Did you recognize there are around 30,000 registered property agents in Singapore? With numerous to settle on from, it’s hard to seek out an agent who will best meet your needs. Most folks will likely ask our friends and family if they need one to recommend. But simply because that property agent had helped someone you recognize, it doesn’t mean he’s the simplest property agent for you.
Here are 5 ways to seek out how good your property agent is for you:
But first, check if the property agent is registered with CEA No matter how good someone claims to be in closing property deals, it won’t matter if they’re not registered with CEA as a property agent.
Yes, there are thousands of property agents in Singapore, but don’t just assume that your property agent is registered. Give yourself peace of mind by taking a couple of seconds to see CEA’s Public Register online and ensure that they’re not working illegally or are suspended for disciplinary issues. And ranging from 4 January 2019, you’ll also get information on their completed resale transactions for HDB flats for the last two years from that same Public Register.
This is the newest initiative by CEA to assist consumers to make a more informed decision by providing verified records of every agent and their experience in closing residential transactions. Information on private residential transactions completed by property agents is going to be available later this year.
Once you’ve done your due diligence, it’s time to satisfy with the agents and ask yourself the subsequent important questions. Not only will the answers to those questions offer you a far better understanding of what they will assist you with, but they will also assist you to choose an appropriate commission rate.
1. For buyers and renters:
Is your property agent prioritising your needs? When a property agent is trying to find an appropriate property for you, does he know what matters to you most? For instance, is the proximity to your workplace more important than the convenience of local amenities? If so, then it’s okay there isn’t a 24-hour supermarket within walking distance if your morning commute takes no quite 25 minutes.
A property agent must work together with your budget, but an honest property agent should be ready to advise you when the opposite factors outweigh this. For instance, if a location is slightly beyond your budget, but meets all of your other needs, and honest property agent should be ready to advise you if you ought to consider buying or renting a HDB flat rather than the private condo that you simply are eyeing.
2. For buyers and renters:
what’s the property agent’s process of finding suitable options for you, and are his recommendations good? Property agents can represent many purchasers at anybody point in time. While there’s nothing wrong thereupon, it’s going to end in the property agent just showing you available properties that his other clients aren’t curious about. In other words, the property agent is putting his own convenience above yours.
Find out if your property agent is devoted to helping you discover your ideal home by learning more about his process of finding properties purchasable or rent. Is he just rummaging through the advertisements or does he have contacts he’s regularly in-tuned with who are looking to sell or hire out their place? And what about his recommendations? Are they popular choices or non-starters? An honest property agent doesn’t tell you there are not any suitable properties but will plan the box to satisfy your needs and needs as good as he can. Don’t accept a property agent that’s trying to force you to require up a less-than-ideal property.
At the end of the day, you’re paying your property agent a commission to assist in your property hunt, so, he should be doing his best for you. That said, of course, you’ll have to be realistic about your demands also – if your budget can’t afford condo living near an MRT station, don’t request for such options from your property agent. It’s also important to form sure that your property agent isn’t also representing the opposite party (i.e. the vendor or landlord) within the same transaction. Such dual representation isn’t only a conflict of interest, but also illegal.
3. For buyers and sellers:
Is your property agent intimate property financing and therefore the property market? In Singapore, you technically do not need to engage a property agent for your property transaction. Engaging an honest property agent, however, could help make your property transaction process a hassle-free one because the agent would have the required knowledge and knowledge that you simply probably don’t have. That’s why you’re engaging him in any case .
If you’re a buyer, your property agent should have some knowledge of property financing to advise against an impulse property buy if, say, current home equity credit rates are likely to rise and should advise that you simply consider your financial commitments carefully.
If you’re a seller, a competent property agent should be ready to advise you on the market potential of your property, and whether this is often the proper time for you to be selling your property supported market sentiments. Basically, an honest property agent being an expert in property transactions should be ready to provide deep insights and comprehensive information when it involves the property market.
If you assess that he isn’t quite ready to do so, you would possibly want to consider discussing a lower commission with him, which, if you didn’t know, is negotiable and will be supported the service he’s providing you.
4. For sellers and landlords:
what’s the property agent’s process of finding suitable buyers or tenants? Selling and renting out a home is very different from finding a house, and therefore, the property agent’s process of finding suitable buyers or tenants should reflect that. Determine how your property agent plans to draw in suitable buyers or tenants, and if he’s doing so in an efficient and efficient manner.
These days, with several digital platforms available to advertise a property purchasable or rent, it’s easy to only post the knowledge online. An honest property agent makes the trouble to curate potential buyers or tenants for his clients. Experienced property agents may even have their pool of contacts to market your property to, and this will curtail your search time and provide you with more potential buyers or tenants to settle on from.
Ultimately, you would like to be ready to have an honest understanding of your property agent’s process and progress, in order that he doesn’t leave you hanging for weeks at a time with no news, or updates.
5. For sellers and landlords:
Is your property agent willing to offer you regular updates on their progress? Getting your property agent to offer you regular updates on the progress of selling or renting out your house might offer you insights on whether he’s marketing and pricing your property correctly. Since property agent commissions are usually a percentage of the sale or rental price, they’re incentivised to offer your property a high value. But too high a valuation means no takers.
On the opposite extreme, they’ll be tempted to cost your property below valuation in order that they will make a fast buck. If you notice tons of interested parties during a short span of your time, you’ll want to see if your property agent is intentionally undervaluing your property. A top property agent in Singapore is going to be ready to find data for property transactions within the area or for similar property types and justify his valuations to you. You would like to seek out a property agent that negotiates together with your interests in mind, not just his.
Speaking of trusting your property agent…
Say you ask these 5 questions and you’re convinced that your property agent is competent. It is often tempting to place your trust within the property agent and just say, “Do what you think that is best.” But when it involves buying and selling your property, it’s probably one among the most important transactions you’ll ever make, so you merely can’t wash your hands entirely from the method. This is very true when it involves money. It’s always best for you to handle the cash associated with your property transaction on your own.
When buying and selling all properties in Singapore, property agents are only allowed to handle the valuation fees and their own commission. Everything else should be handled on your own. And for rental transactions, always pay the owner directly. In general, you ought to always strive to be present whenever possible in discussions a few properties that you simply decide to buy, sell, or rent. This may also offer you the chance to make sure your property agent does what he has committed.
At the end of the day, choosing an honest property agent, having a transparent understanding of what your agent’s responsibilities are, and being involved will go an extended way in making the entire property transaction process a smooth one.