Dirty Tricks of Property Agents in Singapore #1 of many!

[ahleebabasingaporethief]

Before I carry on, just remember most Property Agents /Brokers in Singapore are without proper degrees and are AH BENGS and AH LIANS by nature.

Never trust them 100% unless you know them personally. Even then.

Their dirty tricks:

1) Alot of agents do not rent or sell your properties to the highest buyer. WHY?
It depends on weather or not they get the full commission or have to co-broke.

Example:

Buyer#1 (introduced by another agent) offers $1,000,000. Your agent commission will be only 1% divided by 2 shares (half for him, half for other agent)

Buyer#2 (his own client so no need to share commission) offers $900,000.

AGENT will recommend to property seller that $900,000 is the highest offer because he will get full $9,000 commission where as if property was sold to the offer of $1,000,000 his commission will only be $5,000.

This kind of chee bye agents are everywhere in the market.
Same goes for rental.
As long as there is co-broke, they do not want to close the deal.

So property sellers or wanting to rent out, BE CAREFUL.

These kind of agents are rampant on the Sinmgapore markets.

This is EXPOSE #1. I will expose more of dirty agent tricks in #2

 

[VIBGYOR]

so what do you propose so that we could have some fun with them?

 

[tima81]

wah, how come u know so much details? Are u also an agent? Maybe a loser

 

[DerekLeung]

so what do you propose so that we could have some fun with them?

We make a centralised Web Portal .

Where the middle man can just rot and die !

 

[ahleebabasingaporethief]

We make a centralised Web Portal .

Where the middle man can just rot and die !

Yes should have. Must have. Also heard most property companies are blood suckers also taking huge percentage from agents up to even 40% of commission

 

[ahleebabasingaporethief]

I issued warning

 

[Caleb]

In the case of rentals, especially in this slow resale market, resale property agents are also piling into the rental market, making competition even worse. So how do less-than-honest agents maximise their buck? Here is a tactic recently encountered:

Less-than-honest agents would rather close the deal where he/she earns the full commission even if it means taking the lower rental offer to his/her landlord client. This is where the landlord has to exercise his/her discretion to accept or reject the offer. Don't believe the agent all the time, especially if they have a motive for saying things just to close a deal. While the new-apt figures can be scary, always evaluate your segment of the market with calm and common sense.

Our former agent decided to go for deals where he/she could enjoy the whole commission. He/she turned down regular tenants with cobroking agents. He/she targeted agents with corporate lease connections who would be paid their commissions from their corporate clients so that he/she did not have to share his/her commission with the cobroking agent.

 

[Caleb]

continue-
At the end of the day, we the clients would be none the wiser about the tactics used behind our backs. Which is why it is important to choose someone you can trust as your agent. In these difficult times, it is also difficult for agents to make decisions in their clients' best interest, especially if it also involves their survival.

Know your market and make your own decisions. If your agent brings you a figure less than what you expect, ask yourself if you can afford to wait, if the figure can be bettered. We know for a fact that with less-than-honest agent/s working our development, rentals in the last two years have been pressed lower and lower despite the fact that most units are in great condition. The reason for this is that these agents will want to close a deal with the first offer they receive, even if the offer is a lousy one. Amongst the low figures however, there are the occasional high or higher sums and one has to wonder why these particular units are able to attract to higher rentals. Are they on higher floors? Not necessarily.