Property agents' records go online

[Laoren]

For all new home buyers / multiple home buyers out there !!!

 

Property agents' records go online: What to look for when searching for one

The CEA Public Register will now display details of completed HDB resale transactions when you search for a property agent. This includes information on the transaction dates, the location of the flat, and who the agent represented (buyer or seller).

 

3 main things to look out for 

1. How active the property agent has been

2. The type of housing the property agent specialises in

3. The property agent’s neighbourhood of choice

 

https://cnalifestyle.channelnewsasia.com/trending/how-to-use-property-agents-online-records-11140502

 

https://www.cea.gov.sg/public-register

[GEBuyingAgent]

For all new home buyers / multiple home buyers out there !!!

 

Property agents' records go online: What to look for when searching for one

The CEA Public Register will now display details of completed HDB resale transactions when you search for a property agent. This includes information on the transaction dates, the location of the flat, and who the agent represented (buyer or seller).

 

3 main things to look out for 

1. How active the property agent has been

2. The type of housing the property agent specialises in

3. The property agent’s neighbourhood of choice

 

https://cnalifestyle.channelnewsasia.com/trending/how-to-use-property-agents-online-records-11140502

 

https://www.cea.gov.sg/public-register

Thank you for your info.

[Showster]

1 hour ago, sgcarmart2019 said:

hope IT APPS can quickly develop and replace this useless middleman occupation call 'housing agent ' which has no value add to the property itself, yet asking obscene commission from buyers sellers for doing basically rubbish work such as persuading buyer seller deal at middle ground for them to close deal earn commissions 

Must be having lots of pain trying to sell your Free Hold.

[Ash2017]

3 hours ago, sgcarmart2019 said:

hope IT APPS can quickly develop and replace this useless middleman occupation call 'housing agent ' which has no value add to the property itself, yet asking obscene commission from buyers sellers for doing basically rubbish work such as persuading buyer seller deal at middle ground for them to close deal earn commissions 

what you posted got truth in it. 

eg a $2million property sold, many agents wants 2%, that would be $40,000 commission. depending on the agent's luck, found a willing buyer and willing seller, a quick deal is done.

if you can  do all the paper work yourself (which is not much) and most of the paper work can be done by the lawyer, so you really save quite a lot of money.

the many lawyers I know complain for a property transaction, the property agents earn more than them from each sale.

I think once the government remove the fear in DIY, lots of people will be out of job like stock brokers.

 

Good point.

[Ash2017]

2 hours ago, Showster said:

Must be having lots of pain trying to sell your Free Hold.

what you post is also true.

if we don't do it everyday like buying from NTUC Fairprice, it can be very daunting and the fear of making mistake (the thought of losing a property because of a silly mistake) are both painful

 

 

[Ash2017]

Prospective landlords/tenants should inquire with the relevant agents to understand the rationale behind their requested commission rates if they differ from the below.

1. Above S$3,500 in rent and a two-year lease – Landlord pays one month’s rental, tenant doesn’t pay
If there is only a landlord’s agent (the tenant contacted the landlord’s agent on his/her own), the landlord pays the landlord’s agent a one-month commission. The tenant does not pay a commission.
If the renter has a tenant’s agent who assisted the tenant and represents his interest, the landlord pays the landlord’s agent one-month commission. The landlord’s agent then splits the commission with the tenant’s agent. The tenant does not pay a commission.
2. Above S$3,500 in rent and a one-year lease – Landlord pays half a month’s rental
If there is only a landlord’s agent (the tenant contacted the landlord’s agent on his/her own), the landlord pays the landlord’s agent half a month’s commission. The tenant does not pay a commission.
If the renter has a tenant’s agent who assisted the tenant and represents his interest, the tenant pays the tenant’s agent half a month’s commission, while the landlord pays the landlord’s agent half a month’s commission.
3. At or below S$3,500 in rent and a two-year lease
Landlord’s agent collects a one-month commission from the landlord.
Tenant’s agent collects a one-month commission from tenant. If there’s no tenant’s agent, the tenant does not pay any commission.
4. At or below S$3,500 in rent and a one-year lease
Landlord’s agent collects half a month’s commission from the landlord.
Tenant’s agent collects a half a month’s commission from the tenant. If there’s no tenant’s agent, the tenant does not pay any commission.

NO FIXED RULES
It is important to remember that these are just common practices, there is no hard and fast rule on whether the landlord or tenant should be paying their agents and how much.
It all depends on the situation and how much the tenant/landlord needs the services of the agents. Some notable exception cases include:
Unique or in-demand properties such as a well-priced shophouse: The landlord’s agent can potentially demand that he does not “share commission” because there is plenty of demand.
Lower-end rental properties such as room rentals below S$1,000. The landlord’s agent may not be able to get the landlord to pay him commission even though he may be marketing the property on the landlord’s behalf. In lower-end rentals, the tenant may not have as much of a choice and thus negotiation power, so the agent has no choice but to collect commissions from tenants. Technically, they would be switching roles to become the tenant’s agent and should be acting in the tenant’s best interest.

SELLING/BUYING: COMMON PRACTICES FOR AGENT'S COMMISSION
 1. Non-landed private properties such as condos
Sellers pay 2 per cent
Buyers pays nothing regardless of whether they are using a buyers’ agent or not. Seller’s agent splits commission with buyer’s agent.
2. HDB resale flats
Sellers pay 2 per cent commission
Buyers pay 1 per cent commission
3. Landed properties
Sellers pay 2 per cent.
Buyers pay nothing regardless of whether they are using a buyers’ agent or not. Seller’s agent splits commission with buyer’s agent.
READ: Is the Singapore property market still a safe haven for investors?

NO FIXED RULES
Similar to rental commission, again there are no fixed rules on commission and everything is negotiable depending on the situation. The commissions structure on buying properties is usually even more negotiable as situations tend to be even more unique. Notable exceptions include:
Commissions paid by sellers can go a lot higher as well if the seller is in a more urgent state of affairs, or if the property is harder to sell.
Commissions demanded by the buyer’s agent may sometimes be much higher as well, especially if the buyer’s agent is representing an overseas buyer and doing a lot more work to help the buyer make a decision. Some agents representing buyers from Hong Kong or China may demand up to 5 per cent commission, from what we have heard. In these instances, it would be up to the seller to decide if he is willing to offer that to close the deal.
In many cases, and especially in the luxury property segment, there can be tiered commission schemes that incentivises the seller’s agent to get a higher price. This could include a 2 per cent commission on properties worth at least S$5 million and an additional 5 per cent if the closing price is above S$5 million.

HOW CAN A SELLER OR BUYER SAVE ON COMMISSION?
If you are thinking of selling or buying a property without an agent, think again. Property, being one of the most expensive decisions you make in your lifetime, demands a thorough knowledge of specialised law and regulations. On top of that, property agents have knowledge and experience in negotiation, and can successfully go toe to toe with an opposing agent.
On the other hand, representing yourself can result in a messy and slow transaction at best, and costly legal entanglements and monetary loss at worst.
In any case, do compare commission fees and services offered by different property agents before deciding to appoint one or more.
A seller’s agent may also seek exclusive rights, a legal agreement to become your sole property agent in marketing and selling your property.

WHAT IF I AM A LANDLORD OR TENANT? ARE AGENTS A MUST?
A landlord’s agent can save one from a whole lot of headaches, as he or she is experienced in not just finding a property, but also screening out potentially bad tenants. The agent may also be able to help you deal with tenant issues along the way, depending on agreed upon responsibilities with the agent.
If you are a tenant and can afford the time to search and arrange viewings for a rental property yourself, you could choose to forgo a tenant’s agent.
In this case, our advice is to always find a landlord who is represented by a landlord’s agent as there have been countless cases of devious landlords taking flight with a tenant’s deposit, or sudden and unfair evictions. 

[Ash2017]

2 hours ago, Showster said:

Must be having lots of pain trying to sell your Free Hold.

I truly dislike the fact that seller pays commission and is split between seller and buyer agents.

Why should the seller pays part commission to the buyer agent when the buyer agent have 100% interest for the buyer and not the seller?

 

This rule needs to change to ensure equity in remuneration. 

[Ash2017]

17 minutes ago, sgcarmart2019 said:

everyone should get together pressure the industry set a max cap of 0.5% for agent commission

hdb resale should start the IT APPS ball rolling first, all buyers sellers go through IT APPS, bypass property agents

private properties buyers sellers can follow suit if they so wish to

 

Bro though I agree with you to some extend

the sudden implementation of what you asking is going to put ten of thousands property agents fighting for a place in Sungei Road to sell their home housewares

 

 

to some extend you fail to see the whole picture

I am NOT a property agent

 

but I sincerely hope you should not put squarely everything on the property agent

 

The property industry is like a MLM business

the commission you pay, some goes to the agent helping you, some goes to the team leader of the property agent who basically talk more than do work and some goes to the property agency (company)

so in short most of the time unless the property agent is some high flyer he or she is not going to get a lot of the commission

 

my personal approach

if the agent serves me well, I give the agent the full commission to him or her by passing the property agency (company)

 

in any organization there will always be a few black sheep even in MCF ... don't have to look too far ..... see the avatar with a black face.... if you still don't know who .... let me tell you RADX, a Chinese trying to be Indian.

[Ash2017]

27 minutes ago, sgcarmart2019 said:

everyone should get together pressure the industry set a max cap of 0.5% for agent commission

hdb resale should start the IT APPS ball rolling first, all buyers sellers go through IT APPS, bypass property agents

private properties buyers sellers can follow suit if they so wish to

 

bro why need to put pressure on the industry, didn't you read there is NO FIX COMMISSION 

[Freeder]

3 hours ago, Showster said:

Must be having lots of pain trying to sell your Free Hold.

Making so much money still want to KPKB..

Really see cannot open guy.

i really pity his state of mental health ..

[Ash2017]

43 minutes ago, Freeder said:

Making so much money still want to KPKB..

Really see cannot open guy.

i really pity his state of mental health ..

I learnt abit too late in life

empty vessels make the most noise

 

I suspect there is more to it than meet the eyes

perhaps he got jilted by a property agent

he got looked down upon by a property agent

may even he realized the deal that he thought was good and paid commission above the standard but only to learn that what he thought was less than he bargained for

some people no matter what will find something to complain, even charge him 0 commission, he will also complain

 

I also learnt in life,

some people are Gemini, one side one kind type but the other side very generous to friends and those who meet him

Edited October 28, 2019 by Ash2017

[Ash2017]

47 minutes ago, sgcarmart2019 said:

oh ya, no wonder i pay my agents 0.5% max

can teach how to bang table to get 0.5% 

 

[Ash2017]

2 hours ago, sgcarmart2019 said:

why sell FH properties ? why sell golden gooses that lay golden eggs ?

only those dumb investors who overstretch or low cash flow cannot pay monthly loans need to sell their properties

every month my FH properties bring in 5figures passive income, what for sell them?

from your this post I can assume you are still fairly young and probably had not experienced the dips and downturn of the economy

 

come back here and post when recession hits

 

good luck

[Showster]

7 hours ago, Ash2017 said:

I learnt abit too late in life

empty vessels make the most noise

 

I suspect there is more to it than meet the eyes

perhaps he got jilted by a property agent

he got looked down upon by a property agent

may even he realized the deal that he thought was good and paid commission above the standard but only to learn that what he thought was less than he bargained for

some people no matter what will find something to complain, even charge him 0 commission, he will also complain

 

I also learnt in life,

some people are Gemini, one side one kind type but the other side very generous to friends and those who meet him

他是终极失船者，本以为网上屋价价钱便宜，可以进场，不料却被刊登的假价骗了，万分失望。因而憎恨经纪。

现在，只能靠先人遗留下的永久大屋到处吹牛皮。

[Showster]

The sector might shrink anyways due to various pressures, including more DIY buyers and sellers.

https://www.straitstimes.com/singapore/competitive-real-estate-industry-may-put-agents-under-pressure-to-hit-their-targets

Good day all.

Edited October 28, 2019 by Showster

[Mkl22]

14 hours ago, sgcarmart2019 said:

why sell FH properties ? why sell golden gooses that lay golden eggs ?

only those dumb investors who overstretch or low cash flow cannot pay monthly loans need to sell their properties

every month my FH properties bring in 5figures passive income, what for sell them?

Agreed. Bought a place some years back and used my mother friend as an agent. I did all the leg work in looking for a unit in PropertyGuru and the newspapers. She just came and co broke. 
she did however recommend a good lawyer. 
everything else was handled by the lawyer and it was easy and seamless.