As we are aware, the practices of real estate management in Malaysia are governed and regulated by Board of Valuers, Appraisers and Estate Agents, Malaysia [hereinafter refer to as 'Board]. Board prepares rules, and regulations. and standard for each of the practices. Registered practitioners, in accordance to their practice, are obliged to comply with these standards
You are advised to observe the practices employed in the organization where you are attached to.
Based on your observation, write a report on one of these real estate management practices in relation to its compliance with the Board's rules, regulation and standard. (20 marks)
This study focuses on the dynamic upgradation of real estate management in Malaysia. In connection to that the rules and regulation within the real estate managerial atmosphere are to be analysed with the role of the board of valuers, appraisers and estate agents. In connection to that, the work process of Knight Frank Malaysia is to be discussed with the relation of the real estate business.
Involvement of Board of Valuers, appraisers and estate Agents:
The technological advancement keeps an effective impact on the business process of Malaysia. It can be added that the implication of the technological development also develops the real estate industry. It can be added that the demand for accommodation and as well as office and business purpose is increased throughout the country (Eichholtz et al. 2016). Generally, the Malaysian government takes an effective role in connection to control the business operation relating to the real estate industry.Apart from that, the internal intermediates are also playing effective role in the work process of Malaysian real estate business process.
It can be stated that there are different types of intermediates are existed in terms of operating the work process of real estate industry such as board of valuers, appraisers and the estate agents who even work in organisational process also such as Knight Frank Malaysia.
Board of valuers of Knight Frank Malaysia is required to take the role of assessing the price of specific land in connection to the market rate. In addition to that the appraisers are needed to perform about the matter of collecting information on the specific land. After that the process of buying land and the work of construction can be continued. With the relevance, estate agents are required to perform the role of connecting the business associates to ensure the profit margin. The government is required to control over the third parties who take role to enhance the market price.
Rules and regulation:
In terms of keeping the real estate business stable, government have announced different types of acts such as Valuers, appraisers and Estate Agents (VAEA) Act No. 242 of 1981. It can be added that this approach develops a specific boundary over the valuers control. Apart from that the government focuses on the issue of reforming of land and the authentication of the registration of land (2017). Government now take action relating to the matter of providing stress on the ledge property by introducing legal acts. Therefore, possibility of increasing revenue of the government has been enhanced. Apart from that by announcing the act, it can be possible to reduce complexity regarding the matter of purchasing land and making construction of the buildings In connection to that the valuers of the government are required to work as arbitrator to develop the real estate business process which can be ensured by the application of the acts.
In this study, the current trend of real estate industry has been analysed with the relevance of rules and regulation of Malaysian government. From the Knight Frank Malaysia’s point of view different types of activities have been analysed in the study specifying board of valuers, appraisers and estate agents to develop the work process related to real estate business.