Skip to main content

5 things to lookout when hiring a real estate agent

There are millions of real agents presenting themselves through yard signs, online ads, banners, or even direct posts.  But how can one cut through this hype, is a major question. In a country like Singapore, where property transaction is a hotshot profession and thus engages numerous real estate agents and agencies, getting hold of someone who can work in an authentic way can be tough.
Understanding the basic terminology of a real estate agent

In Singapore, a real estate agent is a salesperson of an estate agent. These estate agents are granted the license by the CEA (Council for Estate Agencies).   They have the required permit to perform any estate agency work. To understand the concept and know the basic guidelines for hiring a real estate agent in Singapore, here are 5 basic facts.
1.      Check the license of the agent
The boom of online market has created various real estate websites and advertising of realty companies has become more common. But to filter this huge number, one can simply ask for an identity card and verify it with the CEA’ Public register. A proper registration number is more authentic than a fancy card showing name and number. The CEA registration clarifies some basic queries, like the authenticity of the agent’s registration, the background of the real estate agent, previous performances, awards, and recognition. Agents carrying fake identity can be filtered from here.  
2.      What a real estate agent is supposed to do
Generally, a real estate agent is entitled to perform some basic task:
a)    Promote the property transaction and safeguard the owner’s interest
b)    Give professional advice in the whole process and act towards the interest of the owner
c)    Filter the potential clients and keep on updating on all offers and proposals
d)    Explain every legal framework and assist the property owner into a binding agreement.
e)    Clear any dispute or conflicts related to the property.
f)    In case of HDB property transactions, the agent needs to clear the basic eligibility to buy, sell or lease the flat
g)    Assist the owner to submit documents. Forms required in HDB transactions.

3.      What a real estate agent should not do
The first and foremost duty of the agent is to safeguard the owner from any misleading facts and illegal monetary transactions. The agent should never represent both the seller and the buyer in the same property transaction. The agent should not hide or confuse any fact that can go against the interest of the owner. Since the Owner keeps his trust on the agent, it becomes the duty of the person to honor his concern.
4.      Dealing with the commission rate and avoiding SHOWFLAT
The negation needs to be done before signing any agreement with the real estate agent. The owner needs to make things clear on various hidden charges and tax related queries that might get arise at the time of the dealing. The commission is paid after the completion of the service, so the client makes the agreement accordingly. Without the information of the seller, real estate may use the seller property as a SHOWFLAT model, if the property rate is relatively higher. In order to avoid your property being tagged as a SHOWFLAT, it is crucial to ask for the market research details from the concerned real estate agents. It is crucial to ask for the appropriate market research details from the concerned real estate agents before one start the process.

5.      Solve any dispute with the real estate agent
If the agent has an authentic license and is registered with the CEA, any dispute can be solved as per the CEA’s dispute resolution scheme. Selecting an agent with the right credential gives the advantage to avoid such disputes, as both the parties can then work according to the guideline prescribed by the authority.
A good real estate agent in Singapore provides professional service and delivers quick results. So a little bit of enquiry before hiring the agent can solve majority of the problem. 

Real estate agents & Property agents Singapore 


Popular posts from this blog

5 new launches to look forward in 1st half of 2018

With the recent infrastructural development and upgraded transport services, the real estate market of Singapore is showing a rapid growth. The upcoming projects not only provide world-class amenities and modern day lifestyle but are also strategically located to enable a hassle-free commute to the rest of the city for the future inhabitants. Some of the incredible projects that are expected to lure the customer in the running year are The Tapestry, Twin View, Margaret Ville, Stirling Residence and the Rivercove Residences, are expected to get launched in 1st half of 2018
ØThe Tapestry One of the latest available properties under the segment of Luxury Home is the Tapestry, developed by CDL City Developments Limited. The project is expected to get launched in the 1st half of 2018.  Located in Tampines Avenue 10 (Parcel C) the property is conveniently linked to the rest of the city through arterial roads and expressways such as Tampines Expressway and Pan Island Expressway. The Tapestry C…

Key Factors to consider while Buying Condos in Singapore

In a country like Singapore, land is a precious thing. Scarcity of land is the fundamental feature of Singapore. But while seeking properties for residential needs, options are abundant. And, when it comes to Condos, there are both HDB authority and private real estate agencies working on it.
What are Condos? Condos are typical housing properties offer desirable amenities to the residents concerned. They can be regular apartments or townhouses. If you want something more than HDB houses then Condos are something you may like to purchase. There are two types of Condos in Singapore while categorizing them on the basis of their makers. HDBCondos are generally known as Condos, whereas private are popular as Executive Condominiums. While purchasingCondos in Singapore As a buyer, you need to consider certain things apart from the location and exclusiveness of the Condos you are targeting. Here are some key points. 1.Proper Timing: It is a smart decision to buy your Condos in a right time in Si…