Property agents feeling the pinch as market cools

[krafty]

bro RUN, please share more, i am eager to learn...many thanks..and on account i have been good to you, i let SNTCK "shoot bak" to you...hahah...lol...

Thank you good brother.

 

[Runifyouhaveto]

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...

RUN's signature didn't got through when he signed CDP tranfer form for his secondary market bonds. NB, then i realized they moved out of CBD and hide in Buona Vista now.

 

[Runifyouhaveto]

bro RUN, please share more, i am eager to learn...many thanks..and on account i have been good to you, i let SNTCK "shoot bak" to you...hahah...lol...

Dear Leader,
RUN want your doctor gf's daughter who is teaching

 

[krafty]

talking about her, although she and her mum came from china, she never mix around with others from china when she was schooling at polytechnic, will be a SYT SPG in future, she got the jap's teeth, cute and sweet, but we are morally upright men, so dun touch...:p

Dear Leader,
RUN want your doctor gf's daughter who is teaching

 

[Cestbon]

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.

Agree. Pay the agent who ever can close the deal.

On no.3 Some smart buyer will bring their own agent so smart buyer will share commission from seller.
But still OK. Rule is agent whoeven can close the deal at agree price get the commission $$$.

 

[Runifyouhaveto]

i heard those who are servicing their toxic mortgage loan are going to top up sooner than expected when property prices slide further and interest rate is up... true or not?

Earlier in this thread, we even shared that bank's HDB forced-sales went up. People are trapped by the high prices.

Let me share another property market example bro. Korean govt hate property bubble. After the 1997 Asian financial crisis, the interest rates collapsed and Koreans whacked property hard, harder than HK. Then came SARS and the slowdown in 2003-04 and many were bankrupt in Korea (again!!!).

Since then, Korean govt consistently imposes ultra-high stamp duties and taxes on speculators, ie those who buy/sell within 5 years. The Korean govt engineered a gradually property appreciation for their resident population and avoid rental-surge which ruins their local businesses. In fact, the Korean govt just completed over 500,000 units of cheap public housing in the last 2-3 years to avoid burdening the poor and young generation.

 

[Runifyouhaveto]

Agree. Pay the agent who ever can close the deal.

On no.3 Some smart buyer will bring their own agent so smart buyer will share commission from seller.
But still OK. Rule is agent whoeven can close the deal at agree price get the commission $$$.

RUN concurs. Just know our priorities.

 

[Runifyouhaveto]

talking about her, although she and her mum came from china, she never mix around with others from china when she was schooling at polytechnic, will be a SYT SPG in future, she got the jap's teeth, cute and sweet, but we are morally upright men, so dun touch...:p

YES! DEAR LEADER IS A GOOD MAN. it is wrong of you to touch her being her mum's lover. never mind, RUN is not.

 

[krafty]

well deep knowledge...let's have coffee soon...

do you think pap gahment will intervene if repossession rate is high? or will they persist in their cooling measure? seems like a lot of noises on property slum, and many sinkies are not happy.

Earlier in this thread, we even shared that bank's HDB forced-sales went up. People are trapped by the high prices.

Let me share another property market example bro. Korean govt hate property bubble. After the 1997 Asian financial crisis, the interest rates collapsed and Koreans whacked property hard, harder than HK. Then came SARS and the slowdown in 2003-04 and many were bankrupt in Korea (again!!!).

Since then, Korean govt consistently imposes ultra-high stamp duties and taxes on speculators, ie those who buy/sell within 5 years. The Korean govt engineered a gradually property appreciation for their resident population and avoid rental-surge which ruins their local businesses. In fact, the Korean govt just completed over 500,000 units of cheap public housing in the last 2-3 years to avoid burdening the poor and young generation.

 

[krafty]

ya, i heard that you very teeko...:p

YES! DEAR LEADER IS A GOOD MAN. it is wrong of you to touch her being her mum's lover. never mind, RUN is not.

 

[Runifyouhaveto]

well deep knowledge...let's have coffee soon...

do you think pap gahment will intervene if repossession rate is high? or will they persist in their cooling measure? seems like a lot of noises on property slum, and many sinkies are not happy.

interest rate is low. So toxic mortgages will not explode when interest rates are low.

The main problem is weakening prices. govt can help by ensuring BTO prices appreciate by 2-4% per year (on par with CPF OA & SA). When the gap between HDB and private property narrows like 2008-2010, market will not meltdown and be supported.

 

[krafty]

roger out, thanks... for the info., cheers bro RUN...

interest rate is low. So toxic mortgages will not explode when interest rates are low.

The main problem is weakening prices. govt can help by ensuring BTO prices appreciate by 2-4% per year (on par with CPF OA & SA). When the gap between HDB and private property narrows like 2008-2010, market will not meltdown and be supported.

 

[Runifyouhaveto]

ya, i heard that you very teeko...:p

 

[SNTCK]

YES! DEAR LEADER IS A GOOD MAN. it is wrong of you to touch her being her mum's lover. never mind, RUN is not.

you should not get married. i pity for your wife and your kids.
you are not a faithful husband.

 

[xebay11]

Yes it does....real estate agents are cunts....end of debate...now fuck off.

Why should I? You are a typical bitter loser Sinkie who missed every boat in life.

 

[xebay11]

Agree. Pay the agent who ever can close the deal.

On no.3 Some smart buyer will bring their own agent so smart buyer will share commission from seller.
But still OK. Rule is agent whoeven can close the deal at agree price get the commission $$$.

You will never get best price or close at fastest time this way. If you are going to pay for an agent might as well pay for exclusive service or else just save the money and sell it yourself.

 

[krafty]

yups,ghim moh and holland area property will reach another peak. i heard news that they are going to enbloc the old flats in ghim moh area. besides, buona vista area will be filled with media and tech companies, even Lucas studio is located there...

RUN's signature didn't got through when he signed CDP tranfer form for his secondary market bonds. NB, then i realized they moved out of CBD and hide in Buona Vista now.

 

[SgGoneWrong]

you should not get married. i pity for your wife and your kids.
you are not a faithful husband.

That's why I said u are char bor.

 

[SgGoneWrong]

yups,ghim moh and holland area property will reach another peak. i heard news that they are going to enbloc the old flats in ghim moh area. besides, buona vista area will be filled with media and tech companies, even Lucas studio is located there...

With peaks here and there in sinkieland, anyone wants to buy in aussieland instead?

 

[Runifyouhaveto]

You will never get best price or close at fastest time this way. If you are going to pay for an agent might as well pay for exclusive service or else just save the money and sell it yourself.

I have heard the above statement aplenty times from agents. Let me give this example:
During hot hot property market days, speculators pay for the purchase option (not sales agreement) and put "TAN AH KOW AND/OR beneficiary" so that they can freely transfer the unit within the next 2 weeks = flip property for maybe just a 1% downpayment.

Appointing an exclusive agent is like giving others a chance to flip your property for FREE. You don't even get a 1% downpayment. It is like you granted them a "free option to purchase on your house" for 2-3 months but they don't promise any compensation, for failure to do so. Being exclusive, they will still take commission in the agreed period (2-3 months) even if a transaction is closed without any effort or contribution from them.

This is why exclusive agents are not in the best of your interests. Of course, if you sell if yourself, I still encourage you to reimburse agents who can bring you prospective buyers 0.5 - 1% commission.





here's an earlier take on exclusive agents:
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.