Buying, Selling or renting of properties are such thing about which people are conscious. Buying or selling home might be the biggest deal of entire life for many of the Singaporean. Searching property according to needs is a hectic task. Finding a place fulfilling the priorities like distance from hospital, market, park, school or work is time taking. So, instead of wasting time and energy people ask such thing from consulting person, most people do engage property agents. There are no fixed guidelines about the Property agent commission in Singapore which mostly arise the problem because people don’t know how much commission they have to pay to the agent and how to get proper services from him. Most people question the difference between Hiring own property agent and directly approaching another person agent? , And how much they have to pay commission. This Article will provide an answer to such question and further explain the purpose of the property agent and things related to their Property agent commission Singapore.
The first thing you have to make sure that agent must be registered with property agent commission Singapore. Don’t believe only by looking lavishing office or professional visiting card. This can be done by verifying through Public Register maintained by PACS.
What kind of favors you can get from property agent:
It’s up to the person who’s hiring the agent that at what extent agent will provide his services but below are some general guidelines to help out people who are unclear about agent’s purpose.
- Property agent is supposed to advise according to eligibility of concerned person.
- They must represent you at time of negotiation.
- Guide you about any restriction regarding loans and fees payable.
- Inform you about the expression of interest from concerned parties.
- Help in preparing all the necessary documents.
- Provide comparative market analysis.
- Timeline related to sale and financial calculations.
- Buying the most expensive property in the area is always a bad idea. Property agent can provide a recent transacted price in the area.
- Ask for Recommendation to make the property more appealing to the customer. They also tell what types of properties are best for the buyer and what prices are best for the seller for selling his property.
- List of properties for sale in neighbor and your current properties report with all details along with fact and figure. They know about which properties are available in the area so they select the property which is best for the buyer and according to the demand so a
- Figuring out the best offers from the several properties which have been shortlisted. As a person do not know about the best options so agents help them in this regard
How much you have to pay for Property agent commission in Singapore?
Most people assume that Property agent commission in Singapore is fixed and such confusions lead to unhappiness. Well, the answer is No. There is no fixed Property agent commission in Singapore.
It’s up to services provided by property agent or agency. It would be more appropriate if you negotiate commission before the start of the process. When the work is done you have to pay commission to property agency, not to your agent. Must remember that there are no hard and fast rules but there are some common practices such as usually seller pay 2% and buyer pay 1%, sometimes buyer pay nothing and agent share commission from seller’s agent. It all depends on the situation that how many buyers or seller needs work from property agent. Experience, skill, and quality agent also really matters.
The same situation with rental cases depends on the situation, no fixed rules, everything is negotiable. If situation tends to be unique commission structure is then even more negotiable.
Most important tip to rate Property agent commission in Singapore is to determine how much your property agent is saving your precious time and ultimately how much value he can add at the time of the transaction. Property buying and selling is a hectic task; if you are unclear about this complicated and tedious process then it’s worth engaging the property agent.