The unexpected rewards of employing a residential property agent
You’re in the market to buy property It’s a major choice with great deals at risk which can go regardless: an experience filled with happiness or one tormented with distress. After you brought Treasure At Tampines, you start to ponder how sell away your old property.
Do not understand how to navigate this quagmire of decisions, estimations and documents? I suggest working with a residential or commercial property agent. And also I’m not speaking about “that man on Facebook that understands a great deal concerning home.” I imply a correct representative that is registered with the Council for Estate Agencies (CEA) and also understands the policies and legalities pertaining to Singapore property.
I went around the office and asked my coworkers to share their experiences about engaging a home agent.
# 1 You’ll discover more concerning home.
” Though I didn’t end up acquiring an Executive Condominium, discovering my alternatives with my agent implied discovering more regarding the benefits of various properties, districts and also financial investment strategies. I’m definitely more notified now.”
Agents handle a multitude of prospects. Your agent would be able to advise if these are applicable or true to your situation.
A good agent would have the ability to provide you advice on the prices of buildings you’re interested in, assisting you to stay clear of paying greater than you should. They would likely have a great concept of the prices of comparable properties in the neighbourhood and also can aid you negotiate a better deal.
# 2 You’ll have a consultant by your side possibly for life!
” Buying property involves a lot of legwork; the average time one takes to buy a home can range from six to nine months.
Six months is a long time, so a property transaction should be approached in the most efficient way. Good agents can guide you on the property transaction process, from calculations to the intricacies of grants you are entitled to– and tailor their advice to your specific needs. Not knowing the process well or figuring it out as you go along can stretch the timeline further.
P.S: When you’re looking for an agent, it’s important to get a CEA-registered one. CEA is the statutory board that regulates property agencies and agents.
can check your agent’s credentials by keying in their registration
number or mobile numbers on the CEA Public Register. You can find the
registration number on the agents’ name cards. The Public Register also
has a listing of each agent’s latest transactions so you can see how
active the agents are and which neighbourhoods they are familiar with.
# 3 Their commission is negotiable– yup, really!
” Yes, agent commission is an added cost but I personally rather pay that than go agent-less. For those who DIY and get it right the first time that’s great, but those who don’t might commit costly mistakes.
A lot of agents ask for a 1 per cent commission, which works out to a $5,000 commission for a $500,000 HDB flat. For the average joe, this is still pretty pricey. Well, you’ll be happy to know that contrary to popular belief, an agent’s commission is actually negotiable. There is no minimum nor maximum percentage set by the CEA.
Have an honest and open conversation with your agent from the start– both about the duties you want him to undertake (for instance, do you want your agent to advertise the property you’re selling or do you plan to handle this on your own) as well as the commission rate you’re comfortable with.
Once you are in agreement, document the agreed commission rate, scope of work, as well as the terms involved in an Estate Agency Agreement. This is a contract to protect both your interests and that of your agent.
Your agent will also ask you to fill in a Customer’s Particular Form. This is and is a compulsory form one of the measures that property agents must take to prevent money laundering and counter terrorism financing. Cooperate with your agent on the form-filling.
P.S: You can have
either an exclusive relationship or non-exclusive relationship with your
agent. An exclusive relationship means you appoint only one
agent/agency for the property transaction. A non-exclusive relationship
means you appoint several agents/agencies and you pay commission to the
one who successfully completes the transaction on your behalf.
Before you go, remember that …
Agents should not be handling any of their clients’ monies.
Be it down commission, payment, or rent fees, the client should be the only one making these monetary transactions. Commission fees should also be paid to the agency, not the agent. It’s best to stick to verifiable payment modes such as crossed cheques and bank transfers.
You must be your agent’s only client in a single transaction.
This means an agent can not represent both seller and buyer– or both tenant and landlord– in the same transaction. This is to avoid conflicts of interest, and to ensure that the agent works in his clients’ best interests.
Having said all this, you are free to handle the property transaction on your own if you are familiar with the property transaction processes. If you find yourself needing some guidance or help with the transaction, just remember not to ask the other party’s agent for help. If you think you could benefit from their expertise, engage your own agent.
I suggest hiring a property agent. I mean a proper agent who is registered with the Council for Estate Agencies (CEA) and knows the policies and legalities regarding Singapore property.
” Though I didn’t end up buying an Executive Condominium, exploring my options with my agent meant learning more about the benefits of various properties, districts and investment strategies. Good agents can guide you on the property transaction process, from calculations to the intricacies of grants you are entitled to– and tailor their advice to your specific needs. The Public Register also has a listing of each agent’s latest transactions so you can see how active the agents are and which neighbourhoods they are familiar with.