A Change in Singapore Commission Structure from September For Property Agents

Posted on August 12, 2008 by Mindy Yong.
Categories: Others Articles / Guides.

A Change in Singapore Commission Structure from September For Property Agents

A change in the commission structure is supposed to take place from the month of September, 2008, whereby there can be a drop-down in the percentage of commission that is paid to the property agents by the buyers and sellers. This is indeed great news for all the buyers and sellers of Singapore. They will be able to negotiate with the property agents on the commission they pay to them for the real estate service. As of now, the sellers need to pay 2 percent of the purchase price to the property agent. In case of buyers, this is only 1 percent. However, if it is a matter of private property transactions, only the seller pays 2 percent. 1 percent Buyer.

The present commission structure that is 2 percent for the seller and 1 percent for the buyer is quite low when compared to the commission structure in USA. In USA, the commission stands somewhere between 5 to 7 percent. 2 percent from buyer .This is quite higher than the Singapore fee structure. A thing that the buyers and sellers of Singapore must know is that a quality work can be got only if the right value is paid for it. Therefore, it is important that the commission should go up. Then only the property agents can get the right property that is suitable for a buyer or seller. The higher the value the better is the property!

The Competition Commission of Singapore (CCS) considers the old fee structure of the 1999 guidelines of the Institute of Estate Agents (IEA) a non-competitive one. These guidelines were issued on the basis of the Government Gazette of 1974. But with the new commission structure, the buyers and sellers will have a good edge over the property agents as they will have enough space to go for bargaining and reject the old fee practices of the property agent if the latter puts it before. But they need to understand that in the long run, they will be a looser. If the commission they pay to a property agent is good, then the latter will always have the boost to find out a home that is perfect for the clients in the hot and ever competitive Singapore real estate.

To excel in quality, it is time that the buyers and sellers come forward and cooperate with the property agents. Real estate investment is probably a lifetime investment for one. Hence, one should get the true worth of it. If the commission structure in Singapore can go as high as 5 to 7 percent as found in USA, then the quality is bound to go up. To prevent deterioration in quality, the percentage of commission must be lifted.

The situation can become tough when the general market condition in the Singapore real estate is poor. Above that, if the commission is low then the buyers and sellers are not going to get what they deserve actually. An important fact that the consumers must know is that a property agent spends about 40 per cent of the commission that they get on transport, marketing, and operational costs. Hence, to get a better service from them, they are required to be paid a good commission by the buyers and sellers.

The new guidelines that will be probably introduced by 25th September this year will provide ample space for the agents and, the buyers and sellers to negotiate among themselves. But who will have an upper hand will depend on the situation, or better to put it, on the market condition. To get a comprehensive and quality Singapore real estate service, the property agents must get the right value. If the rate of commission is good, the property agents may also feel like giving some discounts to the clients.

In this aggressive Singapore real estate market, it is expected that only those property agents will be able to survive who provide quality service to the consumers. The others will be able to eat the fruits but only for a short time. For a better living in Singapore, the buyers and sellers must join their hands today. It will then only be possible for the property agents to give their best service in the tough Singapore real estate market.

Buy Sell Rent Invest In Singapore

Mindy Yong
(+65) 91002985
mindy@mindyyong.com

Citylights For Sale Apartment / Condo, District 08 , 12.08.2008

Posted on by Mindy Yong.
Categories: Condominium/Apartment -For Sale.

Citylights For Sale Apartment / Condo, District 08 , 12.08.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #04
Tenure — 99
Area — 1432
Age — BN
Room — 3
Psf — 1050
PRICE$ — 1503600

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #06
Tenure — 99
Area — 1313
Age — BN
Room — 3
Psf — 0
PRICE$ — 0

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #07
Tenure — 99
Area — 1421
Age — BN
Room — 3
Psf — 0
PRICE$ — 0

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #22
Tenure — 99
Area — 1410
Age — BN
Room — 3
Psf — 1300
PRICE$ — 1833000

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #34
Tenure — 99
Area — 1356
Age — BN
Room — 3
Psf — 1350
PRICE$ — 1830600

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #36 ABOVE
Tenure — 99
Area — 1410
Age — BN
Room — 3
Psf — 1400
PRICE$ — 1974000

Type — C
District — 8
Street — CITYLIGHTS, BLK 80 #38
Tenure — 99
Area — 1442
Age — BN
Room — 3
Psf — 1401
PRICE$ — 2020000

Type — C
District — 8
Street — CITYLIGHTS, BLK 86 #30
Tenure — 99
Area — 872
Age — BN
Room — 2
Psf — 1720
PRICE$ — 1500000

Type — C
District — 8
Street — CITYLIGHTS, BLK 86 #35 ABOVE
Tenure — 99
Area — 1900
Age — BN
Room — 3
Psf — 0
PRICE$ — 0

Type — C
District — 8
Street — CITYLIGHTS, BLK 88 #11
Tenure — 99
Area — 721
Age — BN
Room — 1
Psf — 1221
PRICE$ — 880000

Type — C
District — 8
Street — CITYLIGHTS, BLK 88 #31
Tenure — 99
Area — 560
Age — BN
Room — 1
Psf — 0
PRICE$ — 0

Type — C
District — 8
Street — CITYLIGHTS, BLK 88 #39
Tenure — 99
Area — 1900
Age — BN
Room — 4
Psf — 1350
PRICE$ — 2565000

Type — C
District — 8
Street — CITYLIGHTS, BLK 90 #09
Tenure — 99
Area — 893
Age — BN
Room — 2
Psf — 1075
PRICE$ — 960000

Type — C
District — 8
Street — CITYLIGHTS, BLK 90 #14
Tenure — 99
Area — 893
Age — BN
Room — 2
Psf — 1150
PRICE$ — 1026950

Type — C
District — 8
Street — CITYLIGHTS, BLK 90 #26
Tenure — 99
Area — 893
Age — BN
Room — 2
Psf — 0
PRICE$ — 0

Type — C
District — 8
Street — CITYLIGHTS, BLK 90 #30 ABOVE
Tenure — 99
Area — 872
Age — BN
Room — 2
Psf — 0
PRICE$ — 0

Type — C
District — 8
Street — CITYLIGHTS, BLK 90 #30
Tenure — 99
Area — 678
Age — BN
Room — 1
Psf — 1298
PRICE$ — 880000

Type — C
District — 8
Street — CITYLIGHTS, BLK 90 #32
Tenure — 99
Area — 678
Age — BN
Room — 1
Psf — 1250
PRICE$ — 847500

Type — T
District — 8
Street — CITYLIGHTS, BLK 82 #01
Tenure — 99
Area — 3700
Age — BN
Room — 4
Psf — 1216
PRICE$ — 4500000

Buy, Sell, Rent,invest, In Singapore

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )