Property Agents' commission

[Mrmilktooth]

just to add on this commission discussion..

 

 

i find this co-broke scheme only to the benefit of the agent's interest..

 

 

generally a $10,000 increase in selling price only translates to roughly $100 gain (or less due to profit-share with company) in commission for 1 agent..

 

so how happens if you're a buyer and the seller's agent refuses a co-broke with own agent?..

 

lo behold, 99% your agent is gonna tell you.. sorry but your choice unit has been sold..

 

while in fact it hasn't..

 

there are some nice experiences i learnt while looking and buying a property for own stay.. 

 

 

 

[LPPL]

i wonder if this Beverly is the same one which i encountered 3 months when i was very keen on a hdb...

 

but LOL.. thanks to her, i got a better deal elsewhere..

 

till today that unit still on market.. at reduced selling price..

Her surname starts with the 8th letter of the alphabet series. Probably the same agent you experienced. Better warn others.

just to add on this commission discussion..

 

 

i find this co-broke scheme only to the benefit of the agent's interest..

 

 

generally a $10,000 increase in selling price only translates to roughly $100 gain (or less due to profit-share with company) in commission for 1 agent..

 

so how happens if you're a buyer and the seller's agent refuses a co-broke with own agent?..

 

lo behold, 99% your agent is gonna tell you.. sorry but your choice unit has been sold..

 

while in fact it hasn't..

 

there are some nice experiences i learnt while looking and buying a property for own stay..

Many agents have already thrown their ethics out of the window. Time for authorities to ban websites from allowing only agents to advertise.

[RadX]

Her surname starts with the 8th letter of the alphabet series. Probably the same agent you experienced. Better warn others.

Many agents have already thrown their ethics out of the window. Time for authorities to ban websites from allowing only agents to advertise.

 

does that even exist in their vocab?

[Mrmilktooth]

Her surname starts with the 8th letter of the alphabet series. Probably the same agent you experienced. Better warn others.

Many agents have already thrown their ethics out of the window. Time for authorities to ban websites from allowing only agents to advertise.

Confirmed. Same agent.

 

Even my FIL felt she was not a real, nice agent.

 

OH!! Well...

 

Haha..

does that even exist in their vocab?

Ethics = $$$

 

Haha...

[Acemundo]

just to add on this commission discussion..

 

 

i find this co-broke scheme only to the benefit of the agent's interest..

 

 

generally a $10,000 increase in selling price only translates to roughly $100 gain (or less due to profit-share with company) in commission for 1 agent..

 

so how happens if you're a buyer and the seller's agent refuses a co-broke with own agent?..

 

lo behold, 99% your agent is gonna tell you.. sorry but your choice unit has been sold..

 

while in fact it hasn't..

 

there are some nice experiences i learnt while looking and buying a property for own stay.. 

experience of my recent rental deal.  some agents will not deal with other agents at the detriment of their client landlord. my observations include:.

 

1) some agents will tell co-broking agents who called up that the unit is rented out already or not even respond if it is a sms even though unit is still available

2) some bait-and-switch agent will also tell a co-broking agent the unit is rented out.  they don't want the co-broke agent to hang around to possibly find out more

3) these bait-and-switch agent will be very friendly and helpful if the caller is direct tenant.  ie they hope to intro you a comparable unit (another development) they have or represent you in securing a tenancy (ie can collect co-broke) commission.

[Kusje]

experience of my recent rental deal.  some agents will not deal with other agents at the detriment of their client landlord. my observations include:.

 

1) some agents will tell co-broking agents who called up that the unit is rented out already or not even respond if it is a sms even though unit is still available

2) some bait-and-switch agent will also tell a co-broking agent the unit is rented out.  they don't want the co-broke agent to hang around to possibly find out more

3) these bait-and-switch agent will be very friendly and helpful if the caller is direct tenant.  ie they hope to intro you a comparable unit (another development) they have or represent you in securing a tenancy (ie can collect co-broke) commission.

 

You can reduce the risk of this by letting the agent know they are working on a non-exclusive basis. This way, they will at least have some worry that some other agent could close the deal before them.

[Acemundo]

You can reduce the risk of this by letting the agent know they are working on a non-exclusive basis. This way, they will at least have some worry that some other agent could close the deal before them.

 

actually to direct tenant me, there is no risk although i find that it is a hassle to go through agent and may end up paying more (due to service fees clause if tenancy only 1 year).

 

if you are referring to me as a landlord, i will say better not give exclusive these days or not leave everything to your exclusive agent.  he could be up to some hanky panky behind your back, like those cases i witnessed as prospective tenant.  but to do it myself is also not easy.  so i can understand if your advice is for me to give non-exclusive to agents.

 

but the thing i couldn't agree most is, the agent would insert a clause into your tenancy agreement that every renewal they are entitled to commission. maybe it is worthwhile doing our own or not use the tenancy agreement template of the agency.

In my opinion, agents also need to eat so if you are able to give a little, I do not see why you should not engage an agent to service you.

An agent, in general, can help post more listings for you (At agent's own cost (few hundreds to thousands) until case is closed). With more listing, you can sell faster or even at a higher price or meet more clients before deciding. 

 

Without an agent, you may save on the agent's fee (2k++) but what if the property transacted at 20k lower due to less coverage? Of course, there are unscrupulous agents around but there are also some good ones...

i can mostly agree to paying agency commission for the real good work done.

 

the only thing i cannot agree is why every renewal of the tenancy by same tenant we still must pay same level of commission when the work done is next to 0.

[Mrmilktooth]

experience of my recent rental deal. some agents will not deal with other agents at the detriment of their client landlord. my observations include:.

 

1) some agents will tell co-broking agents who called up that the unit is rented out already or not even respond if it is a sms even though unit is still available

2) some bait-and-switch agent will also tell a co-broking agent the unit is rented out. they don't want the co-broke agent to hang around to possibly find out more

3) these bait-and-switch agent will be very friendly and helpful if the caller is direct tenant. ie they hope to intro you a comparable unit (another development) they have or represent you in securing a tenancy (ie can collect co-broke) commission.

This sorta things usually happens to private property because seller only pays commission usually.

So co-broke means less for the seller’s agent to earn ..

 

So of course it means I tell the enquiring buyer agent the unit is gone!.. LOL

 

 

 

There is one particular unit with perculiar renovation pillars!!.. listed for a very long time until there are least 15 repeated listings by all different agents.. LOL

 

Not sure when it’s gonna be sold.

[Acemundo]

This sorta things usually happens to private property because seller only pays commission usually.

So co-broke means less for the seller’s agent to earn ..

 

So of course it means I tell the enquiring buyer agent the unit is gone!.. LOL

 

 

 

There is one particular unit with perculiar renovation pillars!!.. listed for a very long time until there are least 15 repeated listings by all different agents.. LOL

 

Not sure when it’s gonna be sold.

is a listing for sale right?

 

some of such units, i do pity the agent.  but still, they have a choice to turn it down actually.  anyhow, agent buys credits for advertisement from pptyguru for a package fee.  the loss is less painful because the apportioned cost per listing is not very high plus it ought to be sufficiently covered by the advertisements of the units that were successfully sold or tenanted out.

[Mrmilktooth]

is a listing for sale right?

 

some of such units, i do pity the agent. but still, they have a choice to turn it down actually. anyhow, agent buys credits for advertisement from pptyguru for a package fee. the loss is less painful because the apportioned cost per listing is not very high plus it ought to be sufficiently covered by the advertisements of the units that were successfully sold or tenanted out.

Yes listing for sale.

 

I sorted the listing by price and saw all the same unit..

 

Even the same pictures so wonder how it’s gonna work out.

[LPPL]

Confirmed. Same agent.

 

Even my FIL felt she was not a real, nice agent.

 

OH!! Well...

 

Haha..

Ethics = $$$

 

Haha...

She should be sitting in jail by now. She collected under table money from buyer when she is already representing seller. She must have done it countless times.

[HP_Lee]

Than take a closer look on those 3 sties I posted. One or two of them actual assist owners how to go about going it. That will save you more money better furniture.

 

 

brother, 

 

DIY not an issue.  the issue is the avenue to market the property.  pptyguru does not allow home owners to list their property.  i doubt 99.co would too.

 

what you are left with are
1) SPH Cats

2) Carousell

3) Gumtree

 

seriously the last 2 avenues are very limited in exposure.  as for SPH Cats, although it is decent, it would have generated much less leads considerably than online ones in modern day economy.  even if we can agree to settle for Cats, it still requires more effort (to do listing every sat) and may only attract very old buyers who doesn't use online portals these days.

 

[HP_Lee]

Money overwrites ethics. REMEMBER!! Humans are born selfish or self serve. Do your due diligence. They can be nice man/women in face, but fox behind. 

 

Unless they are your friends or immediate family member.  I heard , even closest friends did that too. 

 

Confirmed. Same agent.

Even my FIL felt she was not a real, nice agent.

OH!! Well...

Haha..
Ethics = $$$

Haha...

 

[HP_Lee]

Whether is investments or other matters, I do myself due diligence and DIY. Unless I do not have the knowledge, I will hunt around from varies sources. So is again due diligence.

 

I never fund managers or bankers take a cent from me.

 

Over and over again, we see too many cases happening, second to second-hand car dealers.Of course, there are a small group of genuine and honest agents. Again, if you let them, you just have to hope and pray, is fine. 

[Agent008]

P guru only 25 listings. Can vomit blood. 1k+ sgd. Not advertising hor.

Edited October 20, 2017 by Agent008

[Carwoman]

This sorta things usually happens to private property because seller only pays commission usually.

So co-broke means less for the sellerâs agent to earn ..

 

So of course it means I tell the enquiring buyer agent the unit is gone!.. LOL

 

 

 

There is one particular unit with perculiar renovation pillars!!.. listed for a very long time until there are least 15 repeated listings by all different agents.. LOL

 

Not sure when itâs gonna be sold.

Isnt telling the buyers agent a unit is sold when its not fradulent misrepresentation?

[LPPL]

Isnt telling the buyers agent a unit is sold when its not fradulent misrepresentation?

CEA is sleeping on the job half the time. Moreover, if they want to micro manage every single aspect of the agent's work, CEA would need a team of at least 500 staff. Currently, you send them a complaint about one bogus ad and they will drag their feet and take ages to investigate just that one case.

[Kusje]

CEA is sleeping on the job half the time. Moreover, if they want to micro manage every single aspect of the agent's work, CEA would need a team of at least 500 staff. Currently, you send them a complaint about one bogus ad and they will drag their feet and take ages to investigate just that one case.

They will take action but you must keep calling them and emailing them to follow up to let them know you haven't forgotten the matter.

 

Most civil service departments are like that.