Buying a Property in Singapore is one of the most important financial decisions a person will make. Numerous concerns range from budget planning, market research, and shortlisting the best ideal home — all of which are challenging and stressful to most people.
On the other hand, whether you’re looking to buy, sell or rent, a good real estate agent can help you smoothen the entire process of securing your dream home. Finding the right real estate agent to assist you in this property journey can be difficult.
One of the first and most crucial steps is who you choose as your real estate agent and how you arrive at that conclusion. In this post, I will discuss what you should look for.
How do you choose a good real estate agent?
1. Enquire about their knowledge of the market
Find out how well-versed the prospective real estate agent is in the location and the type of property you’re considering before hiring them. You don’t want someone who doesn’t understand the neighborhood’s most recent buying and selling patterns. They should also be aware of any impending infrastructure developments in the area, such as the construction of a school, a hospital, a mall, or any other building.
2. Verify their License
Verifying a real estate agent’s license is another consideration to bear in mind. Yes, real estate agents should be licensed, and you should double-check to ensure they are legitimate before hiring them.
Check their credentials to ensure they are a licensed real estate agent, at the very least. Check out their most recent reviews, transactions, the area they operate in, etc. You can check the license’s authenticity via the Public Register on CEA Website.
3. Contact some of their most recent clients.
Arrange to meet with the agent, and request a list of references. A good agent won’t be reluctant to give you a list of recent clients, so you may call them and learn more about their experiences. Make sure every agent you interview has good recommendations by calling a few of their references.
Without a doubt, getting a recommendation is the best way to find a real estate agent. To assist you, on my website Noam Nathan I will often post verified testimonials from genuine customers.
4. Use CEA-prescribed agency agreements
The Council for Estate Agencies, or CEA in short, offers prescribed agency forms you should use. The agreement protects the interests of both parties by bringing clarity to details in the property transaction, including:
- Stipulating the duties of property agencies and agents
- Requiring the disclosure of any potential conflict of interest
- Prescribing for the commission to be payable to the property agency only upon completion of the property transaction
- Indicating if GST is included in the commission amount stated
There are two primary forms of engagement, Exclusive and non-exclusive.
5. How Much Do Most Real Estate Agents Charge as Commission?
The most common real estate commission is between 1% and 2% of the selling price of the property. The brokerage and the sales agent each receive a portion of this sum.
Read more here: Agent Commission Explained.
Although there’s always a degree of risk involved with making decisions with large sums of money, the agent you choose to work with can help guide you in making sound and informed decisions based on actual data, market knowledge, and professional experience. Make sure you are comfortable relying on this person by taking time and conducting as much research as possible. Ensure that all of your concerns are addressed.