Image from: MIEA
The Malaysian Institute of Estate Agents (MIEA) has recently signed a Memorandum of Understanding (MoU) during the Malaysian Annual Real Estate Convention (MAREC) Summit 2020 with the tech companies of MyProperty Data Sdn Bhd and Finology Sdn Bhd.
The collaboration between MIEA and the tech companies are designed to elevate the local real estate practice scene by allowing its over 6,500 members to access better, faster, and more efficient services. This is in line with this year’s MAREC theme of “Real Estate Practice Vision 2025 ‘Change or Die’”.
Said Lim Boon Ping the President of MIEA, “The changing landscape of the real estate industry is rapidly evolving through technology advancement and the way we do things inevitably has to change to be relevant to the clients.”
He further added that MIEA will be taking their IT initiatives further by working with several strategic proptech, fintech and insuretech moving forward by launching specially designed apps for their members.
Officially launched during MAREC Summit 2020 was MIEA AgentData, an app that was created by MyProperty Data Sdn Bhd. Through this app, MIEA members will have access to the latest transacted property prices at their fingertips.
Chief Executive Officer of MyProperty Data Sdn Bhd, Joe Hock Thor, believes that the MIEA AgentData app will help property buyers make informed decisions when it comes to buying or selling their properties.
Joe stated that, “What makes MIEA Agent Data different is that it captures the data at the point of booking and we follow through until the Sales and Purchase Agreement is signed. By taking this approach, we can obtain, process and share the data in less than three weeks.”
Also highlighted during the event by Lim, was the eligibility of obtaining a housing loan eligibility which most buyers face. Hence coming up soon will also be an app that allows users to check their housing loan eligibility instantly. In creating this app, MIEA will be collaborating with Finology Sdn Bhd to launch MIEA LoanCheck.
Head of Business Development at Finology Sdn Bhd, Cheng Jun Hann, further shared that MIEA users of the app need only key in the basic information of the loan applicant into the app with the consent of the prospective home buyer in order to obtain the information on their loan eligibility.
Said Cheng, “The application will be integrated with CTOS and CCRIS, which makes the results more accurate and applicants can check their loan eligibility across all 17 banks in Malaysia. Our official supporting banks include Standard Chartered Bank and RHB bank.”
Another project that MIEA will be working on is with Howden Insurance Brokers Sdn Bhd, where the two companies will work together to offer special Professional Indemnity (PI) Insurance packages to MIEA members. While PI insurance is only compulsory for Real Estate Agents (REAs) to protect their client’s account, this effort between MIEA and Howden Insurance Brokers Sdn Bhd will now allow for REAs, Probationary Estate Agents (PEA) and Real Estate Negotiators (RENs) to purchase individual PI Insurance. Coined as MIEA Insure, MIEA members will be able to purchase the insurance effortlessly through a specially developed app for MIEA.
Lim further stated that MIEA will continue to work tirelessly towards increasing the level of professionalism in the industry and that the above initiatives will not only encourage Real Estate Agents and Negotiators to embrace technology in the industry, but provide better services which will ultimately raise the public’s confidence when they opt to engage the services of a registered estate agent or negotiator.
(11 March 2020)
