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 for you to introduce a list of properties from which to purchase 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 has an efficient and trusted property agent, but likewise one who pays care about market trends and price movements, who analyses and follows up on new inquiries, and who casts a wide net for buyers and sellers quite a few 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 estate agents and agencies that has been in 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) along with the Singapore Institute of Surveyors and Valuers (SISV) jointly run built 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 Fourth Avenue Residences condo exercise standards for agents, from the requirement may pass knowledgeable examination. A strict code of conduct is also observed. The aims of this scheme are to raise professional standards in providing a more ideal service to homebuyers and sellers.
2. Willingness to have a separate supplier for handling clients’ money
An agent should you should be willing have to be eliminated clients’ monies i.e. option or deposit monies, in a separate check account from really own. On top of the technicality that clients’ monies are held on trust by the estate agent, an understanding agent should be ready for taking more measures to in avoiding the instances in 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 this sale prices are recommended along with SISV, which is further subject as low as possible of S$500. Furthermore, the commission/fee for project marketing is negotiable. The Institute of Estate Agents makes recommendations a number of types of properties/projects. Along with an agent ought to forthcoming with information on all types of recommended cost.
For example, for private properties, owner pays minimum 2% of this contracted price level. The buyer pays 1% as finder’s fee, if a professional is represented by a broker. An agency shall not be accepting any commission/fee from both buying and selling parties globe same transaction, without prior knowledge and consent of the parties.
For project marketing belonging to the sale and buy of finished four units, commission/fee could be negotiable. The commission becomes due immediately upon finishing sales and obtain or as otherwise agreed between the parties.