Tag Archives: Real Estate Agent

Things you should know about property agents

For many of us, our homes is the single most expensive investment we will ever make in our lives. In fact, since we already have or will be spending a huge fortunate on housing, you would expect a certain level of knowledge or wisdom in this matter. Most of us choose the easiest way out and entrust our property agents to do all the work for us.

Though most property agents are professional and skilled in their trade, as smart property seekers and owners, we need to be able to separate fact from the fiction. Hence, we have gathered common beliefs regarding property agents, and like a good detective, we are on a mission to find out the truths behind these common beliefs.

Common belief #1: It is compulsory to have an agent to represent me in buying or selling properties in the open market

False…but depends on the time and effort you are willing to put in

In Singapore, you are absolutely free to decide whether you want to handle the buying or selling of property on your own, or to engage the services of a property agent.

That being said, unless you are confident and savvy with the paperwork required for property transactions, you will probably be much better off paying the agents to do it for you, saving you the hassle and precious time.

Furthermore, if you are a seller, the whole process of marketing your property and finding prospects to view your house might seem a little daunting. Hence, by engaging a professional, not only will you be spared with the many sales calls made by agents trying to represent you, you could also enjoy the peace of mind knowing that all the paperwork is being done up nicely and in accordance with the ever-changing government regulations.

Common belief #2: An agent recommended by a family member or friend is definitely more trustworthy.
Depends

We all love a good recommendation as it saves us the trouble of searching high and low for one on our own. However, in determining whether a recommended agent is trustworthy, you will have to find out why the agent is being recommended in the first place. Is he being recommended because he is a close friend of your relatives/friends or has he been representing your relatives/friends in their last purchase?

Do not simply take for granted that since the agent is a good friend of your relatives/friends, he will be the best agent for you. Find out more on the agent’s credentials, track records and how long he has been in the industry before jumping to any conclusion.

Most importantly, remember to check that your agent is registered with the Council for Estate Agencies (CEA) via the CEA Public Register or CEA@SG mobile app. This will ensure that he has the necessary knowledge to provide you with professional services and to adhere to ethical practices.

Article contributed by Praise Poh

Agents are always briefed on new policies

We refer to Mr John Ow’s letter “Agencies, salespersons unaware of CEA policy” (June 25).

During the development of the new regulatory framework, the Council for Estate Agencies (CEA) drew up its regulations in close consultation with key industry stakeholders. They included industry associations, real estate agents and members of the public.

After the formation of the CEA, we continued to work closely with the industry. When we formulate policies, we seek input by having regular industry dialogues and invite industry members to sit on our working committees. Briefing sessions are also held with estate agents before any new policies are implemented.

Under the new framework, the Key Executive Officer (KEO) of an estate agent is responsible for the proper management and supervision of his salespersons. One key duty of a KEO is to communicate and keep salespersons informed on government policies, regulations and procedures that govern their work. At the same time, KEOs can also provide feedback and raise any policy or operational issue directly with the CEA.

Mr Ow claimed that salespersons are unaware of CEA policies. We have spoken to the KEO of Mr Ow’s property firm and understand that briefings have been regularly conducted to explain CEA policies to his salespersons. In view of the latest feedback from Mr Ow, the company will brief its salespersons again. We seek the cooperation of all KEOs to update their salespersons regularly.

The active involvement of the leadership in the industry will improve estate agency services and enhance consumer satisfaction. The CEA will continue to work closely with the industry and avail all relevant information on our website and through briefings and circulars to the industry.

From Purnima Shantilal Director (Licensing & Investigation) Council for Estate Agencies

Source : Today – 2012 Jun 30