The Malaysian Institute of Estate Agents (MIEA) wants to encourage more participants outside the Klang Valley area for its upcoming Real Estate Awards next month.
MIEA deputy president and awards chairman Siva Shanker points out that one of the awards categories, the prestigious “Real Estate Agency of the Year,” is open to participants where the MIEA has a state branch, namely Penang, Perak, Johor, Sabah and Sarawak.
“In first three years when we held the awards, we had strong response from estate agencies from Kuala Lumpur but not from other states. It's because they (agencies outside Kuala Lumpur) felt that they can't compete,” he tells StarBizWeek in an interview.
Siva adds that many agencies outside the Klang Valley were reluctant to participate because there was just no comparison in terms of the quantum of the transaction.
“It's because they felt that the quantum of what they do cannot match with what is done in Kuala Lumpur. Property values are three times higher in the Klang Valley!”
To address this issue, awards under the Real Estate Agency of the Year category is now judged based on individual states.
“This is the second year we're doing it and the MIEA wants to encourage participation from estate agents from outside the Klang Valley area,” Siva reiterates.
This year's Real Estate Awards, which is being organised for the fourth consecutive year by the MIEA, will be held on Oct 6 at the Sime Darby Convention Centre in Kuala Lumpur.
There will be a total of eight award categories three for Agency (which is divided into small, medium and large firms), a Salesperson award, Specialised Category, Real Estate Agent of the Year, Real Estate Agency of the Year and Real Estate Agency of the Year State Branches.
The eight award categories are further broken down into 22 sub categories.
“We've broken up the awards based on the size of the agency, namely small (less than 20 agents), medium (21 to 100 agents) and large (above 100 agents) firms.
“We want to make a difference based on the size of the company. We don't want a large firm doing RM50mil worth of businesses competing against a smaller agency handling a lower quantum of work,” says Siva.
He also says awards for agents are divided into work for the residential, commercial and industrial sub-sectors.
“There's also a Specialised Category to cater for work that does not fall under the residential, commercial or industrial sub-sectors. This may include an abandoned development that has been revived, successfully putting together a difficult joint venture or selling an island, for instance.
“This is to cater to people that have done brilliant work but it's judged on a separate merit.”
Siva says there will also be special award category, namely the Real Estate Leadership Award, which will be by invitation only and reserved for selected, privileged individuals within the property industry.
“The Real Estate Leadership award is decided by the MIEA council of management. The recipient could be a valuer, developer or anyone within the property industry.
“However, he or she must have shown great leadership and moved the industry forward in a very special way. This person must have also provided immense contribution to MIEA itself. Not monetarily, but in some form of leadership or by example or guidance to the institute.”
Past recipients of the Real Estate Leadership award were Senator Datuk Abdul Rahim Rahman, the executive chairman of Rahim & Co group of companies, former Valuation Department director-general Datuk Ravindra Dass and Bukit Kiara Properties group chairman Datuk Alan Tong.
By The Star