A glance on Singapore real estate commission
As in every other trade, Singapore Real Estate Market Agents also take commission. If you seek an agent to help you either to sell properties or buy, from the time you employed one, they are entitled to have a commission from the intended bargain. Normally there are two agents involve with a deal, and the commission therein is settled on in accordance with the relevant parties’ agreement.
IEA and CCS
Although the commission is mainly subjected to approval by the relevant parties, there is a compromised schedule to follow on which has been confirmed and notified by the Institution of Estate Agents Singapore (IEA). Nevertheless, according to a decision taken by Competition Commission of Singapore (CCS) last year, the IAE has been initiated to remove any guidelines for agents on asking commission and instead both customers and agents have been empowered to decide the commission.
MLS
Multiple Listing Service (MLS), where you should note your assets before the bargain gives access to agents to ascertain the values of the assets. That in turn helps them to approach to a suitable buyer on your behalf as well as to determine the probable commission therein. Your proposed commission to the relevant agents keeps them in good attitude to finish the bargain in time. This commission also opens you many advertising avenues that may bring by the agent to get the maximum exposure to your assets in the market.
As a means of Advertising
The result of the bargain is certain when you link agents to your proposal with additional commission. This commission is mainly used to maximize the advertising avenues and they are worth to get the maximum value to your assets. When you bargain on the commission, making it lower and lower, doing property sales or purchasing valuable properties would also in doubt. Offering a commission which is under the average will return you the same result while when selling properties, it will take the maximum time to get a buyer as well as having a good deal with the highest profit possible.
Normal rate
Normally when HDB property sale is done through agents, the vendor may have to pay about 2% commission from the sales price while the purchase may ask to pay 1 percent. The amount will be asked to be paid at the deposit time while other half may be asked be paid at the completion of the purchase. If the deal or purchase is concerned with the HDB properties, the identical amount is supposed to be given to the relevant agents too.
Buy Sell Rent Invest Singapore Property
Billy Chen 曾庆义
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com ( email me )
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