Soya Supersonic October 31, 2014 Share October 31, 2014 okay,no need to pay comms to buyer's agent.. roger that! Thanks!! btw, its a common practice ya? not a case by case basis? mkt rate for agent comm for pte is 1%. maybe even in today's slow mkt, can nego a little less if one tries n agent is starving. but dun fall for the 2% BS that some agents tell u that it's 'gahmen rule' and try to collect 1% from buyer and 1% from seller. ↡ Advertisement Link to post Share on other sites More sharing options...
Vtim 3rd Gear October 31, 2014 Share October 31, 2014 okay,no need to pay comms to buyer's agent.. roger that! Thanks!! btw, its a common practice ya? not a case by case basis? market practice is seller pay agent comms for private property only, HDB will be different. As a buyer, you can go direct to deal with Seller's agent or you can engage an agent to find for you but your agent will not collect comms from you but collect from the Seller's agent (co-broke). Also, if you buy direct from Seller's agent, that agent cannot collect comms from you as it is against the law (no dual representation, applies to all real estate sales, be it private or HDB). Link to post Share on other sites More sharing options...
magaritas 5th Gear October 31, 2014 Share October 31, 2014 No std rule set by cea on the comm. Most collect 2%. I come across agent who collect 5%. 1 Link to post Share on other sites More sharing options...
Dark 5th Gear October 31, 2014 Share October 31, 2014 Looks like property agent is the only profession whose income is guaranteed to rise in tandem with inflation. Link to post Share on other sites More sharing options...
Ec_2008 1st Gear November 15, 2014 Share November 15, 2014 Saw a program from media corp hosted by Guo Liang. They mentioned that commission is between 1% to 2%. If you wanna give more than is up to you. 1 Link to post Share on other sites More sharing options...
Soya Supersonic November 15, 2014 Share November 15, 2014 Ever heard 0.5 % U heard correct. I paid 0.5% b4 coz I put up the ad, got supportable bank valuation, produced INLIS documents, arrange open house n agent onli had to bring buyer n psycho them that its the deal of the century. Closed within 2 hrs of open house. Link to post Share on other sites More sharing options...
Rezorn86 3rd Gear November 15, 2014 Share November 15, 2014 Current work in a big 4 property agent company, did hear most of the agent just like wat has mention abv 1% each side So it will depend how u can nego with ur agent Link to post Share on other sites More sharing options...
Spring Moderator November 15, 2014 Share November 15, 2014 Last time I sold my HDB, I thought I was smart and decide to have a sliding scale for the commission. $210k gets 1% comm, $215k gets 1.5% comm and $220k gets 2% comm The market was getting weaker in the late 80s due to the Thai Baht crisis and after several perspective buyers offered below $210k, finally a buyer offered $214k after some persuasion. I told the agent to close the deal but he told me that he was confident of getting higher price and wanted to work towards $220k to get his higher comm and for me, a higher price. I was not convinced as market sentiment was poor and I was ok with the price anyway. He didn't want to budge and came up with all sorts of excuses and persuaded me not to close the deal. I was flabbergasted and only after offering him a separate comm of $700 did he close the deal for me!! Perhaps I was naive then but just wanted to share this with perspective sellers on what could possibly happen for a sliding scale comm which on paper sounds good! 4 Link to post Share on other sites More sharing options...
Little_prince Supersonic November 16, 2014 Share November 16, 2014 No std rule set by cea on the comm. Most collect 2%. I come across agent who collect 5%. property agents , insurance agents, durian seller, handphone shop owner all the same one. can con they will con, can scam they will scam. need to be on your guard all the time when dealing with these ppl Link to post Share on other sites More sharing options...
Meanmachine 6th Gear November 16, 2014 Share November 16, 2014 U are not wrong to say, however I beg to differ, as market getting thinner and less transaction, agents like will face a challenging task, my Life insurance agent will go all the way out to provide excellent services for me and family. Buying lunch and CNY hampers. My whole family insurance policies are with 3 different companies. My property agent/s will conduct excellent follow-up report on buyer's profile, tenant feedback and get me the highest price possible, I pay 1.5-2% comms to all deals. On their homework, thy have to report to me the CMA, seller's checklist and tenant 2 years of tenancy or I will claw back on their comms . . . Most of them did an excellent job. With the current market coming to an end of profitable business flow, I do not think we have rogue agent now, most Life and Property agents have to go through hours of CPD class, endless hours of training, seminar and all coy business conference, they do not want to go against the code of ethics for fear of losing customer's faith hence their license as well, so I eld say not all of them are out to cheat customers, unless always customers are difficult one to deal with. There are black sheep in every respective job, career , not necessary in property line, majority of RES ( Real Estate Salesperson ) hold high education background and qualified to be n Blue or white collar corporate executive/s, but thy chose RES simply they believe in contributing by giving back to society & taking care of their young family doing charitable works too. Link to post Share on other sites More sharing options...
Luckcent 4th Gear November 16, 2014 Author Share November 16, 2014 U heard correct. I paid 0.5% b4 coz I put up the ad, got supportable bank valuation, produced INLIS documents, arrange open house n agent onli had to bring buyer n psycho them that its the deal of the century. Closed within 2 hrs of open house. Bro Soya, where did you put up the ad...can share or PM ? Link to post Share on other sites More sharing options...
Soya Supersonic November 16, 2014 Share November 16, 2014 Bro Soya, where did you put up the ad...can share or PM ? ST classifieds. Tip: end the ad wif 'call owner on xxxxxxxx'. 99.9% of the callers r agents wif ready buyer on hand. Easy deal for them coz no need to co-broke or risk other agents playing punk by stealing their buyer, etc. Link to post Share on other sites More sharing options...
Hosaybo 6th Gear November 18, 2014 Share November 18, 2014 actually doesn't make sense for the property agent to hold and sell for a higher 0.5% comms- that translate to only 1K for a 200K property. They should just move, especially if sales is made and is within the seller's target. Cos to make that 1K more might take more time and effort esp in a down mkt. Prob in the case, the agent is holding on to a cluster of HDBs in the same area and he can slow his client area without making too much extra effort. to be frank, most agent just want to make sales in quantity rather than make more for the seller as long as it is within the typical mkt range. Sell and move on. Link to post Share on other sites More sharing options...
charminglad 1st Gear January 12, 2015 Share January 12, 2015 It's usually about 2% on seller's side. On buyer's side they can chose not to pay so the seller's agent will chose to co-broke with buyer's agent. Link to post Share on other sites More sharing options...
Throttle2 Supersonic January 18, 2015 Share January 18, 2015 Last time I sold my HDB, I thought I was smart and decide to have a sliding scale for the commission. $210k gets 1% comm, $215k gets 1.5% comm and $220k gets 2% comm The market was getting weaker in the late 80s due to the Thai Baht crisis and after several perspective buyers offered below $210k, finally a buyer offered $214k after some persuasion. I told the agent to close the deal but he told me that he was confident of getting higher price and wanted to work towards $220k to get his higher comm and for me, a higher price. I was not convinced as market sentiment was poor and I was ok with the price anyway. He didn't want to budge and came up with all sorts of excuses and persuaded me not to close the deal. I was flabbergasted and only after offering him a separate comm of $700 did he close the deal for me!! Perhaps I was naive then but just wanted to share this with perspective sellers on what could possibly happen for a sliding scale comm which on paper sounds good! Another "fine" example. If i were you, i would ask him to go f**k spider. But i am sure you have your reasons It's usually about 2% on seller's side. On buyer's side they can chose not to pay so the seller's agent will chose to co-broke with buyer's agent. 2% really? The only time i ever properly used an agent, i paid 1%. Link to post Share on other sites More sharing options...
Throttle2 Supersonic January 18, 2015 Share January 18, 2015 property agents , insurance agents, durian seller, handphone shop owner all the same one. can con they will con, can scam they will scam. need to be on your guard all the time when dealing with these ppl So true....... Praise you openly Link to post Share on other sites More sharing options...
Duckduck Turbocharged January 18, 2015 Share January 18, 2015 property agents , insurance agents, durian seller, handphone shop owner all the same one. can con they will con, can scam they will scam. need to be on your guard all the time when dealing with these ppl its their job lah cant really blame them... might as well say mobile phone makers are also conning us by making us paying >50% profit margins per phone unit right? as much as i hate crappy agents attitude, what they are doing is part of the sales tactics mah. Link to post Share on other sites More sharing options...
Throttle2 Supersonic January 18, 2015 Share January 18, 2015 its their job lah cant really blame them... might as well say mobile phone makers are also conning us by making us paying >50% profit margins per phone unit right? as much as i hate crappy agents attitude, what they are doing is part of the sales tactics mah. Not saying blame, but alerting the general public to be aware of such things. ↡ Advertisement Link to post Share on other sites More sharing options...
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