Guidelines

There is a standard percentage that property agents in Singapore expect to earn as a commission. Upon appointing the exclusive agent to represent in your property dealings, you and your agent will agree on the amount of commission payable after the property transaction. The Singapore Institute of Estate Agents (IEA) has finalised and published the recommended commission/fee for real estate transactions, a copy of which can be viewed online. Click IEA Commission Guidelines to view.Some commission-related questions you could ask
What kind of Internet Marketing will you do? There are many high profile web sites you will want your agent to advertise on. Ask which ones he/she will use and ask for specific statistics. What about the agent’s company and personal web sites? What newspapers do you advertise in? What is the Singapore real estate prices? Ask if the agent advertise your property in the classified newspapers? What is the frequency of advertisements?
What is the effect of your marketing to other agencies? Very few properties are sold through advertising or open houses, but it does happen. Most often, those ads generate calls from potential buyers or sellers, who end up as clients for real estate agents – and you want agents to bring potential buyers to your property. Advertising your property to other agents has a higher impact than direct advertising to consumers.

Lastly, ask yourself…
What is more important to you – getting the most amount of money from your sale, or paying the lowest sales fee? Once you decide which is more important, how much commission to invest in your property sale becomes clear. Don’t be fooled by discount brokers. Commission fees provide income for three items only – Profit, Overhead and Marketing. Overhead is a variable fixed cost and that leaves only Profit and Marketing.
Where do you think discount brokers cut back to make up for their reduced fees? It is surely not Profit… They cut back in Marketing which means that as a result of reduced marketing you are highly likely to receive much less for your property. In fact, studies have shown that sellers who pay higher commissions actually get MORE than the difference the discounted fees were supposed to save them.

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for further details on how we can assist you in maximizing the equity you receive from the sale of your property.

In Search of the REAL Estate Agent
Like in several aspects of life, it is only normal to seek help from an expert. So when it comes to buying or selling property/properties, it is only normal to search for a real estate agent, a realtor or a broker. Here are some tips collected from other experts:- Look for someone who is interested in the big picture as well as the little details. Make sure their marketing strategy is comprehensive.

- Your agent should be with you through every step. It is a bad sign for him or her to simply pass you on to other dealers. Yes, the good ones are usually busy and you are not their only client, but a first-class agent should be able to personally interact with you however hectic their schedules may be. If they cannot, you are better off with someone else.

- The realtor should be well-rounded. They should not only know about real estate, but should also be well-versed in the local property market, rules and regulations, property taxes and procedures, interest rates, and anything else that you would normally deal with when buying or selling property. They should be able to answer your questions.

- A lot of experience in realty is always a plus. Ensure that they have recent experiences that proved to be fruitful.

- Realtors who are willing to do most (if not all) the legwork for you are a good deal. However, make sure that you know what legwork they are getting done.

- Although not necessary, it is better to get someone who suits your personality and who you are quite comfortable with. That way, there won’t be conflicts of interest or taste.

- Make sure it will be easy for you to communicate with him or her. Make sure you understand all the legal and numerical information they give you.

- References are a must. References from family and friends are the best kind.

- Realtors who are licensed and registered are always a good choice.

- Compare commissions. Bargain with your agents. Keep in mind though of the quality of service you would be getting for the price you would be paying.

- Have everything in writing. And of course, read everything before signing.

Don’t be afraid to ask questions. Don’t be afraid to interview several prospective agents. Although it would still be cheaper to buy and/or sell property/properties yourself, real estate agents can give you sound advice and insight. Make sure you’re picking them carefully.

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