How Much Should I Pay My Property Agent In Singapore?
With the advancement in technology, you now have easier access to most information, which can be found online. So, instead of relying on another person when you need information or help, you’ll go on search engines and get immediate results or response.
But in the case of buying, selling or renting a property, will you be able to complete the process – view listing, negotiate the pricing, and seal the deal – online? Though you can search for property listings online, you’ll still need real-life interaction to close a deal. Besides, closing a deal on a single property will take time and require tons of paperwork.
Here’s where real estate agents come in. They help prospective property sellers, buyers, houseowners or tenants like you to get the best deals. If you think that their services are costly at times, it’s more convenient to get help from people who know what they are doing.
With their knowledge of the property market, network resources, negotiation skills and expertise in managing transactions, you can be rest assured that they’ll get the work done in no time.
So, you’ve been eyeing some of the properties in Singapore, but you’re not sure how the process of closing a real estate deal goes. There’s only one way to find out and that is to hire a real estate agent, who’ll help you with and throughout the process. Here are some things that real estate agents can help you with.
How real estate agents can help you
- Provide advice and guide you through the buying, selling or renting process
- Help market your listings
- Arrange house viewings
- Represent you in negotiations
- Inform you of the offers made by interested parties
- Deal with the necessary paperwork
- Coordinate appointments with professionals
While you may think that commission fees for real estate agents are fixed, Singapore’s Council for Estate Agencies (CEA) has stated that the commission rates are not fixed nor is there any guideline on commission amounts. This means you’ll need to negotiate with the agent before starting work on acquiring your property of choice. Paying the agents their commission fees is to sow the trust between the two parties.
Before starting the negotiation, you have to know that there are two types of real estate agents – seller’s or landlord’s agent and buyer’s or tenant’s agent.
Seller’s or landlord’s agent
This type of agent is tasked with helping property sellers to find buyers as well as help landlords to find tenants. The property agent will advise sellers or landlords on ways to make the property appeal to potential buyers or tenants too.
Additionally, their role includes helping sellers or landlords advertise the property on various platforms such as printed media or online listing sites. Should there be any interest shown towards the property, the agent will arrange and coordinate the property viewing as well as handle the paperwork and ensure that the agreement complies with Singapore’s legal requirements.
Buyer’s or tenant’s agent
While the agent mentioned above works for the seller or landlord, this agent will help buyers or tenants to find the suitable properties and later arrange for viewing. On top of that, the agent will help to negotiate on the buyer’s or tenant’s behalf to ensure the best possible deals.
Now that you know the difference between the two types of agents, you should also know that it’s illegal for one agent to represent both sides of the party, i.e. seller and buyer. This will result in a conflict of interest. However, one agent can work with another agent to reach an agreeable deal between the buyer and seller or landlord and tenant.
Depending on the type of property that you’ve acquired, sold or leased, and the complexity of the deal, the commission rate for your real estate agent will differ accordingly.
If you’re looking to sell a property in a short period, expect to pay your real estate agent more. Similarly, if you’re coming from overseas and are looking to invest in some of Singapore’s properties, your real estate agent fees will be much higher.
3 Orchard By-The-Park
Buying or investing in a condominium like 3 Orchard By-The-Park doesn’t have to be a complicated process. Located at the prime District 10, you’ll have access to several shopping havens such as Paragon Shopping Centre and ION Orchard Mall.
Moreover, you’ll get to unwind at Singapore Botanic Garden after a tiring day or stressful week. The luxurious freehold condominium will leave your guests in awe of its garden-like design as it boasts a wide range of amenities from pools to a gym, and more.
Corals at Keppel Bay
If you prefer listening to waves or looking out to the sea on a daily basis, Corals at Keppel Bay is the ideal waterfront residence for you. Located at Singapore’s southern shoreline, Corals provides you with a peace of mind and privacy, allowing you to enjoy a slow-paced lifestyle away from the city.
Furthermore, you’ll have access to one of Singapore’s popular attractions, the Sentosa Island. If you need to go on a grocery run, Vivo City and Harbourfront Centre are within walking distance.
Let SG Home Guru help you to make the purchase or investment at the right price. With various properties strategically located throughout the island, we will analyse your existing portfolio and give you the advice to help you make the best property decision.
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