Tag Archives: Property Agents

No such thing as ’standard’ commission in property deals

Posted on 27 Sep 2009 | Comments Off on No such thing as ’standard’ commission in property deals

I REFER to yesterday’s Forum Online letter by Ms Medalina Barber, ‘Property rules should protect not just clients but agents too’.

We take this opportunity to clarify that there are no standard commission guidelines for estate agency services in Singapore. Commission fees payable to estate agents are a matter for private negotiation between them and their clients.

Often, what the agent means by ’standard’ is that the commonly collected commission from the seller is 2 per cent, for example. While some latitude may be given to the estate agent’s use of the expression ’standard’, it should not be represented that 2 per cent is what a seller should pay for an estate agency’s services. There is no prescribed scale of fees.

It is recommended that consumers enter into a written contract with an estate agent only after agreeing on the commission fee payable for a specified scope of services.

Dr Tan Tee Khoon
Chief Executive Officer
Singapore Accredited Estate Agencies

Source : Straits Times – 26 Sep 2009

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Understanding estate agents, made easy

Posted on 27 Sep 2009 | Comments Off on Understanding estate agents, made easy

The vibrant property market saw not just burgeoning sales volume but an increase in consumer complaints against real estate agents as well.

To address issues such as what property agents should or shouldn’t do, as well as their duties, the Institute of Estate Agents (IEA) will hold a public seminar on Sept 28 with the theme “Consumers’ Expectations of Today’s Professional Estate Agents”.

At the forum, speakers from Ministry of Manpower, Housing and Development Board (HDB) and the Central Provident Fund Board will address issues such as housing requirements for foreign workers and expectations of housing agents in HDB resale transactions.

It will be held at the HDB Hub Auditorium and the guest of honour is Aljunied GRC Member of Parliament, Yeo Guat Kwang.

An entrance fee of $10 will be charged and it include refreshments.

For details, log onto http://www.iea.org.sg.

Source : Today – 26 Sep 2009

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