To start with, any sound investment requires just a little luck, but mostly a good eye and an analytical mind. An even more successful investment requires all of these, as well as a knack for selecting a committed, trustworthy and well-informed partner. Prime district property in Singapore has no lack of typical property agents who are willing to introduce a list of properties from which obtain and also to help seal off a deal competently. But agents sometimes pack along a regarding profession ills — a propensity to hard-sell by bombarding clients with uninvited offers, a reduction in commitment to the long-term interest in the property and a fixation on sealing a deal as soon as possible with little regard for clients’ interests.
On the other hand, an ideal working relationship is with someone who goes beyond the expectations of an agent. He is an efficient and trusted property agent, but is also one who pays awareness to market trends and price movements, who analyses and follows up on new inquiries, and who casts a wide net for buyers and sellers of varied expectations i.e. someone who’s had first-hand experience with buying and selling and behaves as an investor himself.
I recommend that a respectable real estate agent will have got the following trade qualities:
1. CEHA qualifications
The CEHA stands for Common Examination for Housing Agents. It is deemed an accreditation scheme for auctions and agencies that has been in place since 2005. The CEHA is introduced by ways of this Singapore Accreditation Estate Agency Scheme (SAEA). The Institute of Estate agents (IEA) and also the Singapore Institute of Surveyors and Valuers (SISV) jointly run this scheme and are supported with the Ministry of Finance, Housing and Development Board along with the Inland Revenue Authority of Singapore. The SAEA sets guidelines, minimum educational and exercise standards for agents, through requirement the player pass a professional examination. A strict code of conduct is also observed. The aims for this scheme are to raise professional standards in providing a nicer service to homebuyers and sellers.
2. Willingness to have a separate account for handling clients’ money
An agent should always be willing head clients’ monies i.e. option or deposit monies, in the separate current account from very. On top of the technicality that clients’ monies are held on trust through the estate agent, an understanding agent should invariably be ready get more measures to avoid the instances of the wrongful refusal to refund clients’ deposits i.e. rental deposits.
3. Recommended commission fee
To prevent fee undercutting, professional estate agencies/agents usually observe a prescribed scale of dues. In the context of Singapore, a fee of 2% for this sale price is recommended by the SISV, and this is further subject low of S$500. Furthermore, the commission/fee for project marketing is flexible. The Institute of Estate Agents makes recommendations for different types of properties/projects. As well as agent in order to be forthcoming with information on all forms of recommended cost.
For example, for private properties, the seller pays a minimum of 2% for this contracted price level. The buyer pays 1% as finder’s fee, if an agency is represented by a realtor. An agency shall not be accepting any commission/fee from both selling and buying parties globe same transaction, without knowledge and consent of the parties.
For Fourth Avenue Residences condo project marketing belonging to the sale and buy of more than four units, commission/fee could be negotiable. The commission becomes due immediately upon realization sales and obtain or as otherwise agreed between the parties.