This is important to know about property agent commission Singapore. There are two types of properties agent in Singapore. Some people want to sell their property hire a property agent from property agent commission Singapore. People who want to buy their property also hire property agents from the commission. On the basis of this concept, agents are divided into two types. These are given below:
Property agent of sellers:
For marketing, any unit, seller of any property hire the property agent. These agents do not only help them in selling their property but also they advise them how to promote their houses for the getting more advantages. They help them to make strategies for presenting the houses in the best manner and to make the sale of any house, apartment or condo guaranteed. They also carry out the process of biding. They negotiate the prices with the buyer of properties to ensure that the property of seller must be sold at the best price possible. They work for the favor of the owner and make sure that they get an advantage from the sale of the property to others. They work for a benefit of the seller and they are liable for their actions. This is their legal obligations to work for the best interest of the seller.
Property agent of buyers:
He is an agent who works for the person who is finding the best property. In this case, the buyer wants to purchase property and for this purpose, he seeks the help of the agent so that he hires a property agent from property agent commission Singapore. Then agent helps them in finding the best property according to their needs. They help in selecting a right property for them for right reasons. They negotiate the prices on the behalf of the buyer with the seller or property agent of a seller. They not only help the buyer in carrying out all the paperwork of a property but also give a professional advice to the buyer of any particular property. They also have a legal obligation for working in the best interest of buyer otherwise they are liable for their actions.
There are certain issues also as one agent cannot be the agent of the buyer as well as of seller in one deal. The reason is that if the agent acts as an agent of the buyer as well as of seller, then the conflict of interest arises.
Commission rate for property agents:
A commission rate of property agent is not fixed. They are imposed differently across the industry. The rates are dependent on the experience of the agent. An agent with more experience in negotiating the successful deals is charged high rate as compared to the fresh agents who did not make any such deal or have no any such experience before. The commission rate of agents is also dependent on the complexity of job they are doing. If they do a resolution of the very complex problem of property then the rates of these agents go higher.
There are different rates charged for the different types of the properties.
- In case of private properties such as apartments and condos, the sellers pay the agent the commission range from 2 percent to 5 percent.
- In the case of buying private properties like apartments and condos, buyers pay the commission of 2 percent to property agent hired from property agent commission
- When we talk about selling the flats, the seller pays the commission of 2 percent usually and when we check the commission rate that buyer pays to agents is 1 percent.
- In case of selling the landed property, the sellers pay the commission rate of 2 percent. But this rate is not fixed in this case. The seller increases the rate when the complexity of deal increases.
If we talk about the commission rate paid to the agent by the buyer f landed property we come to know that no rate is paid to property agent of the buyer. The uniqueness of this concept is both the agents of the buyer as well as of seller shares the commission.