The Broker is not a Registered Real Estate Consultant or a Registered Real Estate Agent.
In accordance with those who are not registered with the Board of Valuers, Assessors, and Real Estate Agents (LPPEH), then they do business as they please.
However, not all brokers are scammers. Many brokers are also deceived. There are also those who are naive and do not know how to register with LPPEH.
How to identify a broker scammer?
The majority of brokers in this article do land deals. Sometimes they also buy and sell houses in their own name or an enterprise company that is not registered with LPPEH.
Now, let’s learn the characteristics of a real estate broker scammer in Malaysia.
Characteristics of Real Estate Broker Scammer
- LPPEH said to take 3% of the selling price on one side only. But they take more than 3%. In fact, they take it from both sides; buyer and seller.
- They must have an option letter that they consider an appointment letter by the owner. They will also park all documents and payments with a lawyer. Not through a real estate agency.
- If they sell land, they must say the owner is their closest relatives; like their uncle.
- They like to say that there are other buyers fighting to buy as well.
- The price story must be millions (RM) (7 to 8 figures). 6 figures are very rare.
- If you want them to promise, they would be willing to swear to the death.
- Their chattery is powerful. Dato ‘Tan Sri’s land is all they have.
- They must bring a copy of the grant here and there. When you meet them at the coffee shop, they like to open the land plan.
- Some of them don’t even know grants or understand when reading them.
- They like to disguise themselves as owners. If you do not check the latest grant (title search) or SPA, do not easily fall for it.