Property Agents' commission

[Angcheek]

agent are earning more than you know ........ many are very rich

[charminglad]

Another "fine" example.

If i were you, i would ask him to go f**k spider.

But i am sure you have your reasons

 

2% really?

 

The only time i ever properly used an agent, i paid 1%.

 

Yup. Market rate is usually 2% for landed resale. Well, if it was 1% and he managed to sell for you then good for you!

[Wyfitms]

 

Yup. Market rate is usually 2% for landed resale. Well, if it was 1% and he managed to sell for you then good for you!

 

since you are also marketing overseas condo, u shld also let known that comm these days are more than 5%!

 

huat ah!

[charminglad]

 

since you are also marketing overseas condo, u shld also let known that comm these days are more than 5%!

 

huat ah!

 

Seems like you're in an amzaing agency..

[Throttle2]

agent are earning more than you know ........ many are very rich

Which is why i said, property agents job is so fantastic, unlike table wipers job which is like f**k.

[Shadowdad]

Soya bro....

How about if transfer of ownership ( dad to son,,,, name changing ) ? and how much are the fees ?

That's why you need a property agent. But get a good one with CEA certificate,not those old time agent when any Tom, Dick and Harry can get license.

agent are earning more than you know ........ many are very rich

Aiya, every industry also have people make alot of money. some agent are rich but not all.

[Luckcent]

So what is the best commission to pay ?

[Icedbs]

So what is the best commission to pay ?

 Already said 1-2% depending on the agency agreement.

 

Thesedays, fly-by-night agents are rarity. To pass that RES exam is not easy, go to propertyguru and see how many people are saying they have took x number of times, but could not pass. What can they do?

 

 

 

 

 

 

 

 

 

 

[ki_chiu]

So what is the best commission to pay ?

usual practice is 1% for buying and 2% for selling i guess. thats what i paid. Thou my agent service sucks lol.

[Meanmachine]

i believe paying top dollar for top talent.

so far i always get the desired results

 

but unfortunately i cannot say the same for my tax dollars

 

 

   Yes fully agreed, I do not believe in paying peanuts and get monkey, I always pay according to market practice.

 

   For my rental apt, its one month comms for 2 year rental, one half for 3 years, so Im happy with my agent service

[Meanmachine]

agent are earning more than you know ........ many are very rich 

 

   Like that, many here would want to be property agent too, bt not easy as market sentiment is poor and sales/ rental are hard to come by coz LL and tenant bargain harder and harder.

 

Many Property agent hardly close any deal for months . . .

[13177]

usual practice is 1% for buying and 2% for selling i guess. thats what i paid. Thou my agent service sucks lol.

I always find property agent doesn't do much things, and yet still need to pay them 1-2% of commission?! Many of the paper work that they do, actually seller or buyer can also do themselves, not say very difficult. And for buyer, the flats that agent source for them also get from those property portal and newspaper when everyone can access. Unless your agent really help you to fight for the lowest price for buyer, and high price for seller. If not what is the use of having an agent? Lol.

[Hamburger]

Like that, many here would want to be property agent too, bt not easy as market sentiment is poor and sales/ rental are hard to come by coz LL and tenant bargain harder and harder.

 

Many Property agent hardly close any deal for months . . .

It's your agent clientele from corporate that's looking for accommodation for their FT?

[Icedbs]

I always find property agent doesn't do much things, and yet still need to pay them 1-2% of commission?! Many of the paper work that they do, actually seller or buyer can also do themselves, not say very difficult. And for buyer, the flats that agent source for them also get from those property portal and newspaper when everyone can access. Unless your agent really help you to fight for the lowest price for buyer, and high price for seller. If not what is the use of having an agent? Lol.

 

Bro, you are only seeing the surface.  And you are looking at very straight forward deals, where citizen dealing with citizen, no complexities or financial issues behind them.

 

But not every buyer and seller is so straightforward.  Some buyers have few properties already and may not be citizen so has many financial regulations that they have to meet. Sellers on the other hand may have other backgrounds too, and one mis-step between buyer and seller in not meeting either financial or property regulations can cause a lot of delay, issues, headaches or even law suit. Remember that not every buyer or seller are internet or law savvy especially if they are not Singapore citizen.

 

Why 1-2% commission? I have no idea how that came about, but remember that agent like business owners, are only paid on results. They are not paid on effort. Unlike 80% of the majority who are employees, they get monthly salary only on effort; they can go on long lunches, long coffee breaks, long leaves, and still get paid end of the month with CPF.  Agents has nothing of that, they don't get paid if they don't get results. Period. So think about the risk, the downtime they have to face, the liability in law that they could face if a deal turns wrong, etc, etc.....and I think the fee they get is fair.

 

Note I am not an agent, but I know how they work and the issues they face. They are not just advertising here and there, there are many things that they need to do, to check, to do due diligence before they even market a house or qualify a buyer. If their job is so simple, you won't need a CEA to be form and qualify them through a very difficult RES exam.

 

 

[Throttle2]

I always find property agent doesn't do much things, and yet still need to pay them 1-2% of commission?! Many of the paper work that they do, actually seller or buyer can also do themselves, not say very difficult. And for buyer, the flats that agent source for them also get from those property portal and newspaper when everyone can access. Unless your agent really help you to fight for the lowest price for buyer, and high price for seller. If not what is the use of having an agent? Lol.

Am there with you.

 

in the past I paid 0.5% to one who brought me a buyer who dealt.

I paid my relative 1% for sale of another one.

And another one, i sold myself so paid nothing.

 

Its very possible to sell it yourself.

Just dont be emotional and attached to a property.

Different people have different opinions

no need to let ego get in the way.

 

I think a fair comm for sale of property is between 0.5% to 1%

Anything more is plain excessive.

Edited May 2, 2016 by Throttle2

[Wyfitms]

1% or 2% might seem to be a lot of moolah to pay for someone to seemingly do paper work, but like what @Icedbs said, lots of work goes on behind the scenes.

 

 

I feel the % fee is quite reasonable, some other developed nations have a much higher fee structure.

 

It is also very open here in SG. Buyers and sellers are free to conduct their own paperwork. There is no law to protect the agent industry.

 

 

[Throttle2]

To add on, although i think 0.5% to 1% is about the right range of comms, i feel that there should also be a minimum and a maximum regardless of price of property sold. What the min and max should be is another topic. But this is to really put the value of the work done into a fair perspective.

[ki_chiu]

I always find property agent doesn't do much things, and yet still need to pay them 1-2% of commission?! Many of the paper work that they do, actually seller or buyer can also do themselves, not say very difficult. And for buyer, the flats that agent source for them also get from those property portal and newspaper when everyone can access. Unless your agent really help you to fight for the lowest price for buyer, and high price for seller. If not what is the use of having an agent? Lol.

I've seen some really good one whom provide good service. Just that the agent was my wife client.. End up Eng xiu him for the sake of Eng xiu lor