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Umaisarah

Advice On Engaging A Housing Agent

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Hi, need some advice. Sorry if this has been/asked before.

I signed an 'exclusive agreement' with an agent who happens to be my friend and financial planner.

Her 3 months exclusive is going to be up soon, and I'm planning to switch agents.

I'm not sure if I should sign another exclusive with the new agent or I should just contact a few agents and tell them to market my unit for me? What are the pros and cons? Fyi, my property is a condo.

When I was looking for HDB houses to buy, some agents representing the seller says they charge 1% 'service fee' for handling my transaction with HDB. Would this contravene the ruling which says agent cannot represent buyer and seller? I feel the 1% is too much for just filling up some forms and submitting to HDB. And since I move from private to HDB, there's less hassle, right? No contra to do etc etc? So technically, I can do myself?

Appreciate any advice. Thank you.

 

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Hi Umaisarah, I bought my resale without going through an agent so there is no need to pay 1% agent fee. Some seller agent will only deal with own buyer agent in order to charge buyer 1% buyer agent fee. Not so ethical but many of them still workaround this method. Hence before viewing, I made clear to the agent that I am DIY-ing but have an agent friend to help me with documentation work so will not be paying any agent fee. Usually seller agent or co-broke agent will agreed because they hope to close case ASAP. Most are charging seller 2% agent fee which in turn is also pass on to buyer in the sales price. I don't really have an agent friend to help me with the documentation actually. It is very easy if you follow the instruction on HDB website. Further, the seller agent will also remind you of important things to do because the seller agent is also afraid if you are unsure causing delay in closing the case.

Edited by gemini
 
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Thanks Gemini. For me, I actually have an agent friend :)

I'll make sure to tell the seller agent I have someone helping me at the buying end.

Any tips on whether to sign exclusive or not to sell flat?

 

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Thanks Gemini. For me, I actually have an agent friend :)

I'll make sure to tell the seller agent I have someone helping me at the buying end.

Any tips on whether to sign exclusive or not to sell flat?

Don't need to sign exclusive agreement lah. However, within 3 mths (I think), if the previous viewers suddenly come back to make an offer, you still need to give the deal to your 1st agent. Normally that's in the contract terms.

For private, the quantum of the comms is very big, I'm sure there will be lots of agents eager for your business.

Set it clear from the start if the agent cannot find a buyer in 1 mth's time, you will rope in additional agent. The agent will need some time to post ads, make calls, do their groundwork too.

You can also use back the same agent to look for your HDB and not pay him comms, up to you to negotiate :)

 

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Hi, need some advice. Sorry if this has been/asked before.

I signed an 'exclusive agreement' with an agent who happens to be my friend and financial planner.

Her 3 months exclusive is going to be up soon, and I'm planning to switch agents.

I'm not sure if I should sign another exclusive with the new agent or I should just contact a few agents and tell them to market my unit for me? What are the pros and cons? Fyi, my property is a condo.

When I was looking for HDB houses to buy, some agents representing the seller says they charge 1% 'service fee' for handling my transaction with HDB. Would this contravene the ruling which says agent cannot represent buyer and seller? I feel the 1% is too much for just filling up some forms and submitting to HDB. And since I move from private to HDB, there's less hassle, right? No contra to do etc etc? So technically, I can do myself?

Appreciate any advice. Thank you.

no harm signing exclusive. if you have multiple agent marketing for you, you will see multiple listing of your property. agents might try to out bid each other by pushing down the price. not good for your property, kind of cheapen your property. by signing exclusive, you could neg with the agent on commission. instead of the usual 2%, tell the agent you will give him 1.5% or even 1% and he could be the exclusive. win-win..

as for the buying of hdb, yes you could do it your self, just read up on hdb website. i just did the same as you, sell my pte property and bought a hdb. its not that difficult that you need to pay someone 1% for a few click on computer. some seller agent might even offer to do it for you for free. and to make life easy, use the same lawyer for both transaction.

 

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Hi Umaisarah, having an agent friend helping with documentation is just an excuse used, I did all without an agent, it's very easy following instruction on HDB website. I've no experience selling but personally find it no harm signing exclusive because the agent will be more commited to sell the hosue for you. And I agree with mummychua that having too many agents kindof cheapen your property becasue you have no control over those agents advertisements all over internet and newspapers. And indeed you can negotatite the commission. To sign an exclusive, the most important factor is the selling record of the appointed agent. There are too many inexperienced and crooks agents in market.

Edited by gemini
 

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Hi Umaisarah,

Here we are again in this forum. 4 years ago, we both moved in to our condo. 4 years later, we both selling condo and getting HDB. Lol. My agent getting 2% from the condo sales and 0.5% from my HDB purchase. I didn't tried to do it without agent and never thought of doing so cos I thought it's gonna be difficult. Seems that it's not. So how is your situation now?

 

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I also agree that engaging 2 agents or more for your current property sales will erode the value of ur property; but only to a certain extent from my point of view. Y? Cos u r ultimately the owner and have the final say. From what price to advertise and what is ur final price etc. U shld be in control. Can u say BM is "cheap" bcos they have many sales person selling the same car? :)

For me, my personal experience from my previous condo sales, was that I used a few agents to widen my "net". Told them absolutely what is my price and what price to advertise etc. Remember, u r the boss and u shld have absolute control over EVERYTHING!

1st question, NO! No agent can represent both sides in a transaction (buyer/seller or landlord/tenant). If u have proof, pls feel free to report it to CEA n they will take action accordingly. Yes u can DIY by all means cos nobody say u must use agent when buying or selling.

Assuming u r buying a 500K HDB, 1% commission is 5K. If u think u wanna save that 5K for other things, u r entitled to. Or if u think that a 3mths job is worth 5K, and have someone to assist u along the way, use an agent. Just like nobody say u must go workshop to service the car. If u know how to do it, then by all means go ahead. If not go to a workshop and have someone doing the "dirty" job for u.. Hehe

End of the day, not all agents r good, but also not all r bad. Just like, not all BM r bad, but also not all r good :)

All the best and hope u can achieve your "Dream" soon!

 

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