About Property Surveying

PROPERTY SURVEYING

What is Property Surveying ?

Property Surveyors are qualified professionals trained to provide specialised services in real estate to clients including corporations, institutions, statutory bodies, owners, investors, landlords and tenants. They work as Valuers, Property Managers, Real Estate Agents and Property Consultants.

Thus discipline is concerned with land use control and economics aspects of land management on behalf of a wide variety of owners; land reform and land settlement which may be undertaken to achieve the best use of land and the best location for human settlement, land valuation for a wide variety of private transactions or public actions affecting land; compulsory land acquisitions; land development in which the surveyor’s knowledge of the land market is of paramount importance.

SERVICES

The range of services that the PS members provide include:

Property Valuation

Property Valuation – is the professional service of providing an opinion of value of an interest in real estate or plant and machinery and equipment at a particular point of time. Valuations are required for various purposes including:

Asset Valuations
Statutory Valuations
Others – Sale or Purchase, Loan Security, mortgages and debentures, Foreclosure, Court reference or Litigation, Arbitration, Rent determination or review, Fire Insurance

The range of expertise may include valuation and appraisal of private hospitals, hotels, resorts, plantations and specialized properties such as mining land and quarries as well as plant and machinery and equipments.

Estate Agency

Estate Agency – The scopes of work covers all sectors of the real estate for owners, investors or occupiers and includes the following services:

Letting/Leasing
Sale/Purchase
Investment Consultancy

Property Management

Property Management – involves the management of properties on behalf of owners or Management Corporations involving individual, collective or portfolios of properties towards the achievement of ensuring optimum returns on property investment and ownership. The achievement o the goals include the following activities:

Management of building and equipments through effective and efficient maintenance programmes
Ensuring the highest possible level of occupancy at maximum rents to ensure optimum profitability
Control of outgoings and expenses with priority given to value added services while maintaining standards and quality of management
Auditing and reviewing of operations cost
Management of rental income and accounts

Market Research / Feasibility Studies

Market Research/Feasibility Studies – involves the provision of sound advice for interpreting the mechanics of property markets and identifying development and land use opportunities. PS members help their clients to make wise decision in the property market towards the achievement of optimizing their investment returns. The ranges of services include:

Property Information Service – collection of date, collation, reporting and analysis of property data so as to enable the intelligent assessment of market
Market Research Analysis – includes demand and supply studies, market surveys, high and best use studies

Feasibility Studies – includes risk, financial and investment analysis

Consultancy

Consultancy – PS members may be consulted in various other services pertaining to property and real estate which include development and funding options, project marketing, investment decisions on acquisition and disposal, development management and project management.

Professional NETWORK

Browse RISM Member Directory to search for RISM members. https://rism.org.my/directory/

Find PS Firms using this link http://search.lppeh.gov.my/

Fees

The fees for work undertaken by a member of the PS Division are governed under the Schedule 7 of the Rules of Valuers, Appraisers and Estate Agents Act 2004. For further information on the profession and fees, please visit https://lppeh.gov.my/

How to become a PROPERTY SURVEYOR ?

Property surveyors consist of registered valuer, property manager and estate agent. All practising valuers, appraisers, estate agents, and property managers in Malaysia must register with The Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEH). There are procedures on obtaining authority to practise. Valuer is able to do valuation, property management and estate agency. Registration number with the Board is denoted by V for Valuer, PM for Property Manager and E for Estate Agent followed by a few digits.

How to become a PROPERTY VALUER ?

A registered valuer is bound by various guidelines and practice directions issued by the Board such as the Manual of Valuation Standards. Here are the steps to attaining a valuer’s authority to practice:

https://lppeh.gov.my/WP2016/faq/procedures-on-attaining-a-valuers-authority-to-practice/

A person must comply with the following :

Must be a Malaysian citizen or a permanent resident of the country.
Possess a degree that is recognised by the Board (may refer to the website https://lppeh.gov.my/WP2016/qualifications/ for recognised degrees or contact the RISM pertaining to the valuation courses).
Register as a probationary valuer. (Simultaneously)
Register for your Test of Professional Competence (TPC). (Simultaneously)
The Board will register you as a probationary valuer and forward a letter to commence your practical training.
You must possess 2 years post-qualifying practical training and experience in Malaysia under the supervision of a registered valuer.
Upon completion of the 2 years post-qualifying practical training, you will be required to sit for your oral examination (Test of Professional Competence).
Only upon passing the Test of Professional Competence, will you be eligible for registration as a registered valuer.

How to become a REGISTERED PROPERTY MANAGER ?

Anyone who takes on the role of a property manager is now required to register with the Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEH).The property manager is a qualified professional who is competent and experienced in the management and maintenance of buildings. As a professional, he or she has to abide by all the laws and regulations relating to his practice including Act 242, Act 757, Act 318, the Malaysian Property Management Standards and other relevant regulations.

Property managers who manage the common property in strata developments deal with strata management and this involves financial management, insurance management, implementing by-laws, meetings and administrative management, buildings and facilities maintenance, repairs and refurbishment, security, safety and emergency management, tenancy and lease management and even human relations management.

Here are the steps to attaining a property manager’s authority to practice. A person must comply with the following :

Possess a degree qualification recognised by the Board
Undergo at least two years of continuous training and experience under the supervision of a registered property manager
Submit their record of experience in a work diary and log book
Upon completion of the minimum two years of continuous working experience, the applicant will then have to sit for and pass the Test of Professional Competence (TPC)

How to become a ESTATE AGENT ?

In the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242), the official term used for an estate agent is “registered estate agent”. A Registered Estate Agent (REA) is a registered property agent with The Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEH). Being registered gives the individual the right to own and operate their own real estate agency as well as hire Real Estate Negotiators (REN). RENs cannot practice until they have attended a specific course, gotten their official REN ID tags (and their own REN number), and gained employment from a registered agency i.e. an REA.

Anyone who is a Malaysian citizen or Permanent Resident (PR) of Malaysia and having met the prescribed qualifications and experience is entitled to register themselves with the LPPEH. The prescribed qualifications are according to the list as stated in the website https://lppeh.gov.my/WP2016/qualifications/

Having attained the qualification, the person must register himself as a Probationary Estate Agent (PEA) and undergo a two (2) years post practical training with a Registered Estate Agent (REA) and maintain a work diary. Having fulfilled the above, he has to submit two practical tasks and to be interviewed by the LPPEH panel in a session called Test of Professional Competence (TPC). After passing the TPC, a person shall then apply to register himself with the LPPEH where an Authority to Practice Estate Agency called Form I will be issued. He/She is then called a Registered Estate Agent (REA).

Any person beyond the age of 18 years is eligible to be certified as a Real Estate Negotiator (REN). However, he must be attached with a registered firm on a FULL TIME BASIS. He must then attend a two days course called Negotiator Certification Course (NCC) by any approved training provider (as listed in LPPEH website). Application can then only be made with LPPEH thru the registered firm by using the prescribed form together with the letter of employment/engagement and NCC certificate. Once it is approved by BOVAEA, a REN tag will be issued and delivered to the registered firm.