Sellers should have a lawyer in mind to handle their transactions, before proceeding to offload their properties.
They can get sales agreement template from their property lawyer if they don't have an agent.
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Property agents feeling the pinch as market cools
- Thread starter nutbush
- Start date
Sellers should have a lawyer in mind to handle their transactions, before proceeding to offload their properties.
They can get sales agreement template from their property lawyer if they don't have an agent.
Now the agents are dropping like flies due to decreasing transactions.
You are like those ku ku who takes a taxi to the MRT station, then curse the taxi driver that they are overpaid uselsess bums, because you can actually take the MRT to your final destination at a cheaper price...taxi driver's are scum by charging you more.....well that's your RUN logic.
How to sell your Residential Property
Wanna get the most out of your residential property? Well, here’s some strategies that you can consider
- Buyer is the one paying your property, not property agent. To close a deal, property agents must make you sell cheaper, so, do not expect a property agent to sing praises for your unit. In all honesty, they will tell you more shortcomings of your unit that than buyer; that is their job. Therefore, when they speak to you, bear in mind that they don’t love you.
- I assure you that you will never get the best price for your unit when you appoint an exclusive agent. Exclusive agents can promise you the sun and the moon but once you appointed them as your exclusive agent, the game is half-won for them. In short, they have no incentive to protect your interests going forward. Always declare the sale of your unit, free-for-all / open for all agents. In this way, all the agents will have equal incentive to convince the buyers to offer a higher price, as much as they want you to lower selling price. In addition, you will get maximum exposure because you can get more agents to promote you unit online or in classified ads which will translate to greater buying interests.
- Next, do a bit of homework when you price your unit. You just need to price the same as others initially (given the same size and level) and enquiries will naturally appear. No point putting up the lowest price because you are not selling shares in stock market. No two units are 100% similar, you can have the lowest list-price but the buyer will still visit other similar units in the same estate with a 3-10% budget tolerance for a more suitable choice because of hidden factors such as neighbours, facings, move-in condition,
- Be firm about commission and confirms it before any viewing. It is only fair if you pay agent commissions but those who ask more than 1% are simply not respecting you. If your property is worth more than $2m, 0.5% commission is also acceptable. Don’t worry that you don’t know the paper work because you will always need to appoint a lawyer (not property agent) to close a property transaction and your lawyer will have some kind of templates/forms for you to close your sale. If you are lucky, maybe you will get to deal direct with buyer and save on commissions (but shrewd buyers will usually bring their own agents to get some kick-backs from the commission).
- Usually it takes 3-6mths to offload a unit for the best price. To get some exposures initially; place small classified ads on newspapers for 2-3 consecutive weekends and gradually reduce to once a month. Property agents do maintain a large in-house database of available units so you don’t have to keep putting up ads.
- Please organize weekend viewings at specific timings (eg 2-5pm). Most of the people viewing your units are not serious buyers. Some people are just hobbyist viewers. Please do not waste time accommodating to less-convenient timeslots because buying a property is not buying buns; serious buyers will genuinely wait to see your unit if they have already shortlisted your price/estate to make a more informed decision.
- It is ok to accommodate second-viewing requests for serious buyers as the involvement of more family-members and friends can aid the buyer’s decision process. Of course, if the offer price is too much below your target price, then don’t waste time.
- Agents need to smoke you, pressure you, lie to you to make you sell. Please understand that the agent spends time smoking you because your unit has demand, therefore you must learn to ignore the criticisms and stories that they tell you. Just pay attention to price negotiations. Let the agent focus on smoking the buyer instead.
- Property agents are going to start calling you during price negotiations. Property agents are taught to act busy and missed your calls because it will create anxiety. Likewise, you must also learn not to answer calls immediately from property agents who had begun negotiations with you to increase their anxiety. Many agents are very high-handed in their negotiations with you and for these jerks, just apologize to them politely for missing their calls because you were attending to another viewing earlier. Doing so, occasionally, will remind the rouge agents that their buyers are not the sole interested-party and all property agents hate missing out on closing deals if their buyers'price are close.
Who will do the advertisement?
Who will arrange potential buyer to view the property?
Who will do all the paper work?
Unless seller no need to work and have nothing better thing to do!!!
Long cut and paste, dunno what you post that for? Very easy, just tie their commission to your selling price do a sliding scale, cut down on the exclusive period, simple, they will be panicking to sell your place.
But if you are cheapo and a tight arse with the commission, definitely your property will be bypassed, talked down and not even shown for viewing. I always ask above market rate for my property prices and pay above market rates to my agents for my selling transactions and always get the deal done at fastest time and best price.
Aya he thinks Property guru is a some kind of guru person who can magically get all the listings on the internet for him to choose.....no help lah this type.
Hi Cestbon, as a seller, we should be more keen to reward agents for finding buyer, not marketing your unit. please see my post above, it is just personal sharing, don't need to be angry.
Here's some brief direct answers for your questions if you are selling your property
Who will do the advertisement?
Do not appoint exclusive agents if you want to fetch a better price. You should start off with a few weekend advertisements on local classified ads and agents and buyers will start calling you. Your unit will get registered in some agent's database and if your asking price is fair, they will scout buyers for you or even run ads for you online or on newspapers (under their contact number).
Who will arrange potential buyer to view the property?
With or without agent, you will always be involved. Even if you appoint exclusive agents, you must understand that maybe it takes 10, 20 or 100 viewings to sell an unit. You still got to be around to open the unit, unless you are so confident of handing the keys over to an agent.
Who will do all the paper work?
Sales agreement templates from your lawyers are very reliable. Just fill in the names and pass the option and sales contract to your lawyer and the law clerks will guide you through. Even if you appoint an agent, you still need the law clerks to discharge your outstanding bank loans (if any) and transfer title.
Unless seller no need to work and have nothing better thing to do
If you are busy, you can always call back during lunch or after work. Buying house is not like shares. Real interested buyers/agents don't mind waiting a while for your response.
On personal note, i encourage our friends here to try selling their properties without appointing exclusive agents. We should still give commissions to agents who can bring buyers to you, reward them for their work. In the process, you really learn a lot more regarding humanity and property market too. That is priceless.
Wow big 180 degree turnaround, so you still pay agents in the end.
no, it is a common practice, especially for >$2.5m transactions. There are two issues.
1. If a buyer can have a fake agent to get 1% commission from you, that's a good sum of money to split between them. At least, some top agents do go to bed with the buyer.
2. Think of it as a buyer, even 0.5% commission because the quantum is big (eg. $5m), this is good money. In large commercial and industrial property transactions, agents do give kickbacks (non-taxable) to the boss of the buyers' company too. All these can be arranged.
No seller will give up a good offer if they have to throw in a 0.5% or 1% commission for buyer's agent. This is the buyers' right, nobody can deny them from doing this, unless seller totally don't entertain agents = shutting yourself out of the mass market. Sellers can pre-discuss the commission rate before any viewing.
1. Pay agents for bring buyers 0.5% or 1%. That's all you pay. Do not pay agents for marketing your unit (pay 2 times). If an agent think your unit is worth advertising for, he can co-broke (share commission). If your property is more than $2m, many agents will also co-broke for a total commission of 0.5%. It is a gentlemen's game, be clear about how much commission you are giving before any viewing.
2. Do not appoint exclusive agents if you want the best price.
3. You can deal direct with buyer without agent if a buyer walks in alone. You can get options & sales agreement template from your property lawyer. Paper work are mostly handled by lawyer, not agent.
Don't talk like a kid. You are free to make yourself heard but don't need to be rude to others.
I wrote those things based on my experience. Not cut from paste from anywhere. I can tell you a lot more if you can talk properly.
New faces in the CBD as global banks exit
They include insurers and new-media and consumer product companies
http://www.businesstimes.com.sg/premium/top-stories/new-faces-cbd-global-banks-exit-20140813
even banks are getting out of CBD...
They include insurers and new-media and consumer product companies
http://www.businesstimes.com.sg/premium/top-stories/new-faces-cbd-global-banks-exit-20140813
even banks are getting out of CBD...
Thanks for sharing Mr Run....pay no attention to this scum sucking dogturd xebay11...most likely an agent himself.
I would not mind feeding them eschers recipe of lahars, pyroclastic flows and top it off with a piano wire.
I apologise. Anyway in the end choices are made by individuals, we can always agree to disagree. The debate has no end.
Yes it does....real estate agents are cunts....end of debate...now fuck off.
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