While there are individuals out there who would want to believe that any sound investment needs luck, the truth is that it still depends on an analytical mind and a good eye. To be even more successful, a trustworthy, committed and well-versed partner will also help in the process.
For those who intend to invest in Singapore via real estate, they are leading the right path for sure. However, it is not going to be easy. There are just many property agents in the place who would just introduce a long list of properties only to seal a deal. Most times, they have the tendency to sell hard and bombard clients with unsolicited offers. They seldom have the commitment and long-term interest.
Such situation happens not only in Singapore. Good thing, there is still a possibility to be in an ideal working relationship who exceeds expectations. After all, there are still efficient and productive property agents who pay attention to price movements and market trends. They are the ones who follow-up and analyze fresh inquiries. They also cast a broad net both for the sellers and the buyers. They do this by considering and addressing unique needs.
If you are new to this venture and you want to find the right one, there are qualities that you might want to look upon. What are these?
Qualifications of a Real Estate Agent that you must know
In Singapore, here are the qualifications of a real estate agent as stipulated in their state law. Please consider the following prior to choosing who is going to work with you:
This stands for Common Examination for Housing Agents. It is usually an accreditation scheme intended for real estate agents and agencies which have been around since 2005. Singapore Accreditation Estate Agency Scheme or SAEA introduced it which is being run by the Institute of Estate Agents and the Singapore Institute of Surveyors and Valuers. Furthermore, the Ministry of France, Housing, and Development Board supports it together with the Inland Revenue Authority of Singapore. It is the SAEA which rolls out minimum educational and practice standards for agents, guidelines and the requirements which they have to fulfill alongside passing the professional examination. They also observe a strict code of conduct. The goal of this is to elevate the professional standards of agents so that a better service is provided.
Different Account to Handle Clients’ Money
The agent will have the obligation to safe keep the monies of the client. Among these are the deposit monies or option. As such, it must occur in a separate bank account. This technicality has to be handled with care together with the understanding that the agent must always be ready to refund the deposit of the client in case there is a need for it.
Suggested Commission Fee
To avoid the undercutting of the fee, it is a must for professional agents and agencies to monitor the prescribed scale of fees. As for Singapore, the fee is normally 2% of the sale price which is suggested by the SISV. The commission fee is normally negotiable.