Do Agents Give Referral Fee?

[l_club23 0]

Found out that to be a proper property agent, you need some kind of license.

[zirhk3355 1]

Found out that to be a proper property agent, you need some kind of license.

Wah you faster than me.

Ok just checked as well; as of now, there is no need for individual agents to be licenced, but they need to belong to a licenced agency. And the good news is, think by 2008 or 2009, the govt is going to implement that every agent must have CEHA.

I guess this will bring the industry to a higher level...

Edited August 2, 2007 by zirhk3355

[Warrior88 0]

I didn't know for private property agent will receive commission from seller only, because a friend of mine who just bought a condo had paid her agent and this relative's friend is prepared to pay an agent fee. Ok, perhaps it's good that the friend can save the money. As for my side, I will have to represent the friend to go for viewings since she's not staying in S'pore and I don't expect to receive any tokens from her for doing the job.

I also don't know why, but buyer save the comm. for pte prop to pay for the lawyer fees.

It's like 2k plus if it is a clear cut case.

Advise yr friend u can help to save the agent comm but u may use up many hours

Then see what she says.

QUOTE(l_club23 @ Aug 2 2007, 04:38 PM)

Found out that to be a proper property agent, you need some kind of license.

Hi l_club23 ,

Don't be an agent, be a lawyer ....

[Phantom 1]

Zirk,

Same same case, my buddy help me find my HDB.. and he gave me discount on the commissions, never earn much.. i found out later he normally only do private property and normally his transaction is around 2m plus minus.. so i was so paiseh.. ha ha ha..

but if possible i refer to him clients that are looking for property..

I didn't know for private property agent will receive commission from seller only, because a friend of mine who just bought a condo had paid her agent and this relative's friend is prepared to pay an agent fee. Ok, perhaps it's good that the friend can save the money. As for my side, I will have to represent the friend to go for viewings since she's not staying in S'pore and I don't expect to receive any tokens from her for doing the job.

It will be easier for the agent to offer a token if the client is taking a loan because there is a fee normally for housing loans.. and that is also not too bad.

For a foreigner to buy property in singapore, landed is not allowed, only condominiums, its not so straight forward actually, and then is the person taking a loan or wanna buy a 1m property? 1m can't really get anything very solid also.. then renting out? tenancy agreements.. looking for tenants..

find a good agent to handle that..

[bullet 0]

Found out that to be a proper property agent, you need some kind of license.

There is nothing such as proper. "Licence" you mention is know as "CEHA" which only require for trading of HDB flat only. Those who does rental and trading of private property do not require CEHA to do such as all paper work and conveying process will be done by Lawyer. Whereas, for HDB transaction, the licence agent will have to do the co-ordination work.

[yoongf 11]

I didn't know for private property agent will receive commission from seller only, because a friend of mine who just bought a condo had paid her agent and this relative's friend is prepared to pay an agent fee. Ok, perhaps it's good that the friend can save the money. As for my side, I will have to represent the friend to go for viewings since she's not staying in S'pore and I don't expect to receive any tokens from her for doing the job.

Frankly speaking, why should u be doing this for a relative's friend? Think about it... buying a property is a big deal, requiring time and effort. Your costs of running ard will run close to $1K. Imagine u like a property, but fren dun like.. make u go round and round look for more. Are u committed to the end? Half way give up will reflect badly. Then even if u found a property, and suay suay got problem, maybe title problem or market crash, relative and fren will not think highly of u. If property boom, and later relative fren sell and make 6 digit profit, u will get angbao?

Agents charge 1% to 2% for a reason, it sufficiently compensates their effort. I'm not discouraging ppl from property investment, but if wanna do these things, need to review the motivation cos everybody got different opinions when it comes to property investment. If not, it really waste a lot of ppl's time. If it was me, I would not bother to look see for a fren. I will simply intro a trusted agent to this fren. Agent and fren will be thankful, yet no damage to reputation if things dun work out.

[yoongf 11]

Wah you faster than me.

Ok just checked as well; as of now, there is no need for individual agents to be licenced, but they need to belong to a licenced agency. And the good news is, think by 2008 or 2009, the govt is going to implement that every agent must have CEHA.

I guess this will bring the industry to a higher level...

I think we shd all stop this illusion that CEHA is going to improve the industry. What the govt is doing is purely for HDB transections, and there is nothing to stop Ah Beng from representing himself as an agent and then use Ah Lian's qualification to submit paperwork.

The govt has been promoting self regulation for many industries, for example, RADAC. But if the industry itself does not want to uphold high standards, then we are all wasting everyone's time again. Self regulation is very common in developed countries, for example the trade unions/plumbers guild. But Sg is far from achieving such ethical standards. The industry must want to bite itself.

In summary, buyer beware. Come to Renotalk.com for advice!

[zirhk3355 1]

I think we shd all stop this illusion that CEHA is going to improve the industry. What the govt is doing is purely for HDB transections, and there is nothing to stop Ah Beng from representing himself as an agent and then use Ah Lian's qualification to submit paperwork.

The govt has been promoting self regulation for many industries, for example, RADAC. But if the industry itself does not want to uphold high standards, then we are all wasting everyone's time again. Self regulation is very common in developed countries, for example the trade unions/plumbers guild. But Sg is far from achieving such ethical standards. The industry must want to bite itself.

In summary, buyer beware. Come to Renotalk.com for advice!

Come to think about it: Why doesn't the industry want to uphold high standards? Are Singaporeans so unethical??

[yoongf 11]

In a free market economy, where undercutting is rampant, noone can afford to take the high ground. It's like Fairprice try to impose no plastic bag day. Cold Storage will offer plastic bag as a customer service initiative!

Take a look at Sg taxi industry. If a taxi driver play punk with a customer, at most get fired by taxi company, and next day work under another taxi company. Now imagine if the penalty is lose vocational license instead.. life will be so much more orderly.

In the US, the industry self regulates, probably due to strict liability laws. Plumbing work must be done by licenced plumbers, cos if do wrongly, then whole neighbourhood can sue for damages. Licensed plumbers are "bonded". Their work is guaranteed by the plumber's trade union insurance, so if do wrongly, the trade union will ensure that is done according to specs.

Something similar in Sg is the law society which has a bonded arrangement with lawyers. If lawyer run road, law society will help the clients to a certain extent.

[zirhk3355 1]

In a free market economy, where undercutting is rampant, noone can afford to take the high ground. It's like Fairprice try to impose no plastic bag day. Cold Storage will offer plastic bag as a customer service initiative!

Take a look at Sg taxi industry. If a taxi driver play punk with a customer, at most get fired by taxi company, and next day work under another taxi company. Now imagine if the penalty is lose vocational license instead.. life will be so much more orderly.

In the US, the industry self regulates, probably due to strict liability laws. Plumbing work must be done by licenced plumbers, cos if do wrongly, then whole neighbourhood can sue for damages. Licensed plumbers are "bonded". Their work is guaranteed by the plumber's trade union insurance, so if do wrongly, the trade union will ensure that is done according to specs.

Something similar in Sg is the law society which has a bonded arrangement with lawyers. If lawyer run road, law society will help the clients to a certain extent.

Then it really boils down the mentality of Singaporeans - yes most of us are unethical lor. How many times do you see someone say, "No, cannot do that because its not right"? More often we will say, "This one must be right because govt never catch!" Thus, where comes self-regulation?

Worse, on the pretext of improving their service standards, the property agents bring in the "exclusive agency"; but alas, 8 out of 10 agents abused it and soon we realised that the scheme is for to protect themselves from being undercut!

As for the taxi issue you mentioned, I believe the companies are probably just trying give the driver a chance. But if s/he's driving licence or vocational licence is suspended, no chance can be given mah. Hence the govt still holds power in regulating it.

Now along the same line in real estate agencies, it all boils down to their attitude; for now, is the more agents, the better. Instead of trying to improve the service standards, they just employ more and more tom, dick and harry. Free one, no salary anyway; in fact the tom, dick and harry will PAY them to join the course. Why would I want to self-regulate and give trouble to myself?? There is no incentive in that. At least not for now...