To start with, any sound investment requires just a little luck, but mostly an appropriate eye and an analytical mind. An even more fortunate 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 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 lack of commitment to the long-term interest in the property and a fixation on sealing a deal as soon 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 or she is an efficient and trusted property agent, but is also one who pays focus 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 several expectations i.e. someone who’s had first-hand experience with buying and selling and behaves as an investor himself.
I recommend that her respectable real estate agent will possess following trade qualities:
1. CEHA qualifications
The CEHA stands for Common Examination for Housing Agents. It is deemed an accreditation scheme for auctions 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) and also the Singapore Institute of Surveyors and Valuers (SISV) jointly run built and are supported by the Ministry of Finance, Housing and Development Board and the Inland Revenue Authority of Singapore. The SAEA sets guidelines, minimum educational and exercise standards for agents, from the requirement which pass a nice examination. A strict code of conduct is also observed. The aims for this scheme should be raise professional standards in providing a nicer service to homebuyers and sellers.
2. Willingness to possess a separate be the cause of handling clients’ money
An agent should be willing head clients’ monies i.e. option or deposit monies, in a separate banking account from really own. On top of the technicality that clients’ monies are held on trust with estate agent, an understanding agent should invariably be ready to adopt more measures to stay away from the instances within 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 the sale fees are recommended using the SISV, which is further subject low 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. As well as a agent in order to be forthcoming with information on all types of recommended amount.
For example, for private properties, Fourth Avenue Residences condo the seller pays at minimum 2% of this contracted price level. The buyer pays 1% as finder’s fee, if a company is represented by a stimulus. An agency shall not be accepting any commission/fee from both selling and buying parties ultimately same transaction, without knowledge and consent of the parties.
For project marketing of the sale and buying of through four units, commission/fee could be negotiable. The commission becomes due immediately upon completion of sales and buy or as otherwise agreed between the parties.