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Agents channelling a chunk of commissions to buyers source: https://www.businesstimes.com.sg/real-estate/agents-channelling-a-chunk-of-commissions-to-buyers?utm_medium=social-organic&utm_source=Facebook#Echobox=1602391106 WHILE the authorities' move to put curbs on developers re-issuing options to purchase should help reduce some distortions in Singapore's private housing market, another source of distortion persists. This originates from property agents who channel a chunk of the commissions received from developers, to buyers - to boost their chances of clinching sales. This is sometimes done under the guise of "referral fees" and the inducement is passed on to buyers indirectly - through a third party - to avoid detection, as such payments are in breach of guidelines set by the Council for Estate Agencies (CEA). Industry sources told BT it is not uncommon for savvy property buyers to scout around for agents who agree to give them a bigger portion of their commissions. As commissions are captured under a developer's cost of sales, they do not affect the headline price that the developer has to report to the authorities. In short, prices are inflated. So far, it seems to have been challenging for the CEA to find evidence to nab these agents, say market observers. A spokesperson for CEA told BT: "The public can report cases of property agents who breach the above guidelines to CEA for investigation. CEA takes a serious view against property agents who do not act professionally and will take disciplinary action against them. "Depending on the nature of the breach, this could involve written warnings, financial penalties, and/or suspension or revocation of a registration." Not all property agencies allow their agents to engage in this practice, though they risk losing them to rivals who are willing to turn a blind eye to agents indulging in this practice. Some developers loathe having to pay high commissions to agents, especially given the thin profit margins some of them are making relative to the development risk that they undertake. Nevertheless, at times, they have had to relent - such as after finding out that some agents had been redirecting potential buyers for their projects to rival developers who are willing to reward them with higher commissions. The practice of agents giving buyers a cut of their commissions may not be new, but it gained momentum after the July 2018 cooling measures which led to a drop in private housing demand. At the same time, developers were staring at a substantial pipeline of launches on sites acquired at high prices during the collective sale fever in the preceding two years. Developers have to complete developing any residential sites they purchase and sell all units in the new project within five years, to qualify for upfront remission of additional buyer's stamp duty (ABSD) on the land purchase price. Hence developers were under pressure to drum up sales. "The best way for developers to move the units would have been to reduce prices, but earlier buyers would be upset and complain that they got a bad deal," said retired property consultant Tan Tiong Cheng, the former executive chairman of Knight Frank Singapore. "So, developers came up with Plan B: Incentivising agents." By that time, a consolidation in the property agency business had resulted in a handful of big players. This put the agents in a stronger position to demand higher commissions from developers - of about 3 per cent for new project launches, compared with around one per cent previously. Agents can command even higher commissions of, say, 7 to 8 per cent to clear remnant units in projects launched some time ago, industry players told BT. In short, post-July 2018, agents have enjoyed a big increase in commissions. Said Mr Tan: "Voluntarily or involuntarily, some agents started offering sweeteners to buyers to commit to a purchase. "So instead of the developer giving a price discount to the buyer, agents gave a cut of their commissions to buyers." Not surprisingly, developers prefer to keep mum. As an industry source puts it: "The developer will say: 'I don't know anything about this. What the agents do with their commissions is their business'."

Alamak... Just came across this. Hope when i go NZ in Dec, won't kanna bullied by these people... Those who are not aware, better take note. The problem is, the article doesn't really say what are the rights one has when really faced with such situations. It's mentioned the devices can be: - out of sight for minutes - confiscated and returned after a few days If go on a trip, they take your phone, then even if can get around, will sure disrupt plans and spoil the trip... https://www.channelnewsasia.com/news/commentary/new-zealand-border-customs-digital-device-passwords-fine-10803570 Commentary: Know your rights when a border agent demands access to your digital deviceVisitors entering New Zealand will have to disclose passwords for their electronic devices if they asked to by customs officials, or risk being slapped with a fine - but they should also be aware of their rights, says one observer. ARIZONA: Imagine arriving in Australia or New Zealand after a long-haul flight, exhausted and red-eyed. You’ve just reclaimed your baggage after getting through immigration when you’re stopped by a customs officer who demands you hand over your smartphone and the password. Do you know your rights? Both Australian and New Zealand customs officers are legally allowed to search not only your personal baggage, but also the contents of your smartphone, tablet or laptop. It doesn’t matter whether you are a citizen or visitor, or whether you’re crossing a border by air, land or sea. New laws that came into effect in New Zealand on Oct 1 give border agents: … the power to make a full search of a stored value instrument (including power to require a user of the instrument to provide access information and other information or assistance that is reasonable and necessary to allow a person to access the instrument). Those who don’t comply could face prosecution and NZ$5,000 (US$3,220) in fines. Border agents have similar powers in Australia and elsewhere. AdvertisementIn Canada, for example, hindering or obstructing a border guard could cost you up to C$50,000 (US$38,514) or five years in prison. DEVICE INSPECTION A GROWING TREND Australia and New Zealand don’t currently publish data on these kinds of searches, but there is a growing trend of device search and seizure at US borders. There was a more than fivefold increase in the number of electronic device inspections between 2015 and 2016 – bringing the total number to 23,000 per year. In the first six months of 2017, the number of searches was already almost 15,000. In some of these instances, people have been threatened with arrest if they didn’t hand over passwords. Others have been charged. In cases where they did comply, people have lost sight of their device for a short period, or devices were confiscated and returned days or weeks later. On top of device searches, there is also canvassing of social media accounts. In 2016, the United States introduced an additional question on online visa application forms, asking people to divulge social media usernames. As this form is usually filled out after the flights have been booked, travellers might feel they have no choice but to part with this information rather than risk being denied a visa, despite the question being optional. SEARCHING SMARTPHONES AN INVASION OF PRIVACY Border agents may have a legitimate reason to search an incoming passenger – for instance, if a passenger is suspected of carrying illicit goods, banned items, or agricultural products from abroad. But searching a smartphone is different from searching luggage. Our smartphones carry our innermost thoughts, intimate pictures, sensitive workplace documents, and private messages. The practice of searching electronic devices at borders could be compared to police having the right to intercept private communications. But in such cases in Australia, police require a warrant to conduct the intercept. That means there is oversight, and a mechanism in place to guard against abuse. And the suspected crime must be proportionate to the action taken by law enforcement. KNOW YOUR RIGHTS If you’re stopped at a border and asked to hand over your devices and passwords, make sure you have educated yourself in advance about your rights in the country you’re entering. Find out whether what you are being asked is optional or not. Just because someone in a uniform asks you to do something, it does not necessarily mean you have to comply. If you’re not sure about your rights, ask to speak to a lawyer and don’t say anything that might incriminate you. Keep your cool and don’t argue with the customs officer. You should also be smart about how you manage your data generally. You may wish to switch on two-factor authentication, which requires a password on top of your passcode. And store sensitive information in the cloud on a secure European server while you are travelling, accessing it only on a needs basis. Data protection is taken more seriously in the European Union as a result of the recently enacted General Data Protection Regulation. Microsoft, Apple and Google all indicate that handing over a password to one of their apps or devices is in breach of their services agreement, privacy management, and safety practices. That doesn’t mean it’s wise to refuse to comply with border force officials, but it does raise questions about the position governments are putting travellers in when they ask for this kind of information. Katina Michael is professor at School for the Future of Innovation in Society, and School of Computing, Informatics and Decision Systems Engineering in Arizona State University. This commentary first appeared on The Conversation.

Your Dream Home, Your Neighbourhood Agent @ 96494642 Kok Siong is committed to realize the full potential of your property by providing you a tailored marketing strategy with comprehensive financial projection designed to meet your needs and wants. Together with ERA’s guiding philosophy of developing and launching innovative, breakthrough products and services that home sellers and buyers most want and need, Kok Siong is determined to offer a customized 1st in Service, 1st in Customer Satisfaction and 1st in Results solution that caters to your needs. Kok Siong is the preferred choice for clients as he is an ethical, forward-thinking and resulted oriented professional who takes a practical approached with all his clients. Armed with his financial training and previous work experience, you can be sure that he will realize your property’s potential to its very best. BUY / SELL / RENT Buyers, Sellers, Landlords, Tenants, Referrals and Co-broke welcomed Call Kok Siong for a non obligatory discussion @ 96494642

I can see one can check CEA for the agent but there is only basic information on it. What are the information I shall use to ensure I am talking to a normal agent? Name Reg. No. Reg. Period Awards Disciplinary Actions Remarks Est. Agent Name Licence Number

is it common practice for car agents to cover up the car camera during servicing and oil change? What's there to hide, unless they have something to hide - eg. mishandling of car, driving recklessly within the premise, certain parts never change or check, mechanics taking a nap in the car with air con turned on, taking the car out to buy lunch etc.

Is it possible to sell my own HDB home and get another without going thru an agent? The amount of agent fee for both transaction is so huge!

I am looking to sell my house on my own. Its a private property. However I do no know where to begin. For starters, I just found out that I can't list my house on propertyguru if I am not an agent. Can anyone give me some advise or point me to a place where I can find out more? many thanks

The scam has spread to Singapore! Do check your SingTel bill for $24 monthly subscription to Buongiorno Gamifive. It is a scam! I have never heard of the company beforehand and have never subscribed to their service. If you have not yet been scammed, you may want to take a few minutes to call your service provider to activate Premium Rate Services (PRS) Barring Service to protect yourself from the crooks and save yourself the hassle of having to spend hours to call them to reverse the charges.

Asking on behalf for a friend on the above mentioned. He and the seller have signed the OTP but the Agent failed to submit the necessary to HDB for the process that requires for appointment and the 2 months have just lapsed. At this juncture , what should my friend do....thanks in advance for any feedback that will help in this case...

Hi guys, looking to get either a Chervolet Orlando or Mazda 5. Any one have any good sales person to introduce? Preferably at Eunos cos they are almost beside each other. Thanks in advance.

newspapers always like to highlight those successful ones hor? what about those who din make it? maybe for every successful one, there are 100 who fail eg brilliant graduates earn 8k per month in their first job eg successful stock brokers earn 50k per month can also say lucky punter win 1m from casino [:|] TNP PHOTO: Ariffin Jamar At last Sunday

Im thinking of becoming a property agent part time while studying. whats the processes involved to apply? and hows the commission practices like now? still 2% seller and 1% buyer?

Jus received a call, and my unit being at the sky Ascantia, one of 2, she wanted to market and advert my unit. I told her no co broke, no exclusivity as I could handle on my own, but give her chance to see hwo good a deal she can get. Any advise or valuable offerings is welcome. Any idiots who try to be farni your end of world would come earlier [laugh]

From what I understand: 1) Gen Patraeus's mistress sent her threatening emails because she was considered a love rival 2) Housewife complained to FBI agent who was also emailing her his topless pics 3) FBI agent reported to his superiors and FBI discovered Gen Allen was having affair with housewife 4) FBI agent thought FBI was not investigating and whistle blow to members of congress 5) FBI agent is now also in trouble too for jumping the gun Is she really that sexy? If like that, our Cecilia can probably topple the Pentagon

I have engaged a housing agent 6 months ago, the house should be rented for 1 year. Recently, the tenant wants to move out, telling us that the agreement allows for termination after 6 months of living. When I checked the agreement, it says he can terminate provided that he is no longer working in Singapore. But the housing agent told us that this agent has personal problem, and request us to let him go instead. Ain't the housing agent suppose to side the owner? Today, this housing agent even taught the tenant that he can don't pay the last rent, just use the deposit as the payment. The tenant, who is a gentleman, told us about it and he says he will not do so. This housing agent is from Huttons Asia Pte Ltd. We do not want other owners to fall into this ugly agent's way of doing things (got 1 mth commission, yet only 6 mths rental). Can we lodge a complaint on this housing agent? If so, how?

Whats the different from buying car insurance thru agent and self purchasing it ? More discount ? And side track, my insurance is ending soon. so it will be my 2nd year buying insurance, but my insurance company state 0% NCD on next renewal. Why ? Didn't make a claim on my own or other claiming me.

A fren who just bought an Opel not long ago was told by her Salesman that if she doesn't send her car to Opel for servicing, her warranty will be void. Is that such a cond?

Hello all, Was hoping anyone can advice on the email address for Mazda corporate HQ or contact. My dad's Mazda 2 under went routine servicing with the agent 3 days ago. While on the road, the car suddenly stalled and water gushed out from under bonnet. After the car cooled, we have noticed that the cooler cap is missing. The car was unable to start thereafter, and had been towed back to the agent. We were quoted 5k for a complete engine overhaul. Obviously, we we highlighted that servicing had just been done hence how could the car gotten into such a state out of sudden. Unfortunately, the agent is unable to give a good explanation and shrug off as wear and tear :( Anyone has such experience and what actions been taken? It is really unfair that the responsibility is thrown back to us while we had diligently sent for servicing etc. If anyone has the email address for Madza public relation etc, do feel free to share too as I would like to write and share with them on my experience and the service (the lack of it actually) provided by it's agent. Thanks!

Since there's a topic what gp doctor drive, lets share what your family financial advisor/insurance agent drive? Mine: S class & prancing horse(ferrari). In the business for 20 yrs & stay around botanical gardens! Wah seh............ So profitable meh? Yours?

anyone knows? This CMI korean battery fails in 1/2 a year and I kind of forgot where i change it due to bz schedule and also lost the receipt.... Dunno if bring it back to main distributor will help or not.... Can anyone provide more details on the main distributor? Thanks!

A tycoon who owns a chain of budget hotels is suing the authorised agent of Rolls-Royce Motor Cars here over an alleged flaw in a $1.4 million Phantom limousine he bought four years ago. Mr James Koh Wee Meng, 49, the man behind the Fragrance chain of budget hotels, appointed Senior Counsel Davinder Singh of Drew & Napier to file the suit last November. In it, he claimed the car made loud thumping and whirring noises when moving out of a three-point turn when he took delivery of it on or around Dec 23, 2008. He also claimed that he felt 'significant vibration' from its steering wheel. He claimed the agent, Trans Eurokars, had failed to rectify these repeatedly, and is therefore seeking damages. http://www.straitstimes.com/BreakingNews/S...ory_759941.html

Dont Get S c r e w e d A good housing agent should have all the relevant information you need at their fingertips - but are they telling all? Wed, Sep 21, 2011 Home & Decor By Stella Thng Buying or selling a home is one of the most expensive, complicated events in your life, no thanks to the ever-changing government regulations. Whether it's your eligibility for a loan or the bewildering range of seller's stamp duties depending on your occupation period, it can all snowball into one huge headache. So, most of us shell out good (commission) money for a property agent hoping to tap into their expertise to buy that dream ?home at a bargain or sell your property at a premium. Housing agents might have the industry knowledge to help you make a good deal, but be aware of what they're not telling you, too. 1. The HDB does not require you to engage a property agent Many first-time home-buyers do not know this. When adjunct lecturer Tang Xueling bought her first HDB flat a decade ago with her husband, they didn't have an agent and the seller's became theirs by default, picking up an easy commission. They had no idea then that if they were willing to handle the paperwork themselves, they wouldn't even need to pay for an agent. "Since Jan 1, 2011, agents may only collect a commissionfrom one party even if he represents both. This prevents any conflict of interest," says Kelvin Fong, a top-ranking group district director at PropNex, who leads over 1,200 real estate agents. Generally, it is not difficult for buyers to represent themselves as long as they work closely with the seller's agent to prepare all the necessary documents. But sellers who want to cut out the middleman may find it more daunting. They have to market the property, screen enquiries and organise viewings. Even if you make a successful sale, there's the complicated paperwork and various deadlines to deal with. Marcia Lai, director of Faith Property Network, an associate company of international real estate company Re/max, explains: "Many sellers may lack the technical know-how, especially about the new HDB regulations introduced recently." This may delay the completion of the transaction and affect the hand-over date. For some sellers, saving that few thousand dollars in commission is not worth the hassle. What about buying a resale private property? Since buyers do not have to pay commission, your agent will collect a co-broking commission from the seller's agent. You get someone looking out for your interest, so why not? 2. It's better to sign with an exclusive agent (but only if he's the real deal) Exclusive contracts last three months and the commission for selling a HDB or private property is usually one to two per cent of the selling price. Marcia says that sellers usually fare better when they work with a trusted exclusive agent. As he will handle all enquiries, he is in a better position to secure the highest possible price. "When too many agents are marketing the same unit, some may try to close the deal quickly by persuading you to grab the first offer instead of waiting for a better price," she says. According to Kelvin, an exclusive agent should provide all forms of media exposure such as classified newspaper ads, online or by printing brochures. He should also be part of a network of agents who help each other by finding the right buyers for their clients' property, and be open to co-broke with other agents who can fetch a good price. If you suspect that your agent is not performing, ask to see proof of his marketing efforts. You can break the contract if he can't back up his promises. To weed out rogue agents and protect buyers and sellers, the Council for Estate Agencies (CEA) implemented new guidelines which came into effect from August 1, 2011, with eight templates for contracts that agents must use for the sale, purchase or lease of properties. CEA also spelled out the proper use of these forms as well as commission clauses, disclosure requirements and co-broking clauses. 3. Your property may be used as a 'showflat' Should sellers go with an agent who claims to specialise in your area? His experience may come in handy, but he is probably also marketing several units in the neighbourhood - and they're all your competitors. In the worst-case scenario, your home may be used as a "showflat" as homeowner YS Liang discovered. "Weekend after weekend, our agent would bring a stream of people to speed-visit our apartment, leaving within minutes. She didn't even try to promote our apartment. It felt like we were just one of the many tour stops for her clients," he complains. According to Kelvin, other agents could also make use of your agent's listings. "If your pricing is on the high side, these agents may use your home to convince their buyers why they should buy another apartment." To counter this, Kelvin says it is crucial for your agent to offer a current market analysis before putting up your home for sale. "This helps you price your property correctly and realistically." 4. An experienced agent can help with your financial planning Your property has appreciated but until you sell it, you're just sitting on paper gain. "Property is the biggest asset for most Singaporeans, so you should leverage on it to create more wealth. The problem is that many agents keep asking the seller to sell, but do not help to plan what you can do with the profits," laments Kelvin. His suggestion? Cash out and use part of the profits as downpayment for a new home. Invest the rest in another property to collect rent. Buyers can borrow up to 80 per cent of the price of their first private residential property, and 60 per cent for the second. Kelvin points out that there is no such cap for commercial properties as long as you meet the bank's loan criteria. 5. There's little your agent can do once the deal is done You've excitedly moved into your new crib, only to realise that the air-con isn't working and the plumbing is choked. Can your agent negotiate with the seller to pay for the repairs? Sorry, his hands are tied. Once you put down the one per cent option fee to hold down a private property, you have to accept its condition as it is when you move in - faulty air-con, choked toilet and all. Get around this by asking your agent to include a final inspection clause in the option-to-buy letter. HDB flat buyers automatically enjoy this safety net. "There is a final inspection of the property two days before the completion of all HDB transactions. If the air-con is faulty, you can request the seller to repair it," says Kelvin. What happens if your seller backs out of the sale and refuses to return your deposit? Marcia shares an example that happened to her friend. During the second appointment at HDB, he learned that the seller had not paid his monthly instalments and Town Council fees for over a year, and the transaction could not be completed. "Although my friend offered to clear the Town Council arrears, the seller changed his mind and said he'd rather let the HDB repossess his home. He had also spent the $5,000 deposit and blatantly said he was too broke to ?pay back the money," recalls Marcia. Unfortunately, agents do not have the authority to check on a seller's records with the HDB or the Town Council, which might help to flag such potential high-risk cases. Often, they are as much a victim of the unscrupulous seller as the buyer is. In this case, both the seller's and buyer's agents could not collect any commission as the sale did not go through. Your agent's role is purely as a middleman to facilitate the transaction. Once all the paperwork is processed, his job is done. Having said that, "A responsible property agent must help his buyer look out for all potential risks and not just think of making a quick commission. If your buyer is unhappy, the problem will come back to you," advocates Kelvin. Whether you hire an agent or not, property investment is an expensive business, so always do your own research. Buyers can check out recently transacted prices of HDB and private properties at www.hdb.gov.sg or ura.gov.sg before setting their budget or selling price. Visit the unit at different times of the day and observe the neighbourhood. If possible, speak with the neighbours to get a better feel of whether you and your family will fit in. It is also a good chance to find out if your seller has a dubious past. Be Informed Still game to go agent-less? Pick up tips at the "Resale Seminar for Buyers and Sellers" organised by the HDB. It costs $25 per person and sessions are conducted in English, Chinese and Malay. The next English session is on September 3 at HDB Hub. Register online at the HDB website, at HDB Hub or any HDB branch office

I had a former colleague married to this guy, poly grad, earned 2300 a month as an asst engineer, now he became agent and suddenly drive big car and talk big while me a uni grad, drive a small car and very humble, so property agents very rich? since I am a poor man and want to be rich, should I quit my job and be a property agent???

Hi all, I am looking for a full-time agent from Chartis to sign up biz insurance, quite urgent and if possible can meetup by Thursday. PM me your contacts, Thanks. Cheers, Melissa.

SPC got new formula to enjoy cleaner engine. Esso, this morning also heard from radio can clean carbon Cowtex long time has been promoting their little ppl cleaning the engine. Only shell don have. so does all the cleaning agents really works or just gimmicks?