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 …

Mandarin Top 5

5 Top Reasons Why Chinese Love to Invest in Singapore Property Market Today

Jayson Ang – May 23, 2023 –

Here are the top 5 reasons why Chinese love to invest in Singapore's property market today. 1. Political stability: Singapore...

Mandarin Top 5

Singapore’s Real Estate Market: Disproving 5 Common Misconceptions

Jayson Ang – February 25, 2024 –

Singapore's real estate market is a complex and dynamic market that can be difficult to navigate for new investors. With...

All Opinion Reports

NUS Real Estate Survey Reveals Growing Optimism Among Industry Leaders

Jayson Ang – January 17, 2025 –

TLDR A recent survey by the National University of Singapore (NUS) highlights increasing optimism among real estate industry leaders. The...

Mandarin Top 5

Top 5 Best Green Spaces to Picnic in Singapore

Jayson Ang – May 5, 2025 –

Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to numerous green spaces that...

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

5 Reasons : Can Your Real Estate Investment Hedge Against Inflation?

Jayson Ang – September 10, 2024 –

Inflation is an economic phenomenon that can have a significant impact on an individual's financial well-being. As the cost of...

Mandarin Top 5

Navigating Singapore’s Real Estate Market: The Truth Behind 5 Common Misconceptions

Jayson Ang – March 19, 2024 –

The real estate market in Singapore is known for its stability and attractiveness to investors both locally and internationally. However,...

All Blog Posts Buying Tips

Beware of These 7 Deceptive Tricks In Showflat Condo Sales

Jayson Ang – May 14, 2023 –

TLDR When navigating the complexities of the real estate market, it's crucial to be wary of hidden marketing tricks when...

Mandarin Top 5

Top 5 Live Music Venues in Singapore

Jayson Ang – May 20, 2024 –

Singapore, a vibrant and multicultural city-state, is well-known for its diverse food scene, stunning architecture, and bustling shopping districts. However,...

All Blog Posts Buying Tips

6 Must-Know Factors to Consider When Purchasing a Resale HDB in 2023

Jayson Ang – February 5, 2023 –

TLDR When buying a resale flat in Singapore, make sure to walk around the neighborhood to assess actual distances, check...

All Buying Tips

Single, Over 35, and Searching for a Home? Here’s Your Guide to Choosing Between an HDB and a Condo!

Jayson Ang – January 21, 2025 –

At the age of 35, a single Singaporean starts a significant year, highlighted by the long-awaited chance to buy their...

All Buying Tips Opinion

What Is An Affordable Home In Singapore?

Jayson Ang – August 18, 2025 –

TLDR Affordable housing in Singapore is about more than just having a roof over your head—it’s about survival and opportunity....

All Opinion

The Johor-Singapore Special Economic Zone: A New Chapter, Not Just “Iskandar 2.0”

Jayson Ang – April 26, 2026 –

TLDR The Johor-Singapore Special Economic Zone (JS-SEZ), launched in January 2025, is a bilateral effort aimed at sustainable economic growth...

Mandarin Top 5

Top 5 Factors: Singapore Offer A Stable And Lucrative Investment Opportunity In Real Estate?

Jayson Ang – May 17, 2025 –

Singapore, a small yet economically powerful city-state, has long been recognized as one of the most attractive destinations for real...

Mandarin Top 5

From Overseas to Singapore Property: 5 Steps Guide to Remitting Funds

Jayson Ang – May 21, 2023 –

From Overseas to Singapore Property: 5 Steps Guide to Remitting Funds 1. The first step in remitting money to Singapore...

All Buying Tips

7 Essential Tips for Finding Your Perfect Retirement Home

Jayson Ang – October 27, 2024 –

TLDR Searching for a forever home should balance heart and practicality. Avoid homes with stairs, high cabinets, big kitchens, and...

All Opinion

Why Can’t We Have More Housing Options For Singles?

Jayson Ang – April 5, 2024 –

TLDR The blog post discusses the evolving regulations for single individuals to purchase public housing in Singapore. It highlights the...

All Buying Tips

Looking To Buy An Older HDB Flat? Here’s What You Need To Know Before You Sign On The Dotted Line!

Jayson Ang – March 27, 2024 –

TLDR When considering purchasing an older flat, ensure to thoroughly inspect wet areas for leaks, check balcony conditions, watch out...

All

The Uncomfortable Truth About Homeownership and Relationships in Singapore

Jayson Ang – July 5, 2025 –

TLDR Property ownership and prenuptial agreements are key for married couples in Singapore. Joint ownership (either joint tenancy or tenancy-in-common)...