KUALA LUMPUR, Oct 23 — Unlicensed property agents have defrauded around 1,500 people for nearly RM60 million from 2019 until last year, said the Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEPH).

According to Utusan Malaysia, LPPEPH Registrar Pamela Anthony said there were hundreds of unlicensed brokers posing as registered estate agents (REA) and real estate negotiators (REN).

She added that there have also been cases of property investment fraud, including on incident in which over 80 people lost more than RM11 million.

“Most of these illegal brokers are dishonest, solely aiming for profit, and some flee suddenly. They run off with customers’ money, usually the deposits that have been paid.

“In addition, these illegal brokers can be identified when they attempt to provide false information or manipulate property prices, which damages the reputation of other registered agents,” she was quoted as saying.

Pamela stated that currently, there are 3,121 registered REAs and 74,545 registered RENs, whose details can be verified through the LPPEPH website.

In addition to names and REA and REN numbers, she said agents’ mobile phone numbers must match LPPEPH’s records.

“LPPEPH can only identify law firms exploiting their positions as REAs or RENs through public complaints,” she added.

She explained that lawyers are also not automatically recognised or certified as agents or negotiators, as both status require passing an exam and attending the Real Estate Negotiator (NCC) course.

At the same time, REAs or RENs cannot be in professions simultaneously.

“The public is advised to verify the identity of REAs and RENs to avoid any doubts by checking the agent’s registration status on the website.

“The public is also required to check if the REA or REN is wearing a tag recognized by LPPEPH,” she said in the report.

She added that if a buying scheme or advertised promotion seems suspicious, the public is encouraged to verify with LPPEPH via email.

LPPEPH will then investigate whether the buying scheme or advertisement in question is legally valid.

She also said buyers should do proper due diligence before committing to any financial transactions.