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Private Property prices......still up or down? Part II

RadX

By RadX,
in Property Buzz

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Kusje

Kusje

Supersonic

That is why I feel bad for my own agent. 

 

Feel bad for him then pay him more lor.

 

Landlord's agent is to find the tenant and tenant's agent to find the house. Both did their jobs so deserve to collect the money.

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Icedbs

Icedbs

Turbocharged

I don't know whether to agree or disagree with this dual representation.

 

I feel the whoever is paying should have the final say.

 

eg

 

My agent helps me to rent out the property but the agent representing the tenant does practically nothing. When there are issues during the rental it often the landlord agent that does everything. However, the commission is split between the two agents.

 

When renewing the tenancy, again the tenant agent hand long long.

 

I wrote to CEA but they did not reply.

 

I rather pay my agent FULL because he is working for me and representing me. Why should I pay 1/2 of the commission for the agent who is looking after the tenant's or buyer's interest. Something wrong somewhere.

 

It is good that you brought this up and I can clarify it. When comes to tenancy issues, I probably could write a text book on it. Maybe one day I will.

 

Like some said here, the obligation of the rental agents ends when the deal is closed. The good agents however will continue to help on managing tenancy issues with the goal of relationship building or for renewal comm.

 

When the tenant agent went "missing", there are two possibilities

1) The tenant agent feels that his/her obligation has ended and the tenant should be on his own

2) The tenant agent is still around, but the tenant prefer to contact the landlord agent directly since it is faster that way.

 

As a landlord agent myself, I get into situation (2) above a lot. My cobroke is still around, but the tenant prefer to look for me because I am more responsive and get things done faster.  Often, I will let my cobroke knows that his tenant has look for me and there are certain issues that I am working on it. 

 

As for the commission part, I think there is a confusion. You did not pay the tenant agent.  You pay your agent who  serve as the landlord's agent. From the regulatory perspective, it is the landlord's agent who pays the tenant's agent as part of co-broking.  If the landlord pay comm to the tenant's agent, then the tenant's agent would run foul into dual representation........which is not allowed.

 

So between the landlord's agent and tenant's agent, there is a co-broking agreement, dictating how much the tenant's agent is paid (normally half the amount) and if the tenant agent is eligible for renewal comm.  If the co-broking  agreement states that the tenant's agent is eligible for renewal comm, then he will get the renewal comm if the landlord's agent receive his.

 

Hence if you wonder why the tenant's agent is getting renewal comm despite being "missing", you got to ask your agent. Perhaps that was stated in their co-broking agreement which you are not privy to.

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Angcheek

Angcheek

Hypersonic

I don't know whether to agree or disagree with this dual representation.

 

I feel the whoever is paying should have the final say.

 

eg

 

My agent helps me to rent out the property but the agent representing the tenant does practically nothing. When there are issues during the rental it often the landlord agent that does everything. However, the commission is split between the two agents.

 

When renewing the tenancy, again the tenant agent hand long long.

 

I wrote to CEA but they did not reply.

 

I rather pay my agent FULL because he is working for me and representing me. Why should I pay 1/2 of the commission for the agent who is looking after the tenant's or buyer's interest. Something wrong somewhere.

 

bec you "Seller" ma ... "buy" got privilege  :D  

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Acemundo

Acemundo

Supercharged

Before CEA came into the picture in 2010, we know there is a lot of funny business among agents, hence CEA was formed to tackle this issue.

 

Today after 8 years, I would be surprise to hear anymore hanky panky issues. Getting the real estate license is extremely difficult (go try the exams if you think it is easy)so I don't think any agents would want to risk losing their badge.

 

It is very strict now that agents cannot dual represent and hence they cannot take comm from both sides. If you are a buyer and the seller agent is asking you for money, please go report that fellow to CEA.  

 

Today, my main concern with agents are more on their methods in finding clients which sometimes are extremely out of the date. For example, putting out dummy listing to find buyers.  That's annoying to consumers and also to the co-brokes. The other one are all the duplicate listing, which is difficult for co-brokes and buyers but this cannot be help as long that sellers refuse to give exclusive and want 10 agents to market for them. Sometimes sellers have no idea how detrimental their listing can be when 10-20 agents are marketing it with all kind of inconsistent description, photos, and even prices. 

agree about the dummy ads being dated gimmick and extremely annoying....the duplicate listing thingy, i think sometimes is by chance sometimes due to agents adopting bait and switch method.  the bait and switch one typically have got excess propertyguru listing credits, so they put listings to bait unsuspecting tenants to hopefully get them to call back and they will quickly offer the tenants to consider another property for which they have secured the listing.

 

after some experience in the past, now i also roughly know which are dummy ads and duplicate listing ads.

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Ash2017

Ash2017

Twincharged

Feel bad for him then pay him more lor.

 

Landlord's agent is to find the tenant and tenant's agent to find the house. Both did their jobs so deserve to collect the money.

true but why must landlord agent split the commission

 

since tenant or buyer agent is helping tenant or buyer, why not tenant or buyer pay their own agent

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Icedbs

Icedbs

Turbocharged

true but why must landlord agent split the commission

 

since tenant or buyer agent is helping tenant or buyer, why not tenant or buyer pay their own agent

 

Actually some tenants and buyers do pay their own agent.

 

For tenancy, there is a market understanding that if rental below $3500/month, tenant and landlord will pay their respective agents. However $3500 is just a guide, ultimately it is between the two agents themselves.

 

For buying, most of the cases involve co-sharing of comm with the seller agent.

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Mercs

Mercs

Hypersonic

https://www.99.co/blog/singapore/5-ways-the-new-ura-size-restrictions-can-affect-you/

5 Ways the New URA Size Restrictions can Affect You

Jan 28, 2019

 

Previously, the maximum number of units in any development was the total Gross Floor Area (GFA) divided by 70 square metres. Under the new rules passed on 17th January 2019, this has now been changed to total GFA divided by 85 square metres.

 

2. Lower affordability due to higher quantums

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Mercs

Mercs

Hypersonic

https://www.straitstimes.com/business/property/completed-condo-prices-inch-up-01-in-december-first-increase-since-august

Completed condo prices inch up 0.1% in December

Jan 28, 2019

 

Year on year, prices last month are 3.2 per cent higher than they were in December 2017.

 

Prices of larger apartments in the central region are up by 2.7 per cent,

 

while prices in the non-central region saw annual growth of 3.5 per cent.

 

Prices of small units climbed 4.1 per cent from a year ago.

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Mercs

Mercs

Hypersonic

https://sg.news.yahoo.com/southeast-asia-property-markets-looking-010230465.html

Southeast Asia’s property markets looking up thanks to young population, upbeat GDP growth

Jan 29, 2019

 

Vietnam and Singapore are tipped to lead price growth in the property markets in Southeast Asia this year, underpinned by the region’s youthful population and relatively long period of political stability.

 

In Singapore, tech companies Google and Yahoo were looking to add a combined 850,000 square feet of office space.

 

“In 2019, with a lower but benign real GDP growth forecast of 2.5 per cent, we think demand will stay firm and the government’s push to promote technology, innovation and research and development will help feed growth in the market."

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Mercs

Mercs

Hypersonic

Nobody can say for sure how bad the pent up demand is and whether the proportion of demand disqualified by the new CMs, would they be substantial enough.

 

One dipstick is to look around. What is the proportion of people who wanted to buy and are still looking? What about those who have freshly qualified to buy (representing demand)? Are they happy in HDB or renting?

 

It should not be double digit rise in 2019 but it is going to be a very different picture in different segments. I expect 3%.

As mentioned prior ...

- many years of CMs, bigger warchest ... demand bubble.

- hdb lease sentiment, more upgraders going private.

- global uncertainty, foreign investors/funds coming to park here safe haven, 'cheaper' prices due to CMs.

- recent enbloc fever, dun forget the many billions coming back to the property market, replacement home is a MUST buy.

 

That said, though developers not lowering prices much due to high acquisition costs, have to price attractively to move units with many launches ahead, and with revision of min unit size, comes quantum/affordability issue to some of these new launches.

 

So yes i concur as your expectation, no double digit rise in 2019, up to 3% threshold 5%, any higher may trigger CM shift = up absd.

Few more posts above to further illustrate these points [:p] as always ... got data got talk, real stuff cannnot bluff [;)]

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Sdf4786k

Sdf4786k

Twincharged

I am not a lawyer too but isn't it illegal for same sex to have sex; have oral sex ....

 

the law said the law is there but we close two eyes for the moment

 

I thought nobody is above the law .....

 

and hence the data breach incident, the doctor and the gay who leak the data are term as boyfriend and not lovers.

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Angcheek

Angcheek

Hypersonic

As mentioned prior ...

- many years of CMs, bigger warchest ... demand bubble.

- hdb lease sentiment, more upgraders going private.

- global uncertainty, foreign investors/funds coming to park here safe haven, 'cheaper' prices due to CMs.

- recent enbloc fever, dun forget the many billions coming back to the property market, replacement home is a MUST buy.

 

That said, though developers not lowering prices much due to high acquisition costs, have to price attractively to move units with many launches ahead, and with revision of min unit size, comes quantum/affordability issue to some of these new launches.

 

So yes i concur as your expectation, no double digit rise in 2019, up to 3% threshold 5%, any higher may trigger CM shift = up absd.

Few more posts above to further illustrate these points [:p] as always ... got data got talk, real stuff cannnot bluff [;)]

 

with the Green buck dropping , many go shifting into gold.  Some may put into properties i guess.

 

I hope rich people dont start raise the price level to the next quantum ....  :D  

Else I will need to rename HDB as Slum  <_<

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