To start with, any sound investment requires just a little luck, but mostly the right eye and an analytical mind. An even more lucrative 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 to be able to introduce a list of properties from which get hold of and also to help seal off a deal competently. But agents sometimes pack along a listing of profession ills — a propensity to hard-sell by bombarding clients with uninvited offers, no commitment to the long-term interest in the property and a fixation on sealing a deal as quickly 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 has an efficient and trusted property agent, but is also one who pays focus to market trends and price movements, who analyses and follows up on new inquiries, and who casts a wide net for both buyers and sellers of several expectations i.e. someone who has had first-hand experience with buying and selling and behaves as an investor himself.
I recommend that a respectable real estate agent will possess the following trade qualities:
1. CEHA qualifications
The CEHA stands for Common Examination for Housing Agents. This is an accreditation scheme for auctions and agencies that has been around place since 2005. The CEHA is introduced by ways out of which one Singapore Accreditation Estate Agency Scheme (SAEA). The Institute of Estate agents (IEA) and also the Singapore Institute of Surveyors and Valuers (SISV) jointly run certainly and are supported along with Ministry of Finance, Housing and Development Board and also the Inland Revenue Authority of Singapore. The SAEA sets guidelines, minimum educational and practice standards for agents, the actual requirement that they pass a wedding planner examination. A strict code of conduct is also observed. The aims of the scheme should be raise professional standards in providing a service to homebuyers and sellers.
2. Willingness to have a separate explain handling clients’ money
An agent should be willing to keep clients’ monies i.e. option or deposit monies, from a separate check account from really own. On top of the technicality that clients’ monies are held on trust with estate agent, an understanding agent should always be ready to consider more measures to avoid the instances belonging to 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 charge. In the context of Singapore, a fee of 2% of the sale prices are recommended using the SISV, the commission crusher is further subject to a minimum of S$500. Furthermore, the commission/fee for project marketing is negotiable. The Institute of Estate Agents makes recommendations several types of properties/projects. Along with an agent should be forthcoming with information on all types of recommended rates.
For example, for private properties, the seller pays a minimum of 2% within the contracted monatary amount. The buyer pays 1% as finder’s fee, if a credit repair professional is represented by a realtor. An agency shall not be accepting any commission/fee from both buying and selling parties in the same transaction, without knowledge and consent of the parties.
For project marketing belonging to the sale and Fourth Avenue Residences condo purchase of beyond four units, commission/fee shall be negotiable. The commission becomes due immediately upon completion of sales and acquire or as otherwise agreed between the parties.