Discover 7 New Condos Close to an MRT Station in 2023
TLDR When it comes to finding the perfect home near MRT stations in Singapore, several exciting new launches stand out...
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 …
Top 5 Nature Walks in Singapore for Hikers
Singapore, a bustling city-state known for its impressive skyline and modern architecture, is also home to a plethora of natural...
Read More
Top 5 Best Alternative Music Venues in Singapore
Singapore, a vibrant and bustling city-state, is known for its diverse culture and thriving arts scene. The city's love for...
Read More
5 Factors Affecting A Property’s Resale Value
The real estate market is a complex and ever-changing landscape, with various factors influencing the value of a property. When...
Read More
Discover 5 Reasons Executive Condominiums Could Prove To Be A Smart Investment Despite Growing Inflation
TLDR An overview of the article discussing the benefits of Executive Condominiums (ECs) over private condos in the current real...
Read More
How Will Singapore’s Development Influence The Real Estate Markets In Bedok, Changi, Pasir Ris, And Tampines : 2023
TLDR You will find detailed insights into upcoming housing developments in the East of Singapore, specifically in areas like Bayshore,...
Read More
Can Your HDB Flat Safeguard Your Retirement?
TLDR The HDB market has seen significant changes over the years, with many young owners looking to upgrade to private...
Read More
Identifying a Good Investment Property: A Guide
TLDR When it comes to navigating the real estate market in Singapore, understanding key factors can make a significant difference...
Read More
Singapore’s Real Estate Market: The 5 Most Important Documents to Review Before Buying a Property
Singapore's real estate market is highly regulated and can be complex for those unfamiliar with the process. As a prospective...
Read More
What Role Does Property Valuation Play In The Real Estate Industry, And Why Is It Important?
TLDR When it comes to property valuation, understanding the process is crucial for both buyers and sellers. Property valuations can...
Read More
The Top 5 Tax Considerations When Investing In Singapore Property
When investing in Singapore property, it is essential to be aware of the various tax implications and considerations. Here are...
Read More
Singapore’s Housing Phenomenon: A Success Tale Calling for Tweaks – Insights from the Experts
TLDR Singapore's housing system has been praised for its effectiveness in meeting citizens' homeownership desires. The public housing program by...
Read More
It Seems Like Less Folks Living In HDB Flats Are Chasing After The Dream Of Owning A Condo
TLDR The Singapore property market is experiencing a decline in condo purchases by HDB flat owners due to multiple property...
Read More
Should Buying A Low Lease Project Be A Viable Option?
TLDR When considering low lease projects in Singapore, it's crucial to evaluate your individual needs, financial standing, and future plans....
Read More
3 Steps to Protect Yourself from Real Estate Scams in Singapore
Lately, there has been an increase in scams related to real estate. Scammers are pretending to be real estate agents...
Read More
Top 5 Tips : How Investors Protect Themselves From Risk And Capitalize On Emerging Opportunities In Singapore’s Real Estate Landscape
The real estate landscape in Singapore has always been a lucrative investment opportunity for both local and international investors. However,...
Read More
Experience Singapore’s Best: 5 Districts with Unmatched Access to Shopping, Dining, and Entertainment
Here are my top 5 picks for districts in Singapore that offer easy access to some of the best shopping...
Read More
Top 5 Places to Watch Fireworks in Singapore
Singapore is known for its stunning skyline and vibrant celebrations, especially during events like National Day and New Year's Eve....
Read More
Top 5 : Golden Tips to Spot a Good Investment Property
Investing in real estate can be a lucrative venture, but it's essential to know how to spot a good investment...
Read More
Want To Buy A Property? Read Me First!
TLDR Understanding the key factors involved in buying property in Singapore is crucial for making informed decisions. Consider your investment...
Read More
