Speedhome ready to work with real estate groups to combat illegal brokers via technology

PETALING JAYA: Home rental platform Speedhome will initiate a dialogue with real estate associations to address the matter of illegal brokers after five real estate associations collectively cautioned the public to deal only with agents and firms registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (Bovaep) when engaging any person or persons to carry out real estate services.

“Together with our influence, reach, and technology know-how, we can be more effective and efficient in growing the real estate market. I stand strong with the five real estate associations in making sure the real estate environment in Malaysia should operate and comply with the existing laws of Malaysia. The interest of property landlords and tenants should get protected from the illegal brokers in a more regulated way. Speedhome is ready to step up with the real estate association to combat the industry’s multilevel issues,“ Speedhome CEO Wong Whei Meng said in a statement on Thursday.

He added that while it is rare for professionals from different industries to work together, this would mark the first milestone for cross-collaboration to foster a more mature real estate industry, and it is crucial for different industry players to come together to provide more varied solutions for the market.

“As a registered, licensed insurance agent, a profession that is similarly regulated but under Act 758, I can relate to the frustration as I have gone through examinations before being granted a licence. I believe Speedhome can be part of the solution given the unique position it has.”

Speedhome is an insurtech company offering Landlord Protection Insurance and operates an end-to-end property rental platform in Malaysia to generate leads for the insurance packages. Speedhome welcomes all real estate agents to use the platform for free, as Wong is all in for a healthy competition.

Earlier, the Royal Institution of Surveyors Malaysia, The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia, Persatuan Perunding Hartanah Muslim Malaysia, Malaysian Institute of Property and Facility Managers and the Malaysian Institute of Estate Agents jointly raised the concerns over setups that operate under the guise of providing other services but are indirectly carrying out real estate services.

“They call themselves financial consulting firms, tech firms, project marketing firms etc, with technology behind them. Today, they not only do the work illegally but are challenging Act 242 openly and questioning the validity of what the government expects the professionals to do and directly undermines the sanctity of the real estate profession.

“As national associations representing the various disciplines under the Act, we cannot watch and see the eroding of this moral, legal and fiduciary responsibilities by illegal brokers which undermines our work as registered practitioners. We also have a moral duty to protect the profession and request the authorities to do what is necessary to check the growing menace of illegals.”

Citing that real estate service is gazetted as a “professional service” under the Valuers, Appraisers, Estate Agents and Property Managers Act 242, 1981, the associations said the process to be registered as a real estate agent and to register a real estate firm goes through a rigorous process to ensure compliance with the law.

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