Property buyers and investors should be familiar with BOVAEA/BOVEAP, which operates under the Valuers, Appraisers, Estate Agents, and Property Managers Act 1981 (Act 242). This ensures proper guidance for buying and managing properties.
Successful investors often prioritize property investment in their portfolios because it can offer higher long-term returns and is less volatile than other investments. When investing in real estate, it’s important to set clear goals, plan your cash flow, choose the right type of property, understand its valuation and potential for appreciation, and study the market and location. To become a successful property investor, you need to understand market prices, evaluate the potential of your investment, and consider factors like property valuation, purchase, and management.
Valuers and Appraisers help with financial and market insights. Estate Agents assist with buying, selling, and leasing properties. Property Managers ensure buildings are well-maintained and provide advice on lease renewals, tenant selection, and creating the right tenant mix. This knowledge is vital for property investment, but knowing where to seek expert help is just as important.
What is BOVAEA/BOVEAP?
Great news for property investors in Malaysia! The Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEA/BOVEAP), also known as Lembaga Penilai, Pentaksir, Ejen Harta Tanah & Pengurus Harta (LPPEH), is your one-stop center for all property-related information and assistance. Established in1981 under the Ministry of Finance, it operates under the Valuers, Appraisers, Estate Agents, and Property Managers Act 1981 (Act 242). If you’re buying, selling, or maintaining property, understanding how BOVAEA/BOVEAP works is essential to ensure a smooth process.
What Does BOVAEAP Do?
The Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEAP) oversees and regulates professionals in valuation, real estate agency and property management in Malaysia.
Here’s what BOVAEAP does:
Keeps a record of registered Valuers, Appraisers,Estate Agents, Property Managers, and their firms.
- Approves or Rejects Applications:
Decides who can register to practice under Act 242. - Handles Discipline:
Conducts disciplinary actions when necessary. - Organizes Exams:
Manages examinations for aspiring professionals. - Resolves Disputes:
Handles conflicts related to professional conduct and ethics, or appoints a mediator to settle them. - Sets Conduct Rules:
Regulates the ethical and professional behavior of registered professionals. - Insurance Requirements:
Sets rules for mandatory professional indemnity insurance to cover liability risks. - Holds Money in Trust:
Safeguards disputed funds between professionals and their clients when needed.
This ensures that the property industry runs smoothly and maintains high professional standards.
How BOVAEAP Helps Property Investors and Buyers
Buying, managing, or selling property can be a complex process. BOVAEAP ensures everything runs smoothly by supporting property investors and buyers with key services.
-
Verifying Professionals:
BOVAEAP provides information on licensed Valuers, Appraisers, Agents, andProperty Managers. Before making a purchase, you can check the credentials of the firms or individuals you’re dealing with. -
Ensuring Accountability:
The Board ensures that all professionals in the field are properly licensed and meet industry standards. You can verify their legitimacy on the BOVAEA website or by contacting them. -
Preventing Risks:
Engaging with unlicensed agents is risky and could lead to legal or financial problems. Verifying professionals through BOVAEAP helps protect your investment and ensures secure and legal transactions.
With BOVAEAP’s guidance, you can make property transactions with confidence and professionalism.
How Much Authority Does BOVAEAP Have?
Any issues involving Valuers, Appraisers, Estate Agents, or Property Managers can be brought to BOVAEAP, which has full authority over its registered members under ACT 242.
If a member is found guilty of fraud or dishonesty, BOVAEAP can:
- Cancel their registration.
- Suspend their practice for up to three years.
- Issue a warning or fine up to RM10,000, or both.
- Fine up to RM25,000 and suspend practice until the fine is paid.
- Restrict them from reapplying for registration until they meet the Board’s conditions.
Understanding BOVAEAP’s role is essential for property investors. Registered professionals under the Board can guide investors to maximize property value and achieve successful investments.
