Property Agent Commission

[Ysc3]

got a flyer in my letterbox 3 weeks ago ... the "agency" is offering flat rates ... something like this.

[LPPL]

Im very happy to pay more if my agent can close at my price i want Muahahah!

 

Why come here and bash pty agent, insurance agent or what ever agent thy may be . . . time to check mate oneself

 

Discussing and sharing about agent commission is bashing to you? If the industry throws anything at you, you just accept it without question? 

[Kusje]

Discussing and sharing about agent commission is bashing to you? If the industry throws anything at you, you just accept it without question? 

 

I ans for myself.

 

1. What is market practice and price? I am willing to bear that

2. If I meet your asking commission, then make sure you can meet my target price also.

[Wyfitms]

I can't believe there are agents who despise more than $10k of commission in this kind of market. I offered 1-1.5% com but the agent insisted on 2%. 1.5% is already close to $15k com, is that too little for agents? Does an average agent even earn that in a month?

New projects can go up to 3%+

 

Basically many owners looking to sell, and not enough agents thanks to CEA making the exam so hard

 

So bo pian

 

But I think u can find some agent willing to take the 1%

[Meanmachine]

Discussing and sharing about agent commission is bashing to you? If the industry throws anything at you, you just accept it without question? 

 

 

   It's not merely discussing, some were cursing and swearing on a occupation performed by pty agent, i believe in every job there are occupation hazard.

   I can't accept criticism and poor service, but not on a person occupation, like it or not, its someone son/ daughter, no body likes it. Gooday!

[LPPL]

It's not merely discussing, some were cursing and swearing on a occupation performed by pty agent, i believe in every job there are occupation hazard.

I can't accept criticism and poor service, but not on a person occupation, like it or not, its someone son/ daughter, no body likes it. Gooday!

If people are sharing their personal experience in dealing with agents, anything wrong? If the person has a bad experience, naturally their words directed at agents won't be nice, right? Those people who get ripped off or cheated by their agents are people's son and daughter as well. Forum is for sharing experiences, good or bad, positive or negative, why so sensitive?

[Kusje]

If people are sharing their personal experience in dealing with agents, anything wrong? If the person has a bad experience, naturally their words directed at agents won't be nice, right? Those people who get ripped off or cheated by their agents are people's son and daughter as well. Forum is for sharing experiences, good or bad, positive or negative, why so sensitive?

 

Read the first few pages of the thread. It is bashing la.

[Scholesy]

Act if so kua buay kui tat additional 5k for a transaction that u prob do once every decade, then do yourself loh!

[Odyssey2011]

Act if so kua buay kui tat additional 5k for a transaction that u prob do once every decade, then do yourself loh!

Edited April 21, 2017 by Odyssey2011

[Still2016]

I am very uncomfortable with the current set up:

 

1. No single agent can represent both the seller and buyer for a project. We should not always deed that property agents are crooks. Eg. Seller agent found a buyer who is unrepresented by any property agent. How? For no apparent good reasons, the seller agent now has to share his commission with another agent whom had to do minimal work.

 

2. In a sell-buy property, why only seller needs to pay 2% commission while BUYER pays ZERO% commission? Why is the seller needing to "pay" for buyer's agent? Is the buyer's agent looking after the interest of the seller?

 

3. We have some form of unified forms for insurance but really there is far and few in between.

 

4. CEA and the jokers in the authorities, keeps alot of issues open ended that lead to lots of disputes. Why dont these bodies of authorities come with firm rules and regulars to protect the buyers/sellers/tenants/landlords? Have anybody tried getting an answer from CEA, the are very good at beating the bush until no bush left in Singapore.

 

5. There is no registry where clients can log on to check if the particular agent/property company had recent run foul with the law or the CEA. In many countries, you can log on to their website and check but not in Singapore.

 

Please correct me if I made wrong assumptions. Thank you.

[Throttle2]

Want to change to bashing Ministers?

Or bashing car dealers?

Or taxi drivers

Or meepok seller

 

Want to bash table wipers?

Or toa pow sian?

 

Why take it so hard if you are not guilty.

Just an online forum you know?

 

 

[Dafansu]

I am very uncomfortable with the current set up:

 

1. No single agent can represent both the seller and buyer for a project. We should not always deed that property agents are crooks. Eg. Seller agent found a buyer who is unrepresented by any property agent. How? For no apparent good reasons, the seller agent now has to share his commission with another agent whom had to do minimal work.

 

2. In a sell-buy property, why only seller needs to pay 2% commission while BUYER pays ZERO% commission? Why is the seller needing to "pay" for buyer's agent? Is the buyer's agent looking after the interest of the seller?

 

3. We have some form of unified forms for insurance but really there is far and few in between.

 

4. CEA and the jokers in the authorities, keeps alot of issues open ended that lead to lots of disputes. Why dont these bodies of authorities come with firm rules and regulars to protect the buyers/sellers/tenants/landlords? Have anybody tried getting an answer from CEA, the are very good at beating the bush until no bush left in Singapore.

 

5. There is no registry where clients can log on to check if the particular agent/property company had recent run foul with the law or the CEA. In many countries, you can log on to their website and check but not in Singapore.

 

Please correct me if I made wrong assumptions. Thank you.

 

The last one can check under CEA website. 

 

https://www.cea.gov.sg/public-register?category=Salesperson

[LPPL]

I ans for myself.

 

1. What is market practice and price? I am willing to bear that

2. If I meet your asking commission, then make sure you can meet my target price also.

Don't forget that when you factor in 2% agent com in your asking price, you may never find a buyer coz for certain mass market properties, a difference of $10-20k is a lot. Of course for properties that run into the millions, that few tens of thousands become insignificant.

[Odyssey2011]

Want to change to bashing Ministers?

Or bashing car dealers?

Or taxi drivers

Or meepok seller

 

Want to bash table wipers?

Or toa pow sian?

 

Why take it so hard if you are not guilty.

Just an online forum you know?

 

 

[Icedbs]

There are seriously too few honest agents around helping to change the view of people think about this profession. Some agents claimed it for survival so they have no other choice, so it seem correct for them to use such dishonest method. To join this business is already a choice they made, hope they realise they decided to stay on. They should consider leaving this profession and switch to a job (real skill and knowledge based which will contribute more to the economy) if they are serious care about better name and dignity working.

 

Bro, the method describe by OrionOng which he posted in 2009 is already "obsolete". With the formation of CEA in Oct 2010, dual representation is illegal and will be dealt with very heavy penalty. So far, I have not come across any agents who dare to dual represent or take comm from both sides.

 

BTW, I take offence when you imply that this profession has no real skills and doesn't contribute to the economy. Please, agents also pay income tax. And it takes knowledge to pass the RES exam and finally practice. Customers also expect us to remember all the unique HDB regulations, industrial laws,purchasing processes, etc  all at our finger tips in addition to the knowledge of current property trends. This is why agents have to fulfill  mandatory continuous education if they want to renew their yearly practice license

 

Honestly,  I felt more fulfilled in this line than my previous senior corporate job in terms of touching lives.   Here, I can reach out to people who need help, find their dream homes or help them to sell to upgrade and see their smiles. Then there are people who need to sell quickly due to divorce, death, accidents, bad loans, medical, bankrupts, etc who  needed that sale money to survive and we come in to help often not even knowing if we will ever get paid.  But when  we did ultimately relieve their pain, that satisfaction goes beyond any comm in the world. If you think that this job doesn't contribute to the economy, at least believe that it contributes to mankind.

 

A lot of my co-broke agents are degree holders, some are masters;  the auntie, uncle agent era are slowly fading out. And I hope it will move towards that way with more and more difficult RES exams. The agents are dealing with people's life savings and need to be properly qualified and certified. And hopefully with more qualified agents out there, the perception of agents will improve.

 

Edited April 21, 2017 by Icedbs

[Scholesy]

Assume this is another show of support to encourage buyer-seller to DIY. Hope you are aware, the world is already trying to eliminate the middle-man services. If they are still professional adding value to their industry, then it is worth to keep these people around, but if it isn't happening then everybody will wonder why these people still exist.

 

Selling DIY is not so difficult, ask around many friends had done that before. Seller knew the best the price they want to sell(before they were not confuse or mislead by agent), also Buyer usually knew the best price they willing to pay(before they were not confuse or mislead by agent). Seller just post online, arrange a viewing for all interested parties to meet up at one go, then buyer offer the price direct to seller later. To avoid some hassle, then just pay the agent service (like admin worker) to do the paper work.

 

Why agent had to work so hard to seal a deal, it is partly due to mis-trust, confusion and greyness and it often cause by these "professional" agent. Buying-Selling now evolved accidentially till like an Albert Einstein's equation. They are choking themselves, no bright daylight ahead like this. Maybe by coopertising will help, end the commission, agent get work like a profession job with stable monthly income, the company decide how many staffs to employ for coping the work volume, give these agent a fair salary so they are willing to work with ethic long term.

 

I see all my low skill administrative staffs and workers can work properly, and my company operating fine with these people. I can't see why it don't work, there are still many passionate estate agents.

No no I def not advocating diy....I'm jus saying pple like lppl and I'm sure there are quite a few shd jus sell their ppty themselves..no need to whine here...options always there :)

[Icedbs]

These days, honesty doesn't exist anymore. Just look at how self employed file their tax returns and you will know. How many will fully declare their real income? I can safely say less than 1%.

 

Bro....I don't know about other self employed, but for property agents (since we are on a property agent thread), the estate agencies declare their income for tax filing just like a company would declare their staff annual salary.

 

And please don't be so pessimist. Honest people does exist, I see and work with them everyday. From owners to agents, they are all honest people making a living. Even for landlord and tenants, nobody is ripping each other if they are being managed and communicated correctly. 

 

How we view the world is in our mindset. If we are positive, we attract positive people. If we are negative about the world, then we will always attract negative people who will then work on a self fulfilling  prophecy that the world must be bad.

[LPPL]

Bro....I don't know about other self employed, but for property agents (since we are on a property agent thread), the estate agencies declare their income for tax filing just like a company would declare their staff annual salary.

 

And please don't be so pessimist. Honest people does exist, I see and work with them everyday. From owners to agents, they are all honest people making a living. Even for landlord and tenants, nobody is ripping each other if they are being managed and communicated correctly.

 

How we view the world is in our mindset. If we are positive, we attract positive people. If we are negative about the world, then we will always attract negative people who will then work on a self fulfilling prophecy that the world must be bad.

No doubt there are honest people around, not saying there are none. Property agents who have to declare every transaction to the agency cannot escape income tax, but for the thousands of hawkers and taxi drivers in Singapore, how many will declare every plate of food they sell and every passenger they pick up. I am just citing 2 occupations, but don't forget that for turnover of less than $500k a year, all self-employed don't need to file their accounts and only need to declare their own income and expenses. Edited April 21, 2017 by LPPL