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Plastic3

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Posts posted by Plastic3

  1. Posted

    Oei, where got link? Hahaha....but ah, if must pay $25 abit the ex leh..want to report many places how?? :D Many many $25...

    My first post that website I think not so much for specific unit report lar. But can help u find places in sg that got all the nearby amenities then u go hdb or agent and ask see whether got property in that area...Whats more no need money de! I like free stuff hahaha

    hi jonathan.81,

    that site looks very interesting indeed, thanks for sharing!

    There doesn't seem to be many locations available though..

    Guess have to wait for them to update it...

  2. Posted · Edited by Plastic3

    It is not easy to be a real estate agent too. You can negotiate comm with them directly if you decide to use them. If you decide not to use them, you can turn them down. They are also fellow people like us, trying to make a living.

    Yup, my mentor had cases before...where she had verbal agreement with clients (who she personally knew) to sell their home in return 1% commission but after the deal they refused to pay, as it wasn't in black & white even if she went to small claims tribunal also may not win...in the end she worked for free....

    Also cases where Agents have their mobilephones stolen by "clients"...haiz the things people do...

    Yes, Agents can get cheated too!

  3. Posted · Edited by Plastic3

    Hi Plastic3,

    Thanks for sharing !

    I attended a real estate course myself 10 years ago. I paid the course fee to the agency but turn down their offer to refund me the money since I did not join them as an agent. I told the CEO that the amount should help defray the cost of refreshments and materials supplied. People tell me that I can do property but I turn them down. What irked me was the way some 'lies' had to be told in the selling process inorder to sell houses and close deals ! This was a big No-No for me because we are talking about collecting a 2% commission from day-day folks. Lying = 2%. Don't lie , no 2%.

    Probably that was why almost all agents who bumped into me last year (when I sold my house and bought another) had a hard time dealing with me because I know my stuff.

    I am not against anyone being an agent of some organisation. What I want to impress upon real estate agents is that the 1% ~ 2% they get is easy money. The time spent on the job, transport and associated costs does not even hit 10% of the 1% commission in many instances. This is unlike the example of a mover. People need movers because no one will buy a lorry to move house and later sell off the lorry. Being a mover requires manpower and that equals money. However, how much do we pay movers for the strenuous 2 ~ 4 hour job ? Probably 20% of the 1% commission paid to a real estate agent. See the difference in work done vs money paid ?

    I would say real estate agents are worth their buck if they charge like what lawyers or doctors charge. Time base or symptom base consultancy /treatment fee. That way, it is more equitable. Only sincere, honest agents will remain offering tip-top service in industry.

    By the way, I don't have a cushy job. My income is irregular because the company's cashflow is not good. However, my colleagues and I are cracking our heads every day to find new prospects local and overseas. We make computer systems for hospitality industry which are entirely designed and manufactured by ourselves.

    Hi asoon88,

    Yes my example not very suitable....that was off the top of my head...hehe

    I guess what i'm trying to say is that most people engage Real Estate Agents because of their professional knowledge, experience & excess to information/network, most people can gain some of that knowledge themselves by learning and reading up...with the advancement of technology alot of information is readily available online (to a certain extend)

    Unfortunately, some Agents armed with the knowledge that they have, choose to cheat/lie to their clients for their own benefit as many of you here have encountered...I have faced some clients who see me as a liar even before they get to know me just because I am an Agent, I have come to accept that as part of my job because clients do that due to their past experience with other Agents...it is nothing personal...

    Thanks for sharing your point of view, I have learn alot regarding the public's view of Agents since joining this forum...

    I actually joined just to learn more about the latest design & renovation trends...I don't know that much about design, sometimes clients ask my opinion on how to redo the new home they bought and I got nothing to say abit pai seh... :P

    I wish you all the best with your company, working on a project of your own is never easy!

  4. Posted · Edited by Plastic3

    The list of people in this world not worth trusting...especially in the Singapore context are as follows :-

    i) Grassroot leaders/Govt officials

    ii) Insurance agents

    iii) Property agents

    iv) Your Boss

    I have given up hope as far as (i) is concerned. I would have tied insurance and property agents in the no. 2 spot but decided that insurance should be no. 2 since many sell things that they do not understand themselves !

    Property agents...they are a bunch of people that make easy money out of innocent people who need a roof over their head. Many have a good education background in engineering, business and social sciences. They take the easy option in life by taking other people's money by producing nothing.

    When I saw my DWG agent's photo recently in the ST's big advertisement being the top 50 producers, I asked my wife, what did this guy do for us ? The answer : Nothing much. After paying him $6K for agent fees, I told myself never to pay another person for a simple job that I could do myself. We learn from our mistakes and I advise forumers to follow HDB clear guidelines and sell/buy the flats themselves. Save the money for the renovations.

    To the property agents reading this : Go and get yourself a real job !

    Hi asoon88,

    I used to have a "real" job, worked very hard OT almost everyday...I thought my effort and hardwork would be rewarded as my (iv)Boss has acknowledged that I work harder and was more efficient than my colleagues, I asked him if theres a possibility of a promotion or a rise as my job scope had grew to include many duties that my colleagues were not doing because somehow my Boss trusted me more so he preferred that I did them instead of others....after a discussion with his superior he returned and told me there was no quota and there was nothing he could do...

    After awhile, I was disillusioned, I couldn't understand why I was doing more but getting less than some of my colleagues just because they were more senior...

    I left that company because a smaller one made me a better offer....I was quite happy at my new company because my Boss was a great guy, he really shared alot of his experience and knowledge with me and treated me not only as another member of the staff but also as a friend...till today I am grateful to have gotten to know him...

    Unfortunately, the financial crisis affected my company so much that it had to cease operations...even my Boss lost his job...

    I joined Real Estate after a friend of mine recommended it, I had never thought of it before...as I don't really have the give of the gab, when I first started I was screwed by alot of older Agents...they were very aggressive and didn't follow the procedures that I was taught during my Real Estate course...some tried to close the case directly with my Seller and Landlord wanting to cut me out of the case entirely...fortunately my clients called me up to tell me..as they knew I had already spend a good amount of time, effort and money to market their property..

    It is clients like this that keep me in the business, 1 client who used to be a property agent himself has also decided to let me handle his own flat rental he rather pay me than deal with all the hassle himself...

    I agree with many that they can sell their own property, you can sell your own car, used electronic equipment, even your pet...why not sell your own house?

    Let me use the example of movers,

    If you wanted to move house, you can either move all your furniture yourself or you can engage a professional mover company to handle it, it is your choice...

    if you do it yourself you waste your own time, energy and some money (have to think of how to pack different items so they don't get damaged during the transfer)

    if you engage someone, you pay them to do a professional job for you while you are free to concentrate on something else..and you're not as emotionally involved

    I guess it boils down to each individual's opportunity cost of DIY

    for those who have decided to do it DIY, I have consolidated some useful information regarding past valuation/transacted price, rules & regulations that might aid your selling process in my blog, you may email me if you require other information, I'm not a lawyer I do not charge for answering questions :)

    I'm sorry to have written my life story of the last few years, I didn't plan to write so much!

  5. Posted · Edited by Plastic3

    usually i find new agents more humble and willing to run extra to close the deal.

    old ones just want to hit and run...close easy deals.

    This is quite true new Agents typically have no listings...so they'll give 101% effort to your case....but the tradeof is that they are inexperienced...may make mistakes

    Old Agents may have many cases on hand...and are very busy...sometimes may overlook certain things...

    so theres pros and cons for both...

  8. Posted

    I saw this website that can allow ppl to search for convenient places in singapore with mrt, bus stop or restaurant etc. nearby. Also good for ppl who want to find places near to parents home so can get hdb grant, or near primary school so easier when apply for primary school for kids hahaha. Just add what you want to be nearby your house den search can liao. hmm, if only have linkup to property agent or to hdb new flats den best...hahahaha

    http://analytics.shownearby.com/analyse

    Linkup to Property Agent?

    Just email/call me, I can give you listings of whichever area you are looking for :D

  11. Posted · Edited by Plastic3

    Thanks to all of your kind advices.

    Just wondering if it's better to process the sales on your own or to appoint agent?

    Is it difficult to conduct on your own and finding a good range of potential buyer?

    My current 4S unit is at Mcnair Road (BoonKeng) so any idea on the potential COV in market right now?

    There is no better person than Yourself to sell your home, because you know everything there is to know....like....

    - How old, 1st owner/2nd owner..?

    - Amenities, where to look for bargains...?

    - Neighbours

    - How to get to somewhere from your home...what bus service, how long to drive, how long by foot...

    - Good food/schools in the area

    The issues that keeps most home owners from selling DIY is...HOW exactly to sell:

    - Lacking in knowledge of rules of sale of a HDB flat

    - Lacking in knowledge of current market conditions

    (some owners really have no clue, which leaves them vulnerable to unethical Agents, after I've tabulated all the offers and present to the owner sometimes they can tell me "I don't know leh...do you think I should accept?")

    - Lacking in negotiation skill... (most buyers have their own agents, their agents will be looking after the buyers interest only)

    - Lacking in knowledge in financing

    - Lacking in knowledge of contracts

    - Don't realize buyers may have problems selling their home

    - Don't know how to qualify buyers

    but the most important issue here is TIME, if you have the time to learn all the things i've stated above...sell your home yourself and save the commission for furniture or renovation of your new home...

    Getting another phone number is very important, everytime i list a property online & in the papers I get on average 50-70 phonecalls a day (95% of the calls are from Agents), and i still get those calls after I've sold the unit for a period of time because all listings are stored in databases which Agents can access...

  13. Posted

    Hi,

    Actually I'm the seller so if I appoint any agent for the transaction, I thought fee will be 2%?

    => pls help to clarify again.

    As for the valuation report, I've already have a copy with me done in End Feb :D

    Noted the legal & admin fee and my current loan is from HDB.

    Thanks for pointing out these misc costs.

    -> 2% is a guideline

    -> Note that the valuation report is only valid for 3-months, but with the current market should be not problem selling before it expires..

  16. Posted · Edited by Plastic3

    Well, my agent is from Propnex. Her service is good so far.

    There are Good Agents and Bad Agents from ALL Agencies...

    It doesn't mean that you met a Good Agent from XXX Agency means ALL Agents from XXX Agency are Good...and vice-versa..

    forgotten, it is good that you have received good service from your Agent!

  17. Posted

    I understand from this forum that MND has a draft report to try to regulate the real estate agents practices. I, too, think that having a seller's agent represent both seller and buyer does not make much sense as there is conflict of interest. Does any one know when MND targets to have the regulations? Many thanks!

    It is still in progress no official date set...

  20. Posted

    I will pay the seller agent tier commission for my next flat, if he represent the seller as sole agent.

    if COV 15,000 and below : I pay 1% + let them refer my mortgage loan

    if COV between 15,001 - 20,000 : I pay 0.85% only

    if COV between 20,001 - 25,000 : I pay 0.75% only

    if COV between 25,001 - 30,000 : I pay 0.5% only

    Spoke to 2 agent and they quite keen to represent me to their seller. waiting for valuation reports. Performance base tiering makes more sense in current market to ensure seller agent works for u. Direct buyer don't want to pay agent fee? most likely you might get your offer blocked by the agent.

    Hi Phantom,

    Your commission scheme is very reasonable, i'm sure many Agents are happy to serve you.

  21. Posted · Edited by Plastic3

    Hi All,

    This is my first time posting here, I am an Agent.

    Regarding the 2% commission for Sellers Agent & 1% to Buyers Agent, it is the guideline IEA give to Agents.

    Is the commission negotiable? Yes & No.

    What I would say is if you feel your Agent has done a good job pay him the 2% commission...like many of you have mentioned Agents also need to eat, Agents of the big four Dennis Wee Group, ERA, Propnex & HSR do not take all the commission we have to split with the Agency, Agents also need to pay for advertising in Papers & on the Internet, brochures, roadshows, car petrol....etc

    I have heard of smaller Agencies giving Agents 100% of the commission to entice Agents to join them, but these smaller Agencies do not provide adequate training to the Agents.

    If you feel that your Agent didn't do a good job negotiate a lower rate, especially if the Agent did something wrong behind your back complain to the Agency, have that Agent dealt with...so others will not have to endure nonsense behavior from unethical Agents.

    As for the 1% commission paid to the Sellers Agent from buyer, I feel it is not right as well as there is a conflict of interest, but this has been in practice for a long time and is the standard that all Agents follow there is no quick way of changing it. For Buyers either negotiate a lower commission with the Sellers Agent or find yourself an Agent to help you source for your property...an Agent will definitely be able to find more listings than if you search for it yourself because of our contacts and network..

    With the upcoming regulation on Real Estate Agents, i believe more rouge Agents will be weeded out and the standard of service will improve.

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