Agents can't wear two hats

[Ripley]

Home > Breaking News > Singapore > Story
Oct 12, 2009
Agents can't wear two hats <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Jessica Cheam </td></tr> <tr valign="bottom"> <td width="330">

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The Government is contemplating a move to ban property agents from representing both sellers and buyers of HDB flats. -- ST PHOTO: DESMOND WEE
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THE Government is contemplating a move to ban property agents from representing both sellers and buyers of HDB flats -one that has cheered the public and left some agents unhappy. In a key proposal released on Monday to raise standards in the industry, the Ministry of National Development (MND) recommended that this practice is disallowed so that agents are 'not in a conflict of interest'. Currently, many disputes arise because an agent represents both buyer and seller in the same transaction. This prevalent practice in the HDB resale market often results with the sellers' agents collecting a commission from the buyer or refusing to sell to a certain buyer if there is no commission. This practice presents a clear conflict of interest - sellers naturally want the highest price for their property and buyers would want to pay the lowest, said MND in a statement. 'The same agent cannot possibly discharge his professional duties to both equally and represent both their interests fully.' MND noted that flat buyers, however, may need an agent's help in the sale's administrative work, and is proposing that the seller's agent get paid a fixed administrative fee to help buyers process the paperwork. Alternatively, buyers can engage their own agents, or handle the transactions themselves. Agency bosses on Monday admitted that this move might be unpopular with property agents as it will hit their commission cheques but agree that 'this is a move in the right direction'.

 

[Tiu Kwang Yew]

lumpar parlan.

agents are friends when comes to survival instinct.
this will not lower the COV.

PAP baboons should peg the commission at valuation price (exclude COV), then you see the real change.

this kind of bullshit childish measure makes no sense.

 

[TeeKee]

what did gabramen do to check if office holders who have directorships in private companies will serve their co's interests in the name of national interests?

actually the above ban can be by passed by using proxy companies...who represents their interests..

 

[lancerglxi]

Home > Breaking News > Singapore > Story
Oct 12, 2009
Agents can't wear two hats <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Jessica Cheam </td></tr> <tr valign="bottom"> <td width="330">

</td> <td width="10">

</td> <td valign="bottom">

The Government is contemplating a move to ban property agents from representing both sellers and buyers of HDB flats. -- ST PHOTO: DESMOND WEE
</td></tr> </tbody></table>
THE Government is contemplating a move to ban property agents from representing both sellers and buyers of HDB flats -one that has cheered the public and left some agents unhappy. In a key proposal released on Monday to raise standards in the industry, the Ministry of National Development (MND) recommended that this practice is disallowed so that agents are 'not in a conflict of interest'. Currently, many disputes arise because an agent represents both buyer and seller in the same transaction. This prevalent practice in the HDB resale market often results with the sellers' agents collecting a commission from the buyer or refusing to sell to a certain buyer if there is no commission. This practice presents a clear conflict of interest - sellers naturally want the highest price for their property and buyers would want to pay the lowest, said MND in a statement. 'The same agent cannot possibly discharge his professional duties to both equally and represent both their interests fully.' MND noted that flat buyers, however, may need an agent's help in the sale's administrative work, and is proposing that the seller's agent get paid a fixed administrative fee to help buyers process the paperwork. Alternatively, buyers can engage their own agents, or handle the transactions themselves. Agency bosses on Monday admitted that this move might be unpopular with property agents as it will hit their commission cheques but agree that 'this is a move in the right direction'.

Finally some protection for buyers from these scum agents.

 

[besotted]

Singaporeans are incredibly spineless

The HDB S&P process is so transparent, everything from option to first appt to final appt

There is no need at all for agents

 

[TeeKee]

Singaporeans are incredibly spineless

The HDB S&P process is so transparent, everything from option to first appt to final appt

There is no need at all for agents

they prefer to be served than to serve others?

 

[JinGanKor]

Now then they start to do something, don't understand how they deserve to be paid millions.

I have an Aunt who is 72 years old living in a 5 room point block. Her children all has their own house so she decide to sell hers away. The lady agent is a smart one, befriend with my mum and find out a lot of info.

One Saturday night when she knows from my Aunt that the children are on holiday, she bring a couple to view the house. They left after viewing, then she taught the couple to go back up in 30 mins and cook up a story.

The couple came up and tell my aunt that they like the house but they are actually on the way to put a deposit for another house. If my aunt would sell them 10k below valuation now, they will buy my aunt house instead. They promise my aunt they will give her another 8 months of free stay so that she doesn't need to rush to move out.

My aunt is old and alone in the house, was very happy with the 8 month free stay, agree to the deal. Buyer is happy because they got a real good deal, Agent is happy because 1st couple she bring and she close the deal, easy 3% ($13,000) commission.

When my cousin came back they were furious. At that time the market they can easily sell the house with 30k COV, now the house is sold at 40k lesser then the market price.

Worst thing is the 8 month free stay is not free. Only the 1st 3 months is free and the other 5 months is chargeable at $2,000 per month. In the end there is no free 3 months at all, because they claimed that the 3 months free is actually the period they sign the option and submit to HDB till 2nd appointment with HDB which is roughly 3-4 months.

My cousins were so mad and they insist to cancel the deal, but the agent threaten to sue them for her losses of commission and also encourage the buyer to take up legal action if they back out from the deal.

Eventually my aunt give in because she is afraid of trouble and legal stuff.

 

[SamuelStalin]

Home > Breaking News > Singapore > Story
Oct 12, 2009
Agents can't wear two hats <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Jessica Cheam </td></tr> <tr valign="bottom"> <td width="330">

</td> <td width="10">

</td> <td valign="bottom">

The Government is contemplating a move to ban property agents from representing both sellers and buyers of HDB flats. -- ST PHOTO: DESMOND WEE
</td></tr> </tbody></table>

RETRO HDB GLORY!!!

Back when there is space between flats, cubicles are bigger and the ceilings are higher. Sad sad sad

Now who says Asians aren't more used to crowding.

 

[tima81]

I know of some agent who are work in team, they can easily get thier team mate to represent the buyer and still get the 1% commission. Still back to square one

 

[tomoko]

Sorry about your aunt :(

Now then they start to do something, don't understand how they deserve to be paid millions.

I have an Aunt who is 72 years old living in a 5 room point block. Her children all has their own house so she decide to sell hers away. The lady agent is a smart one, befriend with my mum and find out a lot of info.

One Saturday night when she knows from my Aunt that the children are on holiday, she bring a couple to view the house. They left after viewing, then she taught the couple to go back up in 30 mins and cook up a story.

The couple came up and tell my aunt that they like the house but they are actually on the way to put a deposit for another house. If my aunt would sell them 10k below valuation now, they will buy my aunt house instead. They promise my aunt they will give her another 8 months of free stay so that she doesn't need to rush to move out.

My aunt is old and alone in the house, was very happy with the 8 month free stay, agree to the deal. Buyer is happy because they got a real good deal, Agent is happy because 1st couple she bring and she close the deal, easy 3% ($13,000) commission.

When my cousin came back they were furious. At that time the market they can easily sell the house with 30k COV, now the house is sold at 40k lesser then the market price.

Worst thing is the 8 month free stay is not free. Only the 1st 3 months is free and the other 5 months is chargeable at $2,000 per month. In the end there is no free 3 months at all, because they claimed that the 3 months free is actually the period they sign the option and submit to HDB till 2nd appointment with HDB which is roughly 3-4 months.

My cousins were so mad and they insist to cancel the deal, but the agent threaten to sue them for her losses of commission and also encourage the buyer to take up legal action if they back out from the deal.

Eventually my aunt give in because she is afraid of trouble and legal stuff.

 

[po2wq]

Agents can't wear two hats ...

can la ...

u call dat a double agent ...


sum of dem may oso take off their 1st hat n den wear their coat inside out ...

 

[moolightaffairs]

Now then they start to do something, don't understand how they deserve to be paid millions.

I have an Aunt who is 72 years old living in a 5 room point block. Her children all has their own house so she decide to sell hers away. The lady agent is a smart one, befriend with my mum and find out a lot of info.

One Saturday night when she knows from my Aunt that the children are on holiday, she bring a couple to view the house. They left after viewing, then she taught the couple to go back up in 30 mins and cook up a story.

The couple came up and tell my aunt that they like the house but they are actually on the way to put a deposit for another house. If my aunt would sell them 10k below valuation now, they will buy my aunt house instead. They promise my aunt they will give her another 8 months of free stay so that she doesn't need to rush to move out.

My aunt is old and alone in the house, was very happy with the 8 month free stay, agree to the deal. Buyer is happy because they got a real good deal, Agent is happy because 1st couple she bring and she close the deal, easy 3% ($13,000) commission.

When my cousin came back they were furious. At that time the market they can easily sell the house with 30k COV, now the house is sold at 40k lesser then the market price.

Worst thing is the 8 month free stay is not free. Only the 1st 3 months is free and the other 5 months is chargeable at $2,000 per month. In the end there is no free 3 months at all, because they claimed that the 3 months free is actually the period they sign the option and submit to HDB till 2nd appointment with HDB which is roughly 3-4 months.

My cousins were so mad and they insist to cancel the deal, but the agent threaten to sue them for her losses of commission and also encourage the buyer to take up legal action if they back out from the deal.

Eventually my aunt give in because she is afraid of trouble and legal stuff.

bro, whats the agent name? from which company? should wack her jialat jialat. anyway this case can fight. who would sell below 10k below valuation when market can get 30 cov? the logic is, your aunt must be kena conned rite? honestly, i was a housing agent more than 10 yrs ago. i stop being one, because i cannot tahan all these fucking snake. although i never kena bite by them due to good mentor. but when you see those fucking agents and know all their dirty tricks, you will dun feel like dealing with them. i rather earn lesser as an employee.

 

[wendypoh]

It's about time that rule come in

 

[shOUTloud]

I know of some agent who are work in team, they can easily get thier team mate to represent the buyer and still get the 1% commission. Still back to square one

yeah. cannot avoid the double agent who so call "co broke" in the current market. I told my in law who is selling his flat to demand 1% sales commission only cos he is going to kanna when he buys his flat. But he refused to, so lan lan have to see he kanna tekan later.

 

[shOUTloud]

bro, whats the agent name? from which company? should wack her jialat jialat. anyway this case can fight. who would sell below 10k below valuation when market can get 30 cov? the logic is, your aunt must be kena conned rite? honestly, i was a housing agent more than 10 yrs ago. i stop being one, because i cannot tahan all these fucking snake. although i never kena bite by them due to good mentor. but when you see those fucking agents and know all their dirty tricks, you will dun feel like dealing with them. i rather earn lesser as an employee.

I also think can fight but the issue is law suits can be very stressful for the elderly. She might win the lawsuit but get a stroke along the way. Sometimes lan lan have to accept fate.

The agent will kanna big time though. Just file a complaint with HDB and see how things go, no need to sue her but create some trouble and get the whole thing out in the media.

 

[JinGanKor]

bro, whats the agent name? from which company? should wack her jialat jialat. anyway this case can fight. who would sell below 10k below valuation when market can get 30 cov? the logic is, your aunt must be kena conned rite? honestly, i was a housing agent more than 10 yrs ago. i stop being one, because i cannot tahan all these fucking snake. although i never kena bite by them due to good mentor. but when you see those fucking agents and know all their dirty tricks, you will dun feel like dealing with them. i rather earn lesser as an employee.

i spoke to a few friends who are more professional agents, they say at that time when my cousins are back, my aunt had only sign the option and receive 1st deposit, but did not sign the execute part. If she insist to back out from the deal, there is nothing much they can do. Going through legal process is a hassle for everyone, especially my aunt is 72 and she is alone when making decision, she was not given time to really consider about the offer.

But she is afraid of all the legal hassle, and my cousins even though they are mad about the con job, they don't bear to make their mum go through all these.

 

[Lee Hsien Tau]

What?

Neber heard of double-agent one meh?

http://chiam-see-tong.blogspot.com