PEPS against proposal for separate boards

> Association argues that property & facility management and valuation are intertwined

PETALING JAYA: The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector, Malaysia (PEPS) has argued that the boards to regulate property, facility management and valuation should not be separated as these areas are intertwined.

In rebuking the Malaysian Institute of Professional Property Managers and Facility Managers’ (MIPFM) suggestion that property and facility management to be treated independently from valuation, PEPS said it viewed the recent statements allegedly made by MIPFM president Sarkunan Subramaniam at the MIPFM Conference 2018 on Bridging Property Management and Facility Management with concern.

It said property management is a profession and valuers are trained in valuation, estate agency and property management, which are interrelated.

“There should be no separate boards as the board itself acknowledges that these three areas, which are valuation, estate agency and property management are intertwined. Being in the same board is about staying together and having the same status as valuers and estate agents of the same standing.

“The opening up of the property management profession is an act to expand the board’s composition to enhance in all these three areas,” PEPS said in a statement.

On a separate note, the Malaysian Institute of Estate Agents (MIEA) which represents 5,000 real estate practitioners, supports the call for the creation of a separate board made by the MIPFM.

MIEA president Eric Lim said it was time for the government, after 32 years of the passing of Act 242, to review and evaluate the effective managing of the profession and determine its future direction, adding that MIEA has long made the call for the creation of a separate board for real estate agents, to more effectively regulate its practitioners.

The profession is currently regulated under Act 242 by the Board of Valuers, Appraisers, Estate Agents and Property Managers, which comes under the purview of the Finance Ministry.

Lim said the current board was overwhelmed regulating the four professions under the real estate services industry, namely property managers, valuers, appraisers and real estate agents.

He added that real estate agents, who made up the majority of the profession, were not adequately represented at the board level.

“The real estate profession should be regulated by its practitioners, similar to other professional bodies in Malaysia and Singapore.”