8 Untold “Savings” Hacks You Need To Know As Soon As Possible
TLDR Undervalued properties in Singapore are those priced at least 10% below market value, often due to urgent sellers, developer...
Read More
TLDR
In the world of real estate, the value of property agents lies in their ability to create competition among buyers, manage transaction deadlines efficiently, allocate resources for targeted listings, and leverage their networking connections. Experienced agents can help sellers secure better deals, navigate time-sensitive transactions, and optimize marketing efforts to achieve higher prices. However, it’s crucial to choose agents with proven track records, strong industry connections, and a reputation for ethical practices to ensure successful property transactions.
The standard cost of a property agent is known to most of us, which is usually two percent of the sale price. However, we have seen some exceptions where agents charge as high as four or five percent for selling high-end properties.
On the other hand, discount brokers charge less than one percent. This makes us question if agents are worth the fees they charge.
The answer depends on the agent’s quality of service. In this article, we will explore the value-add of having a property agent and how they can contribute to your resale gains.
An agent’s ability to provide services in certain areas justifies their fees, be it usual or higher.
The Capacity To Seek Out And Create Competition Among Potential Buyers
A skilled seller’s agent should be able to attract potential buyers and encourage them to compete against each other.
Most leads for a seller’s agent come from online marketing, but this depends on the amount of money spent on it.
On the other hand, an inexperienced agent may only pass on offers as they arrive.
Experienced agents can manage your expectations and advise you when to accept or reject offers. They may suggest holding off on accepting offers if they feel that another buyer may offer a better deal.
However, some agents may prefer that you quickly take whatever offer is available so that they can earn their commission.
The agents who generate competitive bidding are the ones who add value to your property and achieve record prices through their efforts.
However, beware of agents who only act as personal assistants and relay whatever offers come in. It takes skill and experience to know when to squeeze out higher offers from interested buyers.
Efficiency, Particularly For Time-Sensitive Transactions
In some situations, some property agents charge high commissions but fail to sell the property for a better price. This is not necessarily a reflection of their poor work.
For instance, sellers who are about to miss an ABSD deadline need to sell their property quickly to avoid significant financial losses.
Such sellers may give improbable timelines to agents to find a buyer and conclude the sale. Agents who can achieve this, even at a slightly lower price, can positively impact the seller.
Therefore, it is worth paying a higher commission to experienced agents who can successfully handle such sales. Appointing inexperienced agents could result in delays that can be costly for the seller.
Allocation Of Resources Towards Targeted Listings And Optimizing Marketing Efforts
Real estate agents can get higher prices for properties by spending more on marketing. This includes paying to feature their listings on property portals, creating social media content, and using professional photography and staging.
You can tell which agents are spending more on marketing by seeing their faces plastered on property portals or their listings showing up on irrelevant searches.
Some agents prefer to focus on a smaller number of properties to give better service to clients. Agents who spend more on marketing can sell properties faster and at better prices, but they may require a deposit to cover upfront costs.
However, not all properties need extra marketing, and some agents may pressure you to pay for unnecessary videos just to promote themselves.
Networking With Other Real Estate Agents
In the real estate industry, an agent’s ability to secure a good deal for you may be influenced by their professional connections with other agents, rather than just buyers and sellers.
Realtors typically collaborate with each other by sharing listings they are marketing. Working together is beneficial as it helps them source properties and attract potential buyers.
Based on our observation, agents from larger agencies or those with a long-standing career tend to have a better network. They can provide more value in terms of securing quicker and better deals.
However, it may be difficult for people without industry knowledge to identify such agents, except by looking at the size of their agency or years of experience.
It is important to note that an agent’s reputation within the industry can also affect the outcome of your property transaction.
Some agents may not follow ethical practices, such as withholding information about their seller’s listings or not cooperating with other agents.
Such behavior could negatively impact future transactions and drive away potential buyers.
Proficiency In Managing Transaction Deadlines
If you want to have a successful property deal, you need a good agent who can manage timelines well. For example, an agent who can plan and manage your upgrade timeline so that you only move once can save you money.
You may also avoid paying the ABSD while upgrading, which will help with cash flow issues.
Some agents are experts in closing last-minute deals, which can save you thousands of dollars. Unfortunately, these agents often go unnoticed because their benefits are not obvious.
During a booming market, every property agent may seem like a genius. However, you should be skeptical and ask about their other transactions.
In a down market, quality agents are easier to identify because they continue to do their job through difficult times. You can also use commissions to incentivize agents to get higher offers for your property.
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 …
5 Reasons : Why Investing In Singapore’s Property Market Can Be A Good Retirement Plan
Investing in Singapore's property market can be a good retirement plan for several reasons. Here are five key factors that...
Read More
Top 5 Key Factors that Affect Singapore’s Property Prices?
Singapore's property market has always been a topic of interest for both local and international investors. The city-state's real estate...
Read More
Case Study : With Income Of $180K per Annum, Which Options Should I Choose?
TLDR When making property decisions in Singapore, it's crucial to consider various factors like affordability, loan-to-value ratios, and CPF requirements....
Read More
Top 5 : Best Quirky Museums in Singapore
Singapore, a vibrant and diverse city-state, is known for its rich history, cultural heritage, and modern attractions. While the city...
Read More
Is Singapore’s Property Market on the Verge of a Crash? Understanding the 5 Factors at Play
The Singapore property market has long been an attractive option for both local and international investors. However, as with any...
Read More
Why Selling Your Own HDB Flat May Be More Challenging Than You Anticipate: 7 Hidden Challenges to Prepare For
TLDR Selling your flat can be a daunting task, not because of the paperwork but due to challenges in marketing...
Read More
Ready To Make The Jump From HDB To Condo? This Guide Has All The Answers!
TLDR When upgrading from an HDB flat to a condo, consider factors like location proximity, amenities, and regulations. Decide whether...
Read More
5 Unexpected Factors That Make Some New Launch Condos Sell Like Hotcakes
TLDR The Singapore property market for new condo launches in 2023 saw varying degrees of success. Factors like limited competition,...
Read More
5 Top Primary Schools in Singapore Popular with Expat Chinese Community
5 Top Primary Schools in Singapore Popular with Expat Chinese Community When it comes to education, Singapore is a top...
Read More
5 Tips : How To Invest In Singapore Property Without Losing Sleep Over It
Investing in Singapore's property market can be a lucrative venture, but it's important to approach it with caution and a...
Read More
6 Essential Factors HDB Upgraders Should Be Aware Of Before Purchasing a Condo in 2023
TLDR When upgrading your property, consider factors like rental rates, Buyer's Stamp Duty adjustments, higher interest rates for bank loans,...
Read More
5 Reasons Why You Should Consider Hiring an Agent Instead of DIY-ing It
TLDR Understanding the complexities of the real estate market and transactions can be overwhelming. Enlisting the help of a real...
Read More
5 Top Reasons Why Chinese Love to Invest in Singapore Property Market Today
Here are the top 5 reasons why Chinese love to invest in Singapore's property market today. 1. Political stability: Singapore...
Read More
Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons
Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons Here are the top 5 reasons why Chinese investors...
Read More
Top 5 : Greatest Challenges That Investors Face In Singapore’s Real Estate Market
Singapore's real estate market is a dynamic and attractive investment landscape for both local and international investors. Known for its...
Read More
Top 5 Best Non-Touristy Things to Do in Singapore
Singapore, a vibrant city-state known for its iconic skyline and diverse culture, offers a plethora of experiences for both tourists...
Read More
Where to Find the Most Affordable New Launches in 2023 – Starting at $1.31 Million
TLDR When looking for an affordable new launch condo in Singapore as of January 2023, consider projects like 10 Evelyn,...
Read More
5 Tips : How To Spot A Good Investment Opportunity In Singapore’s Property Market
Singapore's property market offers a plethora of investment opportunities for both local and foreign investors. To spot a good investment...
Read More
Are Resale HDBs Really Unaffordable In 2025?
TLDR Singapore’s housing debate is fueled by headlines about million-dollar flats, but most resale 4-room flats in over 10 estates...
Read More
