To start with, any sound investment requires a little luck, but mostly a reliable 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 to buy and also to help seal off a deal competently. But agents sometimes pack along a listing of profession ills — a tendency to hard-sell by bombarding clients with uninvited offers, too little of commitment to the long-term interest in the property and a fixation on sealing a deal as fast 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 focus on market trends and Fourth Avenue Residences price movements, who analyses and follows up on new inquiries, and who casts a wide net for both buyers and sellers quite a few expectations i.e. someone which had first-hand experience with buying and selling and behaves as an investor himself.
I recommend that a respectable real estate agent will possess following trade qualities:
1. CEHA qualifications
The CEHA stands for Common Examination for Housing Agents. It’s deemed 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 Auctions (IEA) and the Singapore Institute of Surveyors and Valuers (SISV) jointly run certainly and are supported with the 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, through requirement may pass a professional examination. A strict code of conduct is also observed. The aims for this scheme in order to raise professional standards in providing a service to homebuyers and sellers.
2. Willingness to possess a separate account for handling clients’ money
An agent should always be willing to hold clients’ monies i.e. option or deposit monies, in a separate check account from incredibly own. On top of the technicality that clients’ monies are held on trust by the estate agent, an understanding agent ought to ready to adopt more measures to in avoiding 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 expenditures. In the context of Singapore, a fee of 2% belonging to the sale fees are recommended from the SISV, furthermore is further subject low of S$500. Furthermore, the commission/fee for project marketing is discussed. The Institute of Estate Agents makes recommendations a number of types of properties/projects. As well as agent in order to be forthcoming with information on all forms of recommended rates.
For example, for private properties, the seller pays on the 2% from the contracted monatary amount. The buyer pays 1% as finder’s fee, if a professional is represented by an insurance agent. An agency shall not be accepting any commission/fee from both selling and buying parties in the same transaction, without knowledge and consent of the parties.
For project marketing with the sale and acquire of beyond what four units, commission/fee could be negotiable. The commission becomes due immediately upon finishing of sales and obtain or as otherwise agreed between the parties.