Wyfitms Twincharged March 28, 2014 Share March 28, 2014 hehe so which agency are you from? obviously i'd choose the one that can let me close deals the easiest way lah haha if u really interested to know, can PM me ↡ Advertisement Link to post Share on other sites More sharing options...
Matrix0405 5th Gear March 28, 2014 Share March 28, 2014 Hi Moyes, What is the 'market practice' for renting. Say for 1 year, does the landlord pays the Agent or the tenant pay the commission? Agent no appointed by landlord. Link to post Share on other sites More sharing options...
Kangadrool Supersonic March 28, 2014 Share March 28, 2014 as long as you have $2 can liao. yeah it is agency rule. but I always thought agency endorsement needed to maintain cea licence? that's the thing about it. sometimes I wonder whether I can set up my own agency hehe p/s: your david moyes avatar is making me puke.......... Link to post Share on other sites More sharing options...
Acemundo Supercharged March 28, 2014 Share March 28, 2014 as long as you have $2 can liao. no la, I think cea would have some minimum requirement. they wouldn't want to bring down the standard of the industry they are taking charge of. Link to post Share on other sites More sharing options...
Wyfitms Twincharged March 28, 2014 Share March 28, 2014 Hi Moyes, What is the 'market practice' for renting. Say for 1 year, does the landlord pays the Agent or the tenant pay the commission? Agent no appointed by landlord. wah lau dont call me moyes lah. feels like an insult anyway now agents cannot collect from both sides. if the tenancy is new, usually landlord will pay. 1 year lease usually 0.5 mth commission. So far i represented my parents and in-law when signing new lease so they dont need to pay. Then renewal i will also do for free, so the tenant also get to save, all parties happy Link to post Share on other sites More sharing options...
Sp4wn Turbocharged March 28, 2014 Share March 28, 2014 wah lau dont call me moyes lah. feels like an insult anyway now agents cannot collect from both sides. if the tenancy is new, usually landlord will pay. 1 year lease usually 0.5 mth commission. So far i represented my parents and in-law when signing new lease so they dont need to pay. Then renewal i will also do for free, so the tenant also get to save, all parties happy if u represent parents-in-law, there's actually a form you need to submit for non-conflict. of course, most people wont ask for it since they wont expect agent and the person they are representing to be related... just giving you $0.02 bro to be careful ya ... Link to post Share on other sites More sharing options...
Wyfitms Twincharged March 28, 2014 Share March 28, 2014 if u represent parents-in-law, there's actually a form you need to submit for non-conflict. of course, most people wont ask for it since they wont expect agent and the person they are representing to be related... just giving you $0.02 bro to be careful ya ... ah yes, thanks for the reminder bro 1 Link to post Share on other sites More sharing options...
drivinghazard 2nd Gear April 23, 2014 Share April 23, 2014 if you sell it yourself, your first medium would be the Straits Times Classifieds. They do accept advertisement from retail customers if i not wrong,the cost should be about $40+ per advertisement. even thru this medium solely, you can get quite a lot of viewers and enquirers already. but take note many agents will then call you to try to persuade you to let them market your property exclusively. if you happen to have an agent friend, you can ask him help to advertise on propertyguru, you pay him some money to offset his propertyguru subscription so as to sweeten the deal. I find it absurd that a property site do not allow direct owners to advertise, have to go through agents. Are they owned by the agencies? Why can't be like sgcarmart, allow direct owners to advertise, but at higher price. Now if I'm direct owner can only go through ST Classifieds. Actually I find that property agents more leech than car dealers. Offer nothing much and get 1-2% commission. 1 transaction pocket thousands of dollars. Little risk to them. And many of them want exclusive arrangement. At least car dealers buy your car then resell, so they undertake the risk and so I feel entitled to mark up and earn from it. I have used many form of middeman/agencies before, like car dealers, property agents, maid agencies, travel agencies, insurance agent. Other than maid agency I think no choice got to go to them, the rest can actually bypass and get a better deal yourself. Do you think the day will come when there are no more used car dealers, property agents and these middleman agencies? Link to post Share on other sites More sharing options...
Wyfitms Twincharged April 23, 2014 Share April 23, 2014 I find it absurd that a property site do not allow direct owners to advertise, have to go through agents. Are they owned by the agencies? Why can't be like sgcarmart, allow direct owners to advertise, but at higher price. Now if I'm direct owner can only go through ST Classifieds. Actually I find that property agents more leech than car dealers. Offer nothing much and get 1-2% commission. 1 transaction pocket thousands of dollars. Little risk to them. And many of them want exclusive arrangement. At least car dealers buy your car then resell, so they undertake the risk and so I feel entitled to mark up and earn from it. I have used many form of middeman/agencies before, like car dealers, property agents, maid agencies, travel agencies, insurance agent. Other than maid agency I think no choice got to go to them, the rest can actually bypass and get a better deal yourself. Do you think the day will come when there are no more used car dealers, property agents and these middleman agencies? yes, agents do not bring value to individuals, But they bring value to developers. To sell out, developers would need hundreds of agents sending out flyers, intercepting unsuspecting pedestrians, advertising, FB, linkedin etc etc plus put together a convincing sales pitch. It is not practical for the developer to employ so many full time staff. Working with agents on commission basis makes more sense. BTW, nowadays 1 transaction smelly smelly also 5 figure =).. thanks to lower sales volume, developers are willing to pay more to get rid of the unit. Link to post Share on other sites More sharing options...
drivinghazard 2nd Gear April 23, 2014 Share April 23, 2014 yes, agents do not bring value to individuals, But they bring value to developers. To sell out, developers would need hundreds of agents sending out flyers, intercepting unsuspecting pedestrians, advertising, FB, linkedin etc etc plus put together a convincing sales pitch. It is not practical for the developer to employ so many full time staff. Working with agents on commission basis makes more sense. BTW, nowadays 1 transaction smelly smelly also 5 figure =).. thanks to lower sales volume, developers are willing to pay more to get rid of the unit. Yah agree, for agents to market new properties I don't really care since it's the developers that pay them. In a way it's similar to the car market? New cars no choice have to go to distributors/dealer, but used cars can sell/buy your own to get better deal. Unless you lazy, then go to these middleman Link to post Share on other sites More sharing options...
Acemundo Supercharged April 23, 2014 Share April 23, 2014 I find it absurd that a property site do not allow direct owners to advertise, have to go through agents. Are they owned by the agencies? Why can't be like sgcarmart, allow direct owners to advertise, but at higher price. Now if I'm direct owner can only go through ST Classifieds. Actually I find that property agents more leech than car dealers. Offer nothing much and get 1-2% commission. 1 transaction pocket thousands of dollars. Little risk to them. And many of them want exclusive arrangement. At least car dealers buy your car then resell, so they undertake the risk and so I feel entitled to mark up and earn from it. I have used many form of middeman/agencies before, like car dealers, property agents, maid agencies, travel agencies, insurance agent. Other than maid agency I think no choice got to go to them, the rest can actually bypass and get a better deal yourself. Do you think the day will come when there are no more used car dealers, property agents and these middleman agencies? what I cannot stand about their antics is that since they don't own the house they selling, they should not be overly anxious to close a deal fast to the extent of leaking out the seller's reserve price or persuading the seller to accept a low offered price Link to post Share on other sites More sharing options...
Porker Turbocharged April 23, 2014 Share April 23, 2014 yes, agents do not bring value to individuals, But they bring value to developers. To sell out, developers would need hundreds of agents sending out flyers, intercepting unsuspecting pedestrians, advertising, FB, linkedin etc etc plus put together a convincing sales pitch. It is not practical for the developer to employ so many full time staff. Working with agents on commission basis makes more sense. BTW, nowadays 1 transaction smelly smelly also 5 figure =).. thanks to lower sales volume, developers are willing to pay more to get rid of the unit. Not so for the local mass market context (my opinion) from the way buyers queue up and flock to showrooms LOL! Agents represent high value to developers and owners when the properties to be sold are expensive and/or fall in a niche bracket. Agents are valued for their contacts, the bridge they form between buyers and sellers and the ideas they can generate to move the properties. what I cannot stand about their antics is that since they don't own the house they selling, they should not be overly anxious to close a deal fast to the extent of leaking out the seller's reserve price or persuading the seller to accept a low offered price The little extra they can squeeze from the buyer or seller means nothing in terms of the commission they can get. Hence no point working so hard when the return is essential very close Link to post Share on other sites More sharing options...
Acemundo Supercharged April 23, 2014 Share April 23, 2014 Not so for the local mass market context (my opinion) from the way buyers queue up and flock to showrooms LOL! Agents represent high value to developers and owners when the properties to be sold are expensive and/or fall in a niche bracket. Agents are valued for their contacts, the bridge they form between buyers and sellers and the ideas they can generate to move the properties. The little extra they can squeeze from the buyer or seller means nothing in terms of the commission they can get. Hence no point working so hard when the return is essential very close I know, that's my grouses all these while. I have seen agencies in fact, train their agents how to close deals faster and persuading the seller to accept lower price is one of the things they are trained for. that's the problem with the current system, mismatch of priorities of agencies boss and customers. agencies want to have more top sellers and it means volume is more important than $ closed. so they teach their agents to work this way. but who pays the agents? it is in fact ultimately the customers and not the agencies Link to post Share on other sites More sharing options...
Porker Turbocharged April 23, 2014 Share April 23, 2014 (edited) I know, that's my grouses all these while. I have seen agencies in fact, train their agents how to close deals faster and persuading the seller to accept lower price is one of the things they are trained for. that's the problem with the current system, mismatch of priorities of agencies boss and customers. agencies want to have more top sellers and it means volume is more important than $ closed. so they teach their agents to work this way. but who pays the agents? it is in fact ultimately the customers and not the agencies No choice lah. That's the economics of the business. The agencies would rather close at $100,000 lower (as an example) and lose the extra comm of $1000-$2000 (1-2%) than risk losing the entire deal. Any idea how to circumvent this besides dangling a carrot for achieving a higher price for the seller and vice versa? Edited April 23, 2014 by Porker Link to post Share on other sites More sharing options...
Acemundo Supercharged April 23, 2014 Share April 23, 2014 No choice lah. That's the economics of the business. The agencies would rather close at $100,000 lower (as an example) and lose the extra comm of $1000-$2000 (1-2%) than risk losing the entire deal. Any idea how to circumvent this besides dangling a carrot for achieving a higher price for the seller and vice versa? a staggered commission rate may help somewhat but it probably isn't a game changer. that's why if I could, I would never engage any agents, especially those agents that are mere associate than personal friend. at least with personal friends, they know my motivation and not easy to hoodwink/push round with and they cut away those antics that jeopardise trust and friendship. a lot of such grouses stems from the fact agents think they can hoodwink the seller or they don't really work for the long term good of the relationship. Link to post Share on other sites More sharing options...
Wyfitms Twincharged April 23, 2014 Share April 23, 2014 Not so for the local mass market context (my opinion) from the way buyers queue up and flock to showrooms LOL! Agents represent high value to developers and owners when the properties to be sold are expensive and/or fall in a niche bracket. Agents are valued for their contacts, the bridge they form between buyers and sellers and the ideas they can generate to move the properties. u're right about niche property However, for mass market, i have learnt that it takes some hyping by agents to get the crowd to the showrooms. certain agencies have developed a reputation for doing it well and it could be observed the difference between mass market projs by such agencies versus the others Quite interesting, really Link to post Share on other sites More sharing options...
Wyfitms Twincharged April 24, 2014 Share April 24, 2014 No choice lah. That's the economics of the business. The agencies would rather close at $100,000 lower (as an example) and lose the extra comm of $1000-$2000 (1-2%) than risk losing the entire deal. Any idea how to circumvent this besides dangling a carrot for achieving a higher price for the seller and vice versa? no way to circumvent, buyer and seller both have to do their own homework to make sure that the agent is not BS-ing them ↡ Advertisement Link to post Share on other sites More sharing options...
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