Is there a need for property agent in Singapore?

[furryballs]

There's no real need for agents. My brother and his wife DIY, and arranged their own viewings, did their own search (e.g. title), checks on maintenance, etc. Viewed 70+ and bought a house, signed legal documents. Successfully negotiated a 10% off.

All without a buyer agent.

Yup most of the things can diy, but just how siong only.... wah your brother did it 70 times!

 

[song2608]

There's no real need for agents. My brother and his wife DIY, and arranged their own viewings, did their own search (e.g. title), checks on maintenance, etc. Viewed 70+ and bought a house, signed legal documents. Successfully negotiated a 10% off.

All without a buyer agent.

When my parents bought an apartment last year, we used 3 buyer agents to source for us. Because its absolutely FREE for us. Why go through all the hassle...


The 10% was due to DIY? I dont think so. Even you have an agent, you need to negotiate.

 

[JuniorLion]

When my parents bought an apartment last year, we used 3 buyer agents to source for us. Because its absolutely FREE for us. Why go through all the hassle...


The 10% was due to DIY? I dont think so. Even you have an agent, you need to negotiate.

Conflict of interest. Collusion

Why would your agent want a low buying price.

 

[01asdf]

Conflict of interest. Collusion

Why would your agent want a low buying price.

Why would you rely on your agent to negotiate?

 

[song2608]

Why would you rely on your agent to negotiate?

As a buyer, you should have a buyer agent to represent you, to nego with the seller agent.



You should be the one that control the price negotiation behind the scene, not the agent. If the buyer agent cannot help you negotiate to your satisfaction, drop it and go for the next one, and the buyer agent will lose everything.

 

[annetyu]

Conflict of interest. Collusion

Why would your agent want a low buying price.

Yes, the agents are very likely to collude with their friend agents and offer buyers less choices. I would rather source for property on my own.

Only when selling I would get an agent.

 

[RMCWMR]

Yup most of the things can diy, but just how siong only.... wah your brother did it 70 times!

70 times. Unless you are freelance job where got so much time to arrange so many viewings? 70 times i bet including alot of those look see ones which agent would have filtered out.

 

[Manasa62]

It's not really "free" for the buyer.

If there's no property agent in the first place, the seller would be willing to sell the property at 96%-99% of the actual selling price but he marked it up to make up for the commission that he has to pay.

Nope not really.

The market practice is this:

1. Seller agent charges 2% commission
2. If co-broke, seller agent keeps 1% and gives 1% to co broke agent.
3. If no co-broke, seller agent keeps 2%. Either way, seller is paying the same.

The buyer is not benefited from no co-broke.

 

[dnsfpl]

hearsay some agent gives buyer "benefit" too

from few hundred dollar shopping vouchers to what you can think of

 

[Manasa62]

hearsay some agent gives buyer "benefit" too

from few hundred dollar shopping vouchers to what you can think of

This could be from buyer agent or from seller agent. If its cash, both ways are illegal, if its vouchers, can't say. Could be grey area.

 

[dnsfpl]

didnt know cash is illegal

based on my understanding tons of agents are willing to share

 

[iCubes]

I think most people would prefer to have an agent representing them, especially when they aren't very good at negotiating.

 

[Gruber]

There's no real need for agents. My brother and his wife DIY, and arranged their own viewings, did their own search (e.g. title), checks on maintenance, etc. Viewed 70+ and bought a house, signed legal documents. Successfully negotiated a 10% off.

All without a buyer agent.

If you have time can certainly DIY and enjoy the whole process.

But then again, you could have a buyer agent to do all these for free, and maybe the agent can negotiate that 10% reduction in price for you too.

 

[reallyworry]

If you have time can certainly DIY and enjoy the whole process.

But then again, you could have a buyer agent to do all these for free, and maybe the agent can negotiate that 10% reduction in price for you too.

you kidding who?

 

[19662963]

Is there any website we can do our own posting for rental?

 

[RMCWMR]

If you have time can certainly DIY and enjoy the whole process.

But then again, you could have a buyer agent to do all these for free, and maybe the agent can negotiate that 10% reduction in price for you too.

Nothing in this world is free. If the buyers agent does smtg for you for free then you bet your last dollar he won't have your interest at his top priority.

 

[Manasa62]

didnt know cash is illegal

based on my understanding tons of agents are willing to share

It's illegal because bank loans are given based on the value of the house. Getting a kickback would actually need to result in a lower bank loan, which obviously isn't the case when someone gives cash on the side with no receipts of any sort.

 

[dnsfpl]

i guess most pple will use it for reno or furnishing

anyway few ks wun make a big diff, assuming loan amt is hundreds to thousands of ks

 

[fantasyland]

Is there any website we can do our own posting for rental?

Theres many such websites

 

[Hyruga]

Sunset industry.

With more buyers/sellers selling their property on their own, is there a need for agents?

When info can be found on the web, who needs an agent?

Worse, the yearly licensing fee + insurance fee + course fee keep increasing. Plus transport fee also increase.