Top 5 Reasons : Why Developers Seem Hesitant To Commit To New Projects In Singapore
Singapore, a thriving global city-state, has long been known for its robust economy and attractive real estate market. However, in...
Read More
TLDR
When planning to sell your property, you have the option to work with one agent exclusively or non-exclusively. Engaging multiple agents can widen your reach to potential buyers, but it may require more time and effort in managing communication and offers. On the other hand, working exclusively with one agent could lead to more dedicated attention to your transaction. Consider your preferences and needs before deciding on the number of agents to engage.
Are you planning to upgrade to a larger space by selling your current house?
Or are you in search of a rental property?
One viable option is to hire a real estate agent to assist you with your property transaction.
In fact, it’s possible to engage more than one agent if needed. If you’re unsure whether to work with one or multiple agents, keep reading to learn about the factors to consider and what you should be aware of before making a decision.
How To Engage Agents
When you hire a real estate agent, you sign an agreement with their agency, not directly with them.
It is recommended that you sign one of the eight different agreements offered by the Council for Estate Agencies (CEA), which cover all types of residential property transactions.
These agreements specify important details such as the duties of the agency and agent, disclosure of potential conflicts of interest, commission payable only upon completion of the transaction, and whether GST is included in the commission amount.
The agreement should be signed before any work is done, and provides access to CEA’s Dispute Resolution Scheme in case of any contractual disputes.
This scheme offers mediation or arbitration through approved centers, giving you peace of mind.
Differences Between An Exclusive And Non-Exclusive Agreement
If you plan to make an exclusive agreement with an agency, there are some important things to keep in mind:
- The agreement will last for a set amount of time, up to three months. You and the agency may agree on a shorter time frame, but it cannot be longer than three months.
- Even if you close the deal on your own or through another agency during this time, you still have to pay the agreed commission fee to the exclusive agency.
- If, within three months after the exclusive agreement ends, you close the deal with someone the agency introduced you to, you still have to pay the agreed commission fee.
- If you choose to make a non-exclusive agreement with any number of agencies, there is no set time limit, and you only have to pay commission to the agency that actually closes the deal.
What Do These All Mean?
When it comes to your property transaction, you have the option to work with one agent exclusively or non-exclusively.
If you choose a non-exclusive agreement, you are free to work with other agents if you change your mind later on.
However, if you decide to work with multiple agents from different agencies, it is important to sign a non-exclusive agreement with each agency.
Which Is Better – One Or Multiple Agents?
The term “better” varies depending on one’s personal preferences and needs.
Hiring multiple agents can give you access to a wider range of potential buyers or sellers, which may result in a faster transaction.
However, managing communication with several agents individually can be time-consuming.
As a seller working with multiple agents, you will need to compare offers received at different times and ensure that viewing requests are scheduled without overlaps.
Some people prefer to work with just one agent for convenience.
If you choose to work exclusively with an agent, they are likely to devote more time and resources to your transaction because they have a higher chance of earning a commission.
It is recommended that you attach a “Commitment to Service” document when signing an exclusive agreement.
This document specifies the range of services provided, such as advertising frequency and open house sessions. If the agent fails to meet the agreed-upon commitment, you have the right to terminate the agreement.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Will Your HDB Flat Provide For Your Retirement?
TLDR Singapore's property market presents challenges with high prices, particularly in private housing, while public housing remains relatively more affordable....
Read More
Should You Keep Your Resale HDB Flat When Buying a Private Property? 5 Key Factors to Consider
TLDR In Singapore, owning both an HDB flat and a private property has become complicated due to factors like Additional...
Read More
Revival of Singapore Luxury Housing Market in 2023
TLDR The property market in Singapore has witnessed significant shifts in the past two years, with a surge in prices...
Read More
Top 5 : Tips To Plan Your Retirement in Property Investments in Singapore
Planning for retirement is a crucial aspect of financial management, and property investment has emerged as a popular strategy for...
Read More
Superstitions in the Real Estate Market : How Does it Impact Resale Value?
TLDR When navigating the Singapore property market, it's crucial to consider various superstitious beliefs that can impact your decisions. From...
Read More
HDB Market Outlook 2023
TLDR: Understanding the HDB Market Outlook 2023 The HDB resale market showed resilience in 2022, with significant growth in sales...
Read More
Top 5 Trends And Developments That Will Shape Singapore’s Property Market In The Next 5 Years
Singapore's property market has always been a dynamic and evolving landscape, attracting both local and international investors. As we look...
Read More
From Overseas to Singapore Property: 5 Steps Guide to Remitting Funds
From Overseas to Singapore Property: 5 Steps Guide to Remitting Funds 1. The first step in remitting money to Singapore...
Read More
Why It’s Not Financially Sensible to Pay Off Your HDB Flat Home Loan in Advance
TLDR When deciding whether to repay your HDB flat loan early, consider the limitations of not being able to obtain...
Read More
I Purchased My First Property in My Mid-20s: Avoid These Common Mistakes!
TLDR When it comes to property ownership, Charles learned valuable lessons through his journey as a youthful homeowner. From opting...
Read More
5 Things to Know About Singapore’s Public Housing System
5 Things to Know About Singapore's Public Housing System With over 80% of Singaporeans living in public housing, it's important...
Read More
Top 5 : Long-Term Economic Impacts Of Foreign Real Estate Investment In Singapore’s Luxury Condo Market?
Singapore has long been a preferred destination for foreign real estate investors, particularly in the luxury condo market. The city-state's...
Read More
Are You Ready to Take on the Singapore Property Market in 2023? 12 Reasons to Be Hopeful (Or Wary)!
2022 sure was a rollercoaster ride for the property market, and the world! From war in Europe to skyrocketing interest...
Read More
What If Sellers Back Out of a Deal?
TLDR When a seller unexpectedly withdraws from a property transaction before a contract is signed, they are legally allowed to...
Read More
Are You Considering Paying Off Your Mortgage Loan Ahead of Time? Is It the Right Financial Move?
TLDR When considering mortgage options in Singapore, it's essential to understand the differences between HDB loans and bank loans. HDB...
Read More
Top 5 Rooftop Pools in Singapore for a Swim
Singapore, a bustling city-state known for its iconic skyline and innovative architecture, is home to some of the most stunning...
Read More
Which Is Better For You: A 99-Year Leasehold Or Freehold Property Tenure?
TLDR When it comes to the choice between leasehold and freehold properties in Singapore, several factors must be considered. Leasehold...
Read More
Finding Your Dream Home In The Near Future. Exciting Upcoming Property Launches In The First Half Of 2024
TLDR The real estate sector in 2023 saw significant policy shifts affecting both private and public housing, with various changes...
Read More
3 Winning Strategies for Skyrocketing Your Property Market Profits (Including Real-Life Success Stories)
TLDR In the dynamic property market of Singapore, maximizing profit is key for sellers and investors. Three essential strategies stand...
Read More
