The Malaysian Institute of Estate Agents (MIEA) now has a place to call its own after operating from rented premises all those years.

President K. Soma Sundram said the 2,213sq ft office space located on the fifth floor of a building at the 3 Two Square commercial hub in section 19 of Petaling Jaya, Selangor, was bought for RM695,000 with savings and contributions from its members and well wishers.

These include RM125,000 raised from the Malaysian real estate convention last year, RM218,000 from members, contributions of RM100,000 from OCBC Bank (M) Bhd and RM50,000 from American International Assurance Bhd, and donations of RM18,000 by David Ong of Reapfield Properties Sdn Bhd, RM15,000 from O&L Real Estate, and many others.

He said the office premises, which incurred renovation costs of RM120,000, is currently estimated to be worth close to RM1 million.

According to him, MIEA had the idea of having its own premises since the eighties but it was aborted due to recession and the fact it had just a little over RM60,000 then until 1991, when Datuk Leslie Lee Kim Guan of New Bob Realty Sdn Bhd initiated a building fund with an initial contribution of RM500.

And the rest, like they say, is history.

With its own premises, he said MIEA can now conduct training sessions for real estate negotiators as well as carry out research and development and other activities in a more conducive environment.

He added MIEA plans to introduce an examination programme for negotiators who want to enter the real estate selling profession, in a move to reduce the number of illegal ones.

It also intends to have a "black book for bad tenants" to weed out those who abuse the law by not paying rent as well as.