No More Fixed 2%/1% Commission For Sellers/buyers!

[derrick_ng2001 0]

on a low property market, some might totally for a few months without closing a deal..

they r takin a high risk jobs this is true tat come with high returns or zero return, jus lik insurance agent.. car agents..

we can do wuth or without them, but to mak our life easily, we might need their assistance..

i had a experience losing up a chance of buying one unit suspect due to commssion reasons as i brought a agent to help deal with the seller agent although i did call up the seller agent myself.

noticed that when u call up newspaper spoke to the seller agent, they automatically wan u to let them be ur agent to get e 1% comm.

Thats what agent around are doing. Thats why i say IEA should reinforce the above 5 guidelines rather than to axed commission guideline.

If i am marketing the the unit for seller, i will not collect commission from buyer unless they need my assistance on paperwork and eligibility.Agent do not work or study regulations for free. If buyer insists on no commission, i will still close the deal for seller's benefit but buyer will have to go and study all relevant documents and procedures required. If they miss out anything that blow the deal, i will help seller to proceed with his rights to forfeit all option fee and will be liable to compensate damage/losses if deal is blown after option is exercised. But before closing deal, i am still acting on behalf of seller. and i hate agent who ask commission from the party i am representing because they show no professionalism and dun seems to know where he stands.

Agents who ask commission from client he does not represent are normally agent who undercut commission payable rightfully in order attract clients and do not fight for his client's benefit. He only fight for his pocket.

There are agent who market property and if you dun pay him commmission, he will not sell you the property which doesn't belong him even if you offer high price. He will only sell to buyer who is willing to pay commission. So end of the day. Seller will be signing and selling his property at a lower price which he does not know ( they only celebrate because they catch a deal of 0%,0.5% or 1% commission without knowing that their property is sold below potential value) and buyer will be paying for higher commission than required.

[Junkay 1]

why dont they just earn extra percentages if they manage to sell the flat above valuation, if they manage to close at valuation then just get maybe 1k?

For example value of flat is at 300k

sell at 330k then he earns 1k + 5% of 30000 = 2500k so he would be motivated to close at higher for seller.

I agree buyers shouldnt pay anything to the selling agent unless you hire an agent to look around for you. Then you negotiate on an ang pow. In fact the selling agent should pay an ang pow also for bringing a buyer to him.