Here are the steps on how to set up a real estate agency in Malaysia:
1. Qualify as a real estate agent. You must be a Malaysian citizen or permanent resident, and you must have the following qualifications:
SPM certificate with no less than 5 subject passes, of which at least 3 shall be credits.
Must be 17 years of age and above.
One of the credits must be from the Mathematics, Science, Commerce OR Accounting subject. You can find more information on the qualifications and requirements for becoming a real estate agent in Malaysia on the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA) website: https://www.lppeh.gov.my/.
2. Choose the type of business entity. You can set up your real estate agency as a sole proprietorship, partnership, or Sdn. Bhd. The type of business entity you choose will have implications for your taxes, liability, and other aspects of your business.
3. Register your business with the Companies Commission of Malaysia (SSM). If you are setting up a Sdn. Bhd., you will need to register your business with the SSM. You can find more information on the registration process on the SSM website: https://www.ssm.com.my/.
4. Obtain a license from BOVAEA. Once you have registered your business, you will need to obtain a license from BOVAEA. You can find more information on the licensing process on the BOVAEA website: https://www.lppeh.gov.my/.
5. Set up your office. You will need to set up an office for your real estate agency. This could be a home office or a commercial office space.
6. Hire staff. If you plan to have staff, you will need to hire them. You will need to ensure that they are qualified to work as real estate agents.
7. Market your business. You will need to market your business to potential clients. You can do this through online and offline marketing channels.
Here are some additional tips for setting up a real estate agency in Malaysia:
Do your research. Before you set up your agency, it is important to do your research and understand the real estate market in Malaysia. This will help you to make informed decisions about your business.
Get involved in the community. Getting involved in the community is a great way to build relationships with potential clients and partners. You can get involved in local real estate associations, chambers of commerce, and other organizations.
Stay up-to-date on the latest trends. The real estate market is constantly changing, so it is important to stay up-to-date on the latest trends. This will help you to provide your clients with the best possible service.
Why Engage Bestar in Setting up a Real Estate Agency in Malaysia
Bestar is a leading consultancy firm in Malaysia with over 10 years of experience. They offer a wide range of services to real estate agents, including:
Business set-up and licensing. Bestar can help you to set up your real estate agency and obtain the necessary licenses.
Marketing and branding. Bestar can help you to create a marketing plan and brand your real estate agency.
Technology solutions. Bestar can help you to implement technology solutions in your real estate agency, such as a CRM system or a property management system.
Business support. Bestar can provide you with business support services, such as accounting, HR, and legal services.
If you are considering setting up a real estate agency in Malaysia, Bestar is a great option to consider. They have the experience, expertise, and resources to help you to succeed.
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