The 5 Secrets To Successful Singapore Property Investing Revealed
The vibrant property market in Singapore has attracted numerous investors and speculators looking to profit from the nation's thriving conditions....
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 …
Sell High Buy High : Will This Still Make You a Profit?
TL;DR Summary: Timing of Property Sale: Selling high and buying high may seem counterintuitive, but understanding market dynamics can...
Read More
Unlock the Potential of Your Home: 5 Reasons to Start Selling Now
TLDR When considering selling your home, several key indicators can help you determine if it's the right time to make...
Read More
Singapore’s Property Market: Will the Newly Proposed 2023 Cooling Measures, Including a 60% Foreigner ABSD, Make Waves or Mere Ripples?
TLDR The recent surge in Additional Buyer's Stamp Duty (ABSD) rates in Singapore targets mainly foreigners and entities, with rates...
Read More
5 Tips : How To Choose The Right Property Agent To Help With Your Singapore Property Investment
Choosing the right property agent is crucial to the success of your Singapore property investment. A good agent can provide...
Read More
5 Singapore’s Best Property Investments for 2023: Where to Find Growth and Income
The Singapore property market has long been a sought-after investment destination, with its stable economy and growing population making it...
Read More
Why Some New Condo Releases Outperform Others
TLDR When it comes to the real estate market, familiarity plays a crucial role in the success of larger condo...
Read More
Top 5 Best Secret Running Routes in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also a haven for runners seeking scenic...
Read More
I Wouldn’t Rely Too Heavily On Discounts Related To ABSD This Year
TLDR The ABSD discount arises when developers approach their five-year deadline to sell 90% of units, facing a 40% penalty...
Read More
Experience The Best Of Southeast Asia: 5 Must-See Destinations After Singapore
Singapore is a great starting point for travelers looking to explore the region. From Singapore, there are many great destinations...
Read More
5 Reasons To Invest In UK Property In 2024 Instead Of Saving
TLDR Investing in UK property in 2024 offers significant advantages over saving due to the potential for long-term value growth,...
Read More
What is a Tenancy Agreement (TA)
TLDR When it comes to understanding property jargon, it's crucial to familiarize yourself with the specifics of a Tenancy Agreement...
Read More
Buy a $1M Resale HDB or a $1M Resale Condo?
TLDR When comparing a million-dollar HDB flat to a private property of the same value, the HDB flat offers more...
Read More
5 Critical Mistakes to Avoid When Investing in Singapore Property: Insights and Advice from Experts
Investing in Singapore property can be a lucrative venture for investors, but it's important to avoid common mistakes that can...
Read More
Top 5 Tea Rooms in Singapore for High Tea
Singapore, a melting pot of diverse cultures and culinary delights, offers an exquisite high tea experience that caters to both...
Read More
Why Can’t Everyone Have Homes In Good Locations?
TLDR In a nutshell, the Singapore property market is undergoing significant changes, with the introduction of a new housing classification...
Read More
Top 5 Tips : How to Choose the Best Property Agent in Singapore – Insider Tips and Strategies!
Choosing the right property agent in Singapore can be a daunting task, especially with the plethora of options available. A...
Read More
5 Reasons Why Districts 9 and 10 are the Next Big Thing in Singapore Real Estate
Singapore is renowned for its thriving real estate market, with many desirable neighborhoods and top-notch properties. However, when it comes...
Read More
5 Insider Tips From Real Estate Experts On How To Get The Best Deal On Property In Singapore
Investing in property can be a great way to build wealth and secure your financial future. However, with Singapore's highly...
Read More
5 Things to do When You Go For A Property Viewing In Singapore
5 Things to do When You Go For A Property Viewing In Singapore Here are 5 things to keep in...
Read More
