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, a reduction in 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. They are an efficient and trusted property agent, but is also one who pays awareness to market trends and price movements, who analyses and follows up on new inquiries, and who casts a wide net each 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 her respectable real estate agent will include the 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 in place since 2005. The CEHA is introduced by ways of that particular Singapore Accreditation Estate Agency Scheme (SAEA). The Institute of Auctions (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 as well as the Inland Revenue Authority of Singapore. The SAEA sets guidelines, minimum educational and practice standards for agents, through requirement which pass expert examination. A strict code of conduct is also observed. The aims among the scheme are to raise professional standards in providing a better service to homebuyers and sellers.
2. Willingness to possess a separate account for handling clients’ money
An agent should be willing to hold clients’ monies i.e. option or deposit monies, in the separate banking account from really own. On top of the technicality that clients’ monies are held on trust through estate agent, an understanding agent ought to ready for taking more measures to steer clear of the instances with 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 dues. In the context of Singapore, a fee of 2% of this sale fees are recommended from the SISV, and this is further subject down of S$500. Furthermore, the commission/fee for project marketing is discussed. The Institute of Estate Agents makes recommendations for other types of properties/projects. Along with an agent in order to forthcoming with information on all forms of recommended amount.
For example, Fourth Avenue Residences condo for private properties, owner pays on the 2% of the contracted cost. The buyer pays 1% as finder’s fee, if a professional is represented by an agent. An agency shall not be accepting any commission/fee from both exchanging parties ultimately same transaction, without prior knowledge and consent of the parties.
For project marketing for this sale and get of more than four units, commission/fee shall be negotiable. The commission becomes due immediately upon finishing of sales and acquire or as otherwise agreed between the parties.