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By MANJEET GILL
PETALING JAYA:
Real estate agents will soon need a written appointment letter from clients
before selling property.
The strict
enforcement of the ruling would be stipulated in the Manual of Estate Agency Practice formulated by the Board of
Valuers, Appraisers and Estate Agents Malaysia.
Board member
Charlie Chan said the letter of appointment was required under the Valuers,
Appraisers and Estate Agents Act, 1981, but its application so far had been
"flexible”.
"Sometimes
people deal with agents without any written agreement as -the relationship is
based on trust.
"But they
will be at the mercy of the client" who may renege on the agreement as
there is nothiing, in writing, "Chan said,
adding that agents had agreed at a recent conference to strictly abide to
the rule:
He said
getting a letter of appointment, however, often posed a problem as owners did
not usually make such agreements without ready buyers or tenants.
"Public-listed companies generally decline to enter -into a written
agreement for sale of their properties until there are ready. buyers," he
said.
Chan said
agents faced problems because they could only get buyers/tenants if they were
allowed to "introduce" the property.
"But the
agents could easily be played out if their clients renege on the quantum of fees
or' deny hiring them," he said.
He said agents
who commenced work on a property before obtaining written instructions would be
breaking the law and would be subjected to disciplinary action.
He said strict
enforcement of the ruling would also prevent a "poster war., between real
'estate agencies that send out flyers and, advertisements, in a bid to out wit
each other in marketing the same property.
"The
letter of appointment will thus also ensure an agent has the exclusive right to
conduct transactions for his client," Chan said.