Rising business cost has affected professional services like real estate agencies and valuation firm.

Legal services have increase their fees.

It's probably time to increase the real estate professional fees to maximum 4% .

Since it's maximum fees, not a fixed fees, raising max fees would not affect the client.

Better get a lawyer friend and get rid of real estate agents. Most of them do nothing except to connect buyers to sellers through iProperty/ etc

Lawyer know how to market a property?

Let's leave sales and marketing to the experts

please also increase GRAB fare also

Re agents worldwide rarely charge >3% fees. re agents should instead trim down their extravagant lifestyle.

Fees still negotiable. Just increase the maximum fees to 4%.

Let the free market decide whether to hire agent or DIY

Typical of re agent, asking high price to negotiate.

Real estate agent give valuable services which owner themselves and others can't provide. They should be allowed to charge higher as no one is allowed to provide the services legally.

It's like paying toll to use the highway to go KL. If u feel toll is expensive, u can choose not to use the highway. They never force u to engage them.

This post has been edited by boyboycute: Jan 2 2024, 05:37 PM

So far the only reason real estate agents still exist is due to the monopoly of property portals. That's all.

If we are free to list ourselves,.we really don't need them.

And their cut is way higher than lawyer legal fees.

This post has been edited by Gorila_: Jan 2 2024, 05:44 PM

What service so valuable? List them down.

Aren’t you the one complaining about 3% fee? Now yourself become re agent dy? Asking for 4%..

What does a real estate agent do to market? Advertise in portal

Most agents are willing to go down below 3% just to get the deal closed now

Not everyone have the time to find a buyer or tenant for their properties - including setting up appointments for viewing. Real estate agents do this for us after getting enquiries from their listing in property portals. I bought properties via real estate agents, and rented out using the service of a real estate agent too.

There are a lot of free ads portal around. But most Malaysian will still hire real estate agents

Just like the legal profession is afraid of eSPA mooted by the KPKT, it's true that real estate agents are worried about big advertising portals like PGuru and IProp (both fully owned by PGuru) allowing owners to get full tools to sell their properties on their own. Free account are given limited tools.

It's the same for valuers, as they are afraid of free public access to (public information) like property transactions details given to the public. Brickz databases isn't complete. Valuation report is "compulsory " for loan now.(not in the past). Still remember one of the big bank have to 'kow tow' to their demand. That's how law works. Law can force things down the throat of consumers. Even big bank have to bow down

Essentially, homebuyers are paying for valuation report to protect the bank, in order to get the loan approval.

Teksi drivers are afraid of Grab while Hotel industry are worried about Airbnb. Agents are afraid of Speedhome

You must understand most licensed professional like doctors, engineers are protected by the law and Malaysians must obediently follow the law.

I have been very kind to increase the fees to 4% (not asking 5% or 6%) because legal fees already been increased due to RISING BUSINESS COST.

Consumer got to follow the law and pay up

This post has been edited by boyboycute: Jan 3 2024, 04:51 PM

Doctors and engineers studied for many years and spend tons of time and money to obtain the certification. Please don't compare it to a weekend 2 days course to get a RENtag. This is insulting to them. They put their whole career on the line in exchange of their professional services. One mistake and poof gone are their certification and future. Real estate agents can just job hop into other sales/retail related business.

Once again I'll reiterate that REN/REA is getting a higher rate than our lawyer that provide way more service in real estate transaction.

So no, property portals should open to all to list their own property.

I understand your frustration. But we're in Bolehland now....Board is very powerful..... managed to wrestle with architects and engineers to do Property management also...Just another lesen on top of V and E lesen for valuers. U can also go to course to get property management lesen...

What u can do when Board increase fees to 5%? U can try to sell on your own but there's basically no one legally given the authority to sell property except for agents.

Are u sure about this?

https://tranio.com/articles/real_estate_age...ious_countries/

Google first before u simply say something lah

Some countries 6% leh...

4% is already very kind hearted & reasonable

This post has been edited by boyboycute: Jan 3 2024, 07:05 PM

that’s asking for 25% increase for work done!.. why not 3.25%…?
these agencies should look at the % increase rather than just increase for the sake..
imagine for a typical 500k, 15k commission.., now 20k… what justifies the increase?..if inflation then 3% on 15k is reasonable/ justifiable la.. not 25%!

Make it 5%. From the nett profit not the selling price.

Then, u sell yourself lah