contract of Service’ or ‘Contract for Service’ with a Real Estate firm.
Whatever real estate agency associated with them, will apply for the REN Tag with the BOVAEA. BOVAEA will certify and designate a REN number & issue a tag to the REN. Only then can the REN be employed by the firm and represent sellers, landlords, buyers & tenants in the sale and marketing of properties. Real Estate Agents (REA) are individuals who attend two years of courses to attain a Diploma in Estate Agency, two years of practical training under the supervision of a fully qualified REA, moderated by BOVAEA. After that, the agents will submit a work log of their experience to the BOVAEA for appraisal and approval.
2. Is the career life of a property agent right for you?
Do you like chatting up to people and visiting houses? By becoming an agent, you love talking to people about real estate, their lives, and family. They love meeting people, bringing people together, and getting people what they want – resulting in a lot of negotiation and relationship building.
Do you enjoy a bit of flexibility and colour of variety? You do not need a physical office to return and leave every day. Your office has many possibilities, from a coffee shop to your favourite Kopitiam with most of the necessary tools you need being on a smartphone, tablet or laptop.
Do you enjoy helping people from all walks of life? Many real estate consumers don’t know much about the industry – as a property agent, who can provide advice for packing and moving, cleaning and repairs, inspections and appraisals, financial assessments, and property analysis.
Do you enjoy being your own boss? However big or small, the growth of your business is in your hands. By being your own boss, you decide how many clients or transactions you want to handle, how to market yourself and your listings, and how to serve your clients.
Do you want to learn many opportunities? The real estate profession isn’t just about real estate. It also involves economics, regulations, construction, design, psychology, strategy, appraisal, environmental issues, marketing, and negotiations.
Realtors are always learning new things and improving their skills and processes.
3. Interest has been piqued, now to choose the right platform
The process of picking an agency can start early, as it is required that you be affiliated with an agency when you take your REN licence exam. Don’t let the process of finding the perfect agency intimidate you. Commission System – Understand the company’s commission system before joining, such as does the pay come on time, has there been any delays, will the company deduct the commission without reason and so on. Don’t simply choose a company without doing any sort of research, online and offline included. Training and Support – In the real estate market, to become the Top Dog of Sales, you need to ensure you continue learning and improving yourself. Find an agency where they provide a wide range of training which helps you grow as a person and an agent such as building self-confidence, self-grooming, mastering successful sales skills and exploring digital marketing. For example, at the agency of IQI, we provide free training courses including several regions in Malaysia offering free training sessions every week. A Growing Environment – When you find the company with a positive vibe and a happening environment, it can encourage the REN to challenge themself and have more momentum to achieve a better result for a better future for themselves. Reliability – The last and most important part for any agency; how is the reliability? Before you become a REN, do make sure you join a company that has the support system to carry you further and beyond. The better the reliability, the better is their management system which results in stable growth and minor problems.
4. What is the required training you need to become a property agent?
The journey of becoming a property agent can be officially explained on the BOVAEA website, which can be broadly broken down into;
REN will need to pass the Negotiator Certification Course (NCC) which takes roughly two days before they can be recognized by BOVAVEA. In those two days, you will learn a board range of topics, such as real estate law and economy, property management and valuation, accounting and more.
5. Finally, apply for the Real Estate Negotiator (REN) license
In Malaysia, you will need to attend a compulsory two days course before you can register yourself as a Real Estate Negotiator (REN).
As of 29 May 2014, the BOVAVEA has decided to standardise the two days course module for the negotiator’s certification exercise, where they are required to certify with the Board to conduct real estate transactions.
This is part of the effort by the board to improve the professionalism in the industry and to weed out illegal brokers.
This article isn’t meant to scare anyone away from real estate but is offered to be an honest look at the real estate business. It can be a very difficult career if the training and work ethic fails, but it can be a seriously rewarding career if you are self-motivated, hard-working, honest, and enjoy networking and helping people.