The Malaysian Institute of Estate Agents (MIEA) now has its very own office at 3 Two Square in Petaling Jaya. President K. Soma Sundram said the office was purchased at RM690,000 with a substantial  amount contributed by MIEA members and an additional RM120,000 spent on renovations.

“It serves as a dedicated space for MIEA, although our branches in states like Johor, Penang and Sarawak have their own offices,” said Soma during the official opening of the new office.

“We’re going to set up branches in Selangor and the Federal Territories soon. Of the 2,000 registered real estate agents in Malaysia, 700 are MIEA members, of which 500 are active,” he added.

Soma also announced MIEA’s plans and challenges, among which was a request to the Board of Valuers, Appraisers and Estate Agents to help develop plans for the setting up of a separate board for estate agents in the future.

According to Soma, there is a need to re-invent the bill, to help improve the real estate business, and to better represent real estate agents in the country.

Soma also said that MIEA is considering proposals for estate agents to be governed by the Housing and Local Government Ministry. Estate agents currently come under the purview of the Finance Ministry.

Soma, whose term ends in April 2009, is seeking to set up a real estate academy to provide courses, skills and expertise to those who want to pursue a career as an agent or negotiator.

“We are kicking off our plan to introduce an examination programme for negotiators who want to enter the real estate profession. They will have to undergo training and sit for an exam before getting certified to enter the market to seek employment,” said Soma, adding that the move would create a group of competent professionals.