Your search results

The Impact of a Real Estate Agent on Your Property’s Selling Price

Posted by Jayson Ang on August 9, 2023

| 0

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 …

All Buying Tips Opinion

Say Goodbye to “Sell One, Buy Two” Approach in 2024

Jayson Ang – June 24, 2024 –

TLDR Summary: The "Sell One, Buy Two" real estate tactic, popularized in 2016-2017, involves selling a property and buying two...

Mandarin Top 5

Top 5 Singaporean Dishes to Try

Jayson Ang – July 30, 2024 –

Singapore, a melting pot of diverse cultures and flavors, is known for its rich culinary heritage. With influences from Chinese,...

Mandarin Top 5

Top 5 Dessert Places in Singapore

Jayson Ang – July 2, 2024 –

Singapore, a melting pot of cultures and culinary delights, is known for its mouth-watering food scene. From hawker centers to...

All Buying Tips

Downpayment For Condo: How Much Do First-Timers Need In Singapore?

Jayson Ang – March 12, 2024 –

TLDR The blog post delves into the complexities of condo downpayments in Singapore in light of the impact of Covid-19...

All Buying Tips Opinion

Buy a $1M Resale HDB or a $1M Resale Condo?

Jayson Ang – August 19, 2023 –

TLDR When comparing a million-dollar HDB flat to a private property of the same value, the HDB flat offers more...

All Buying Tips Opinion Selling Tips

5 Untold Risks Of Buying An Old Freehold Condo In Singapore

Jayson Ang – October 1, 2025 –

TLDR Old freehold condos in Singapore may seem attractive due to lower prices, but they come with hidden pitfalls. Longstanding...

All Buying Tips Opinion

My 6 Factors to Consider When Buying a Property in 2023

Jayson Ang – March 11, 2023 –

As the housing market shows no signs of slowing down, many of us may feel left behind, questioning whether it...

Mandarin Top 5

Top 5 : Places to See Singapore’s Skyline at Night

Jayson Ang – February 5, 2025 –

Singapore, a bustling metropolis known for its stunning skyline, offers an array of vantage points to witness the city's architectural...

All Blog Posts Buying Tips

Learn the Essentials of Renting Property in Singapore as a Foreigner

Jayson Ang – May 26, 2023 –

TLDR Renting in Singapore offers various options for foreigners, such as HDBs, Condos, and even unique properties like heritage homes....

All Buying Tips Opinion

Navigating the Unique Landscape of the 2025 Singapore Property Market

Jayson Ang – August 22, 2025 –

TLDR The 2025 Singapore property market faces distinct challenges, including a shift toward Core Central Region (CCR) new launches, limited...

All Buying Tips Opinion

Evaluating Property Investments: Pros and Cons to Keep in Mind

Jayson Ang – August 7, 2023 –

TLDR: Key Takeaways from the Blog Post Singapore's real estate market offers both pros and cons for investors. The advantages...

All Buying Tips

Why The URA Master Plan Matters For Your Property’s Potential

Jayson Ang – March 24, 2024 –

TLDR The URA Master Plan entails significant shifts like the relocation of Paya Lebar Airport or creation of Punggol Digital...

All Buying Tips Opinion Selling Tips

Is Renting Out Your HDB to Live in a Condo a Smart Move? How Rentvesting Can Help You Save Money

Jayson Ang – February 18, 2025 –

TLDR Rentvesting is a strategy where individuals rent a home in their desired location while purchasing investment properties in more...

Mandarin Top 5

The Importance of Due Diligence in Property Investing in Singapore

Jayson Ang – April 22, 2024 –

Investing in property can be a lucrative venture, but it also comes with its own set of risks and challenges....

All Buying Tips Opinion

I Bought a Mega-Home : Hear 7 Homeowners Spill their Heartfelt Remorse

Jayson Ang – December 22, 2023 –

TLDR The article discusses various challenges faced by residents living in massive condo complexes in Singapore. From long elevator wait...

Mandarin Top 5

Singapore’s Real Estate Market: The 5 Most Important Documents to Review Before Buying a Property

Jayson Ang – March 26, 2024 –

Singapore's real estate market is highly regulated and can be complex for those unfamiliar with the process. As a prospective...

Mandarin Top 5

Top 5 Cocktail Bars in Singapore for a Night Out

Jayson Ang – March 8, 2024 –

Singapore, the vibrant city-state known for its impressive skyline and diverse culture, is also home to an exceptional cocktail scene....

Mandarin Top 5

Top 5 Historical Landmarks in Singapore

Jayson Ang – April 24, 2024 –

Singapore, a bustling cosmopolitan city-state, is known for its rich history and diverse cultural heritage. This small yet vibrant nation...

All Blog Posts Opinion

Invest During the Bearish & Exit During the Bullish

Jayson Ang – December 27, 2022 –

TLDR A comprehensive overview of the real estate market trends, emphasizing the importance of strategic property analysis and investment decisions....