Many Singapore residents either hire a property agent to buy, sell or rent a Condominium in Singapore or do it by themselves. While hiring a property agent has its advantages, few questions come to mind.
- Do you need a property agent?
- What to see when hiring a property agent?
- What is the commission you will have to pay?
Here are few tips that will help you select right property agents.
Check If the Property Agent Is Registered
Before engaging any property agent, ask for his/her CEA’s (Council for Estate Agencies) registration number. Check the registration number in CEA’s Public Register to verify the details of the agent. Do not just believe the information mentioned on the flyers or boards that just mention the agent’s name and phone number.
The CEA’s Public Register can tell you lot about property agent such as
- Whether the property agent is a licensed agent
- Whether the property agent has received training from the CEA in past three years
- Whether the property agent has been conferred any award by the CEA
You can get this information through CEA Public register or through the CEA mobile app that is available at Google’s Play Store or Apple’s App Store. The agent’s detailed information can be gained using property agent’s name, mobile number, registration number or license number.
Know the Services Property Agent Is Entitled to Provide
The property agent is entitled to provide you with these following services
- Forward you expression of interests and offers from potential parties
- Safeguard and promote your interest in the property transaction
- Extend professional advice and protect your interest in the transaction process
- Stand with you in all negotiations and keep you updated about all proposals from opposite party during transaction
- Explain you all forms used in the transaction and help you in binding agreement
- Inform you about any income or referral fees for buying or selling a condo in Singapore
- Bring any negative aspect of the deal to your immediate notice
For HDB property transactions, the property agent provides these following services
- Informs you whether you are eligible to sell, buy, or rent a property
- Gives you the relevant information required to complete HDB transaction and helps you with submitting forms, other transaction-related documents.
- Helps you go through the sale checklist and see whether government agencies authorised the renovations made in the property.
Know What Property Agent is Not Expected To Do
- Represent both parties (Seller/Buyer or Landlord/Tenant) in the property transaction
- Handle monies (down payment, option fee, and other amounts) related to property transaction
- Recommend or introduce licensed or illegal money lenders
Discuss the Commission Rate with Property Agent
You should always discuss and finalize the commission rate with your property agent before hiring or signing an agreement. Also, get clarification about GST and ask whether it is included in the commission amount. Property agent charges a reasonable commission. However, if you are doubtful, you can always find the average commission rates charged by approaching a few property agent.
Use CEA’s Recommended Estate Agency Agreements
Always insists on CEA’s recommended Estate Agency Agreements to discuss the terms and conditions and finalize the commission with the property agent. In the case of a dispute, you can follow CEA’s dispute resolution scheme to resolve the conflict.