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When it comes to something as important as buying, selling or renting your home, it pays to choose a property agent who can help to ease the process. Before jumping into your next property transaction, check out our top tips for working with your property agent.

1. DO look up your agent online

Check the Council for Estate Agencies’ (CEA) Public Register to ensure your agent is registered and to view their recent HDB transactions. You can also conduct an online search for your agent’s name and agency for reviews and client testimonials. This will give you insights into their service standards and marketing approach.

2. DO interview different agents

You may find plenty of agents who are knowledgeable, experienced and familiar with the local market. However, it is also important to find someone you can trust and who understands your requirements.

3. DO negotiate your agent’s commission and sign an estate agency agreement

There are no fixed guidelines for your agent’s commission, so be sure to factor in their experience, network, marketing tools as well as the scope of work and services you’ll need when negotiating. Formalise your agreement by signing an estate agency agreement, which can be found on the CEA website. After the transaction has been completed, you should pay the commission to the property agency, not the agent.

4. DO tell your agent what you need and listen to their advice

Industry experience will help your agent understand your overall needs, but he won’t understand your property preferences unless you tell him. On the other hand, it’s important to manage your expectations (especially about property prices) and be open-minded about their advice since they are more familiar with market preferences.

5. DO ensure that your agent only represents you

The agent you engage should only be working for you, and advancing your interests, not the other party’s. It is an offence for the agent to collect commission from both you and the other party in the same transaction. Any potential conflict of interest must also be declared in writing, for instance if the other party is the agent’s relative or friend, or if he is receiving a commission from the other party or some referral fees for recommending a certain housing loan to you.

6. DON’T choose an agent just because they claim that they can get a high selling price for your property

Overpricing your property can backfire. You may miss out on the buyers who are interested when your property hit the market, but then got put off by the price. Subsequent price reductions will send a wrong message and weaken your bargaining position.

7. DON’T write off an agent just because they’re new in the industry

Even if an agent has not been in real estate long, they may have a different background that may be helpful to you. For example, an agent with a finance background will likely have a good understanding of mortgage and financing to better advise you on those matters.

8. DON’T ask your agent to handle transaction money

Under the Estate Agents Act, your property agent is not allowed to handle certain transaction money related to the property. This includes deposits, option fees, sales proceeds, stamp duties, etc., but does not include commissions and valuation fees. Read this for a list of the money an agent can handle.

9. DON’T rely on traditional advertising and marketing

Traditional advertising just doesn’t cut it anymore. To appeal to a wider audience, innovative marketing tools such as photo editing, videos, and even virtual tours are increasingly being used, as are social media blasts and blogging. Your agent will be able to advise on how to get maximum exposure of your property to the market.

10. DON’T forget to fill in the Customer’s Particular Form

One of the documents your agent will ask you to fill in and sign is the Customer’s Particulars Form. This compulsory document is one of the measures property agents must take to prevent money laundering and counter terrorism financing in Singapore. It enables agents to verify their client’s identity and record their client’s essential particulars. Be a responsible customer by cooperating with your agent to complete the form.  

Planning to buy, sell or rent a home? It’s possible to manage your own property transaction, but a property agent can be a huge help – especially if it’s your first time.

Experienced agents have their own network of buyers, sellers, landlords and renters, and can offer tailored services to help you get the best deal. Instead of trying to put your own haggling skills to the test, here are five qualities you should look out for in an agent.

1. Acts in your best interests

Your agent’s job is to act in your best interest – just you, and no one else. That means agents are not allowed to act for the other party in the same transaction. They are also not allowed to collect commission from the other party. Any potential conflict of interest must also be declared, like if the other party is their friend or family member.

To help you make informed decisions, a good agent will explain the advantages of co-broking (which means two or more property agents representing the counterparties in the transaction working together to achieve the best possible outcome), without pressuring you into something that’s not right for you.

2. Keeps you in the know

Experienced agents are a goldmine of information. They will offer good tips, steer you clear of potential pitfalls, and help you understand all the necessary paperwork. The best agents will also offer up-to-date information to back up their advice, such as reports on property prices in the surrounding area.

Buying or selling an HDB flat comes with extra questions. Agents can advise you on whether it can be bought, sold or leased. They will also check with the seller whether the renovations were authorised by the government to prevent any last-minute surprises.

3. Follows your instructions

It’s your home and your transaction, which is why a good agent will touch base with you and get your consent before advertising your property or bargaining for you.

In fact, it’s a good idea to sign a prescribed estate agency agreement with your agent before the agent starts work. This sets out the scope of work and the duties of the property agency and agent clearly to minimise disputes down the road.

4. Does the paperwork

Like all important things in life, property transactions involve lots of paperwork. Luckily, your agent will guide you through it all.

Before any work begins, a good agent should discuss their commission rate with you. The commission rate is not fixed; it depends on the scope of work you agree upon, and the experience and expertise of the agent. This should be formalised in the estate agency agreement to protect your interests. You can download prescribed agreements from CEA’s website.

If you engage an agent, your agent will also ask you to fill in and sign a Customer’s Particulars Form, which helps to protect against money laundering and the financing of terrorism in Singapore.

5. Doesn’t break the rules

Rules are in place for everyone’s protection, so if an agent breaks them, steer clear. The most important ones to remember are: 

- Your agent must not represent both you and the person you are renting, selling to or buying from

- Your agent cannot handle certain money paid for the property, including option fees, down payments, deposits, stamp duties or sales proceeds

- Your agent must not recommend a moneylender to you, or give your personal details to a moneylender or any other unauthorised person

A good agent can be an incredible help, so it pays to choose carefully. Before signing any agency agreement, make sure the agent is listed on the CEA Public Register. You can search using a name, registration number or telephone number, which should be displayed on all marketing materials. You can also view the HDB resale transactions an agent has facilitated over the past 24 months.

Buying or selling your home sweet home is a big decision, so make sure your agent is up to the task. 

Refer to the Council for Estate Agencies for more information.