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Property Agent Commission


Jubilong
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Neutral Newbie
Not about the saving troubles ...but don't you just hate it that you give your money to those "agents" who don't know much?

If they are so smart they won't be agents in the first place.

 

 

U can call tis no 1900 912 1900. There are alot of smart ppl inside. Definitely at ur social intelligence......get the drift or shld i paddle it?

Edited by 2bfree
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Not about the saving troubles ...but don't you just hate it that you give your money to those "agents" who don't know much?

If they are so smart they won't be agents in the first place.

 

There are always "black sheep" in every industry, why would you want to give your money to agents who don't know anything and if you did it proves that you aren't that "smart" yourself. If you are so "smart", it'll be no problem for you to look for agents who are professional and really know their stuff. Also, does your "elitist" mentality gives the right to insult people's intelligence? Anyway i don't see a point in wasting my time debating with you, i'm going to spend my time doing something else productive and also save myself from any insults.

 

Peace

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Back to TS question. Hw do u chose? See who can give u a beta presentation, understandin of the neighbourhood past transactions, hw often do they come over to ur neighbourhood for rounds etc. That was wat I was tought by my seniors. As a broker/agent, we are here to help u fight for the best price from the buyer, of which we hav to spend some time to educate/justify on the amount of which they are gona pay. We need to be very familiar with the area transactions, price patterns etc in order to convince the buyer......Bt before dat we oso need to educate the seller too on wat is the most reasonable amount after valuation takin into consideration the time frame. If u need to sell the property fast, the price cant be high, the comm for the broker maybe will hav to be 1.5-2% which is the standard one cos the agent need to advertise it intensely. Pls understand that the advertising cost is frm the agent upfrnt before u pay any comm. Wat if the property takes a long time to sell? The cost will be bigger. Its an investment risk for agents/brokers sellin the property before any comm, of which we hav to take.

 

PS: If u not in a hurry to sell, then can neg to 1%. Bt nt much advertising will be done cos most agents will want to cut cost or not risk it.

I do hav a few customer who are not in a hurry to sell so they wait for me to find a potential buyer for them. Thus a lower comm.

 

I am quoted 1.5% with exclusive. Previous agent was 1% without, so trying to justify the increase. The one quoting 1.5% sounded more confident but could he be an empty vessel?? Anyway guys let's stay on your experiences selling your houses instead of bashing the agents which this thread is not meant to be.

 

Real estate agents also have mouths to feed like us and lets generalise them because of those black sheeps. In everything we do we must do it with due diligence and not get in with our eyes closed, that is why again is what we should be discussing to avoid the pitfalls and to be better informed.

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Well, it was insurance agents a couple of weeks ago. Its the property agents turn nw. Was bashin the BMWs a couple of weeks ago, nw is the Japanese H's & T's turn. Wonder wats nice for bashin nex week. The never endin entertainment......I JUS LOVE IT!

Kudos MCF! GANBATE!

 

i also very like!! [bounce1] [bounce1]

 

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Neutral Newbie

Are you an agent? Don't feel hurt

 

 

Nope, I m not hurt. Pls read my posts. I hav a job. Joined ERA recently to sell my own flat. Gt some bad experiences wif agents before too. I agree there are bad sheeps. Jus dont like ur comments on ppl and their profession. Anyway, u r smart, u hav it figure out in ur life. Congrats. Hope to see more of ur kind, the "smart" ppl participate in the next election.....Definitely vote the other way. Anyway, tired liao. No hard feelins. U entitled to ur perspectives and etc. Everyone does. Its a forum n a free world. Good nite.

Edited by 2bfree
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Neutral Newbie

yes you can sell or buy without any agent... For private property, all you need to do is find a lawyer first.tell him u wish to sell. He will guide you step by step. anyway you will need a lawyer to do paper work later on.Let me brief you: if u are selliing and you manage to find a buyer, he will need to pay 1% of the sale as offer to purchase.After which he will have to Pay another 4% of the sale to his lawyer which will help him to pay to your lawyer within 14 days.After that, the rest will be done by the lawyers.But before you purchase any property , remember to seek for bank valuation of the property.Do it even you are selling too.

 

For HDB property, my advice is to attend the HDB seminar which cost less than $30 if i am not wrong.It will teach you what the procedures of buying or selling.Usually it will be held on Saturdays.Go to the HDB website for more details.

 

Lastly, If you just wan someone to do paperwork for your property transaction, you can PM me.I have an agent friend providing usch service.He charges between $500 - $1k depends of the situation.He only does the paperworks , no negotiation between the buyers or sellers.Assuming all is happy and only need to move on to the paper work thats all.

 

Hope you will find the infor useful.Feel free to highlight if I am wrong in anyway.All this is provided at my best knowledge. [drivingcar][drivingcar]

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Neutral Newbie

I am quoted 1.5% with exclusive. Previous agent was 1% without, so trying to justify the increase. The one quoting 1.5% sounded more confident but could he be an empty vessel?? Anyway guys let's stay on your experiences selling your houses instead of bashing the agents which this thread is not meant to be.

 

Real estate agents also have mouths to feed like us and lets generalise them because of those black sheeps. In everything we do we must do it with due diligence and not get in with our eyes closed, that is why again is what we should be discussing to avoid the pitfalls and to be better informed.

 

 

Like wat I shared wif u. 1% will be like my customers who are not sellin in a hurry, wif out exclusive. One reason was oso becos I told them that I m new & if they were to find other agents, i will not mind. So I do not want to tie them dwn wif exclusive. Bt for the exclusive, the tie down is 3 mths after which u can renew or terminate. So the agent will ask for higher comm in order to help u sell the property asap with intense advertising which will incur higher costs to the agent, even to the extent co-broke which will lower his comm amount without affectin ur agreed comm. Which actually is to us, as sellers, an advantage. Bt of cos it is really up to the seller how he sees it.

 

An example, I jus sold my car to a car broker for 85k today. Bt if I sell it on sgcarmart, I can sell it for 88k-90k. Bt I will be entertainin calls frm dealers & "window shoppers" etc. Then gt to arrange veiwin of my car in my free time, of which is already so little. Then got to do the paper work etc. And I already saw a pre-owned car to my fancy, I wish to buy it before someone does n oso at a price that I see deem fit. Thus in order to expedite the process I sold to the broker. Of which in ur case u give additional comm to the agent to expedite the sale of ur property in order nt to hav any unwanted situations in the delay like property slump, recession dip or sometimes ur neighbour made a quick sale with low pricing due to urgency etc.

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Neutral Newbie

yes you can sell or buy without any agent... For private property, all you need to do is find a lawyer first.tell him u wish to sell. He will guide you step by step. anyway you will need a lawyer to do paper work later on.Let me brief you: if u are selliing and you manage to find a buyer, he will need to pay 1% of the sale as offer to purchase.After which he will have to Pay another 4% of the sale to his lawyer which will help him to pay to your lawyer within 14 days.After that, the rest will be done by the lawyers.But before you purchase any property , remember to seek for bank valuation of the property.Do it even you are selling too.

 

For HDB property, my advice is to attend the HDB seminar which cost less than $30 if i am not wrong.It will teach you what the procedures of buying or selling.Usually it will be held on Saturdays.Go to the HDB website for more details.

 

Lastly, If you just wan someone to do paperwork for your property transaction, you can PM me.I have an agent friend providing usch service.He charges between $500 - $1k depends of the situation.He only does the paperworks , no negotiation between the buyers or sellers.Assuming all is happy and only need to move on to the paper work thats all.

 

Hope you will find the infor useful.Feel free to highlight if I am wrong in anyway.All this is provided at my best knowledge. [drivingcar][drivingcar]

 

 

Yep. Tis is oso 1 way. Same goes for cars.

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Neutral Newbie

Like wat I shared wif u. 1% will be like my customers who are not sellin in a hurry, wif out exclusive. One reason was oso becos I told them that I m new & if they were to find other agents, i will not mind. So I do not want to tie them dwn wif exclusive. Bt for the exclusive, the tie down is 3 mths after which u can renew or terminate. So the agent will ask for higher comm in order to help u sell the property asap with intense advertising which will incur higher costs to the agent, even to the extent co-broke which will lower his comm amount without affectin ur agreed comm. Which actually is to us, as sellers, an advantage. Bt of cos it is really up to the seller how he sees it.

 

An example, I jus sold my car to a car broker for 85k today. Bt if I sell it on sgcarmart, I can sell it for 88k-90k. Bt I will be entertainin calls frm dealers & "window shoppers" etc. Then gt to arrange veiwin of my car in my free time, of which is already so little. Then got to do the paper work etc. And I already saw a pre-owned car to my fancy, I wish to buy it before someone does n oso at a price that I see deem fit. Thus in order to expedite the process I sold to the broker. Of which in ur case u give additional comm to the agent to expedite the sale of ur property in order nt to hav any unwanted situations in the delay like property slump, recession dip or sometimes ur neighbour made a quick sale with low pricing due to urgency etc.

As for car broker, they have a reason to buying in cheap as there is a risk. What if they cant sell off .Everyday is a depreciation to bear.However for an agent , they only need to pay for advertisments fees.All they have to do is to manage the adv fees , if they cant sell the house there is not much lost comapre to a car broker.If the agent is good,he wont even ask for more comms unless he help to sell higher or buyer lower for you.Do becareful when the agent do staging.Let me give you an example, lets say you are selling. You said you wish to sell $350k.The agent starts to tell you that your property can only sell at $320k.So you take his words.THen comes the buyer. He told the buyer you unit can sell at $370k.In this case the buyer likes your property, he tell the agent he wish to offer $370k or slightly lower.The agent knows that he already can closee the deal.Now is how much he can make from the comms. He turns to the buyer and tell him if he can help the buyer to save money if he is able to persuade the seller to sell at $350k .Of cos the buyer will be very happy right. So in this way the agent can also ask for extra comms.Sounds good to pay a few K in comms to save 20k right. Then the agent goes to the seller. He told the seller that , the buyer is only willing to offer $310k.Usually the seller will not accept the offer.then the agent will then say what if he can persaude the buyer to offer more will he pay more comms. An experienced agent will stage it slowly to prevent loopholes and make it more convincing.Hope you will find it useful.

 

However, do take note not all agents use that to make extra comms.After all during negotiation, staging is very important.It is how the agent does it.Is he doing for his own interests or he is doing for his clients interests?? ONLY he knows! [drivingcar]

Edited by Orionong
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Almost 99% agents I know got retrenched or cant find a REAL job

 

 

I can confirm this karchooi is gay... retrenched and cannot find a real job... and possibly uneducated... Not in terms of schooling, but uneducated becoz he appears brainless

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Hi,

 

I would like to confirm for private apartment under $2mil the agent commission from seller is 1.5% ? There are so many agents so how do you choose the most suitable to market?

 

My advice to you is ..if you are not in a hurry to sell,,then advert yourself and see if any agent approach you. Assess the agent you are dealng with properly before dealing.

 

If there are agents that approach you with a good offer, indicate to agent clearly , he/she gets NO commission from you.

 

Get your own trusted legal counsel to do the conveyancing.

 

There are simply too many horrible ppl out there that act as property agents, that the whole trade is a rogue trade.

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To the TS question. Actually there's not standard rules of how much you need to pay the agent, you can choose to pay how much you think he's worth during the negotiation with the agent that you are working with.

 

Agents act as a medium to do all the work for you and fight for the best price you all as owners would wanna get. Selling a house is not like selling a TV. It needs more patient and work to get it done.

 

If you all think that you all can sell it on your own and able to get the best price you all guys want. I wish the best for all of you. If not you will still need to find an agent to fight for the best interest you wish to get.

 

 

Anyway Agents are also Human. They also need to earn money back to feed their Family.

 

Yes i agree that there's lots of black Sheep in this trade. Me myself is a Property Agent , Me myself also encounter those Black sheep's Trick and fall into it.

 

Many of the time, r/s between Agent to agent must be good so as to keep a wide contact and good lobang in the near future. But some like what you guys said, only there to try to earn quick bucks and don't care about anything. But you guys keep talking about how bad is the property agent, but you all should take a look at ourself , as a seller and buyer. If you didnt engage an agent to do all the job for you, you might not be able to fetch a high price for your property. And if you didnt engage a agent to find a house for you, you might not be able to take a good fight from the other agents who's sole agent of the unit that you wanna like and offer.

 

Often customers also like to make a fool of their agents, treat them like monkeys, make them do all the work , arranging viewings, do research, find this find that, and then in the end told them " Im sorry, i've bought a house thru another agent. Thank you for your service for the past few weeks or even months" If this case happens? What can agent do? Call them and seek them to pay a portion of commission? Of course not, to be professional , we still have to congratz them for finding their dream house and Curse the Freaking lucky agent who help them found the freaking house. This refers to the buyers. All buyers think that finding one agent is too darn slow already, why not find 10 agents so that they can bring me see ALL the houses available in the area that i would wish to view? So... in the end , 9 agents are treated as monkeys and 1 of them won.

 

Thats why people always say Property Agents can earn a lot of money easily. But these money comes not easy. Think about it before you says that.

 

Personally i also hate those black sheep of this trade. They not only do that to their clients, they even do that to their own People! The property agents! These are the people i personally much despise. They make this profession looks so dark and black until the society thinks that ALL property agents are also like this. Too bad to those honest and sincere Agents. Some honest agent really help the clients fight for the best price, but due to all these stuffs, the customers might have doubts and even want to ask the agent for discount commission. Many agents did that and agree because those agents have already earn alot and whats a small discount is to them? This is just too bad for those who have just start out, People really Spoilt the market.

 

Thats the reason why government and IEA is coming in to regulates property agents and .... really too bad to those who wanna join the industry at this time. They must really work very very very very very hard then can.

 

Just my 2cts worth

 

 

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Neutral Newbie

Those "joker: or "uneducated" ppl are earning more than most of us here. So think before you all insult.

 

 

Prostitutes also earn alot

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