For estate agency, the fee for sales or purchase for land and buildings is 3% . The amendment is on force since 1st October 2009.

http://www.lppeh.gov.my/circular/circullar-32009.htm
http://www.miea.com.my/
http://www.malaysiaestateagent.com/2009/12/amendments-of-the-scale-of-fees/
Date : 30 September 2009

TO : ALL REGISTERED VALUERS, APPRAISERS, ESTATE AGENTS,
PROBATIONARY VALUERS AND PROBATIONARY ESTATE AGENTS

Dear Sir/Madam

Amendments Of The Scale Of Fees

Please be informed that the Scale of fees as per the Seventh Schedule has been amended after taking into consideration the reques of numerous registrants who were of the opinion that discounts provided therein should be abolished and they be allowed some form of flexibility to negotiate on their professional fees with their clients.

Consequently, the Board has amended its laws to reflect the registrants request. Notwithstanding the aforesaid, the Board has also set a minimum fee for various categories of services provided. For your further information these amendment shall come into force on 1 October 2009.

We enclosed wherewith a copy of the amendments for your attention and further action .

Yours faithfully

LEMBAGA PENILAI, PENTAKSIR DAN EJEN HARTATANAH MALAYSIA
R.MAHALETCHUMI

Registrar

Ridiculous. Just like what the Bar Council did few back in 2004, imposing a minimum fee to be charged. Their job is to ensure equality, fairness, integrity in RE transactions dealing, not the profitability of the members. It will only make the sellers having to charge more to the buyers, hence artificially drive up the prices. If that being the case, all associations of various trade might as well come in to set minimum charges, no one will ever lose business. Look at the profits of banks. Bank Negara intervened by prohibiting banks provide zero moving costs. What happened? Genuine buyers get hurt; investors hold back; entire loan process is slowed down and our economies will grind to a snail pace when most people are still facing inflation pressures.