Professionals such as valuers, property managers and real estate agents have a bright future, in line with the growing demand seen in the real estate industry, National Institute of Valuation (Inspen) director Aina Edayu Ahmad said.
She noted that as of the fourth quarter of 2023, the residential stock to be managed and transacted stood at 6.2 million units. This excludes other areas such as shop property stock and industrial property stock.
“Therefore, job prospects in the three professions are bright and abundant, whether in the government or the private sector,” she told Bernama in an interview.
She explained that those working in the industry would not only be confined to helping private buyers but would also provide their expertise to the local and federal governments.
“In the government sector, we cater to the federal government, state governments, agencies and statutory bodies for various valuation purposes including taxation, stamp duties and acquisitions. We assess the market value for various investment purposes and related matters.
“We also provide data (gathered from the National Property Information Centre, or Napic) to various agencies, including Bank Negara Malaysia, the Economic Planning Unit, and the Finance Ministry. On top of that, we also provide consultancy to government agencies,” she said.
Meanwhile, for the the private sector, Aina Edayu said the core business will be on valuation serving the retail and corporate segments, mainly for obtaining financing and mortgage purposes, so that banks could get the right values for the properties intended for acquisition.
She said that there are currently over 700 private firms registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (LPEPH).
Under the Valuers, Appraisers, Estate Agents and Property Managers Act 1981, only certified professionals — a property valuer registered with LPEPH — are authorised to give market values as requested by any institution.
“Hence, banks or financial institutions can safeguard their interest by providing the correct amount of loan, while for the buyers, they would know whether the properties are purchased at market value, above it or below it.
“Therefore, all parties would have the correct guidance in their investments,” she said.
She said valuers’ authority extends beyond just loans.
Other valuations are also covered, for the purposes of sale and purchase, land compulsorily acquired for public purpose, and corporate investment and management.
Inspen, which has LPEPH as its patron, is the real estate training department and research centre for the Valuation and Property Services Department under the Ministry of Finance.
Source: TheEdgeMalaysia.com
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