To start with, any sound investment requires a little luck, but mostly a quality eye and an analytical mind. An even more productive investment requires all of these, as well like 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 in order 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 list of profession ills — a tendency 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 in the shortest time 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 additionally be one who pays attention to market trends and price movements, who analyses and follows up on new inquiries, and who casts a wide net each buyers and sellers of varied 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 becomes an accreditation scheme for estate agents and agencies that has been around in place since 2005. The CEHA is introduced by ways of one’s Singapore Accreditation Estate Agency Scheme (SAEA). The Institute of Estate agents (IEA) along with the Singapore Institute of Surveyors and Valuers (SISV) jointly run this scheme and are supported by the Ministry of Finance, Housing and Development Board along with the Inland Revenue Authority of Singapore. The SAEA sets guidelines, minimum educational and practice standards for Fourth Avenue Residences condo agents, coming from the requirement may pass a wedding planner examination. A strict code of conduct is also observed. The aims with the scheme in order to raise professional standards in providing another 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 a separate current account from their own. On top of the technicality that clients’ monies are held on trust from your estate agent, an understanding agent should invariably be ready to adopt more measures to steer clear of 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 fees. In the context of Singapore, a fee of 2% among the sale price recommended from the SISV, that also is further subject down of S$500. Furthermore, the commission/fee for project marketing is discussed. The Institute of Estate Agents makes recommendations several types of properties/projects. As well as agent should be forthcoming with information on all forms of recommended amount.
For example, for private properties, the vendor pays at a minimum 2% from the contracted monatary amount. The buyer pays 1% as finder’s fee, if an agency is represented by an insurance agent. An agency shall not be accepting any commission/fee from both selling and buying parties globe same transaction, without prior knowledge and consent of the parties.
For project marketing for this sale and purchase of more than four units, commission/fee will be negotiable. The commission becomes due immediately upon finishing of sales and get or as otherwise agreed between the parties.