Selling

7 Reasons Why Engaging Multiple Property Agents To Sell Your Home Is No Longer Helpful

Join our Telegram group for instant notifications
Join Now

Ryan J

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan’s expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938’s Open House programme underscores his commitment to providing valuable insights into the property market.

Subscribe
Notify of
guest
6 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Bill Tay
Bill Tay
2 years ago

Hi! Ryan,
I beg to differ.
I engaged an exclusive agent to sell my inter terrace at MacPherson but he undersold my house by 1 million compared to another unit 2 units away which was also sold by him. Although my house was in original condition compared to the one sold for a million more which was in move in condition. So how can there be such a big price gap?
In hindsight, I should have engaged another agent to compete so that both agents would be on their toes.
So ideally, 2 agents instead of multiple agents.
What do you think?

samyak
samyak
2 years ago
Reply to  Bill Tay

Bro MacPherson ! under sell by 1 Mn & you DONT EVEN KNOW ! you allowed the transaction to complete ! Bro I have no words !

Talking about Agents ! I don’t intend to deny Any 1’s Rice Bowl ! But agents do not know, explain features, advantages, benefits of the listed unit , HDB or Non-HDB. While viewing they just accompany the buyer thru the unit ( Anyway HDB format is the SAME, HAS BEEN THE SAME SINCE), there’s nothing to describe about HDB units, & HDB dwellers have no choice too). The intent of advertising openly on the web is to save UNNECESSARY Agents commission. ( Agents are not allowed in HDB Office while processing the transaction) Anyway Every 1 is looking to save money, so why shell out additional money to a person who does / does not do anything of the above listed. When an unit is listed on the web, Serious buyers looking, intending to move to that area, can call up the contact # listed and arrange for viewing & Close the transaction. Most are Internet Savvy so they can do their homework before viewing if it suits their needs. Besides Lots of Info is also available on relevant Web pages. My experience is for e.g. in a deal of 700K seller will Proudly offer a discount of 100 $ ONLY ! Most waste lots of money eating Garbage out of their homes, so can you imagine 100 $ discount in 700K ! . So if a buyer can save 1 % , 2 % respectively of the transaction price, why go thru the Agents. Some Agents are so unProfessional looking who Cannot speak proper English but are living in Pvt landed House in Seletar Hills etc.

samyak
samyak
2 years ago

Talking about Agents ! I don’t intend to deny Any 1’s Rice Bowl ! But agents do not know, explain features, advantages, benefits of the listed unit , HDB or Non-HDB. While viewing they just accompany the buyer thru the unit ( Anyway HDB format is the SAME, HAS BEEN THE SAME SINCE), there’s nothing to describe about HDB units, & HDB dwellers have no choice too). The intent of advertising openly on the web is to save UNNECESSARY Agents commission. ( Agents are not allowed in HDB Office while processing the transaction) Anyway Every 1 is looking to save money, so why shell out additional money to a person who does / does not do anything of the above listed. When an unit is listed on the web, Serious buyers looking, intending to move to that area, can call up the contact # listed and arrange for viewing & Close the transaction. Most are Internet Savvy so they can do their homework before viewing if it suits their needs. Besides Lots of Info is also available on relevant Web pages. My experience is for e.g. in a deal of 700K seller will Proudly offer a discount of 100 $ ONLY ! Most waste lots of money eating Garbage out of their homes, so can you imagine 100 $ discount in 700K ! . So if a buyer can save 1 % , 2 % respectively of the transaction price, why go thru the Agents. Some Agents are so unProfessional looking who Cannot speak proper English but are living in Pvt landed House in Seletar Hills etc.

Dy Francisco III
Dy Francisco III
2 years ago

I disagree.

Competition is always good. I am currently selling my house myself and have invited agents who expressed interest to also market my place. But I will not give an exclusive mandate to any agent. So far, it has turned out well. The agents interested are often bringing potential buyers. They know they are also competing with me to sell my place. They also know I save a lot of money if I manage to find a buyer without the help of the agent. This is the minimum commission of 2.5% plus GST that keeps them keen on marketing my place with the help of other agents (co-broking).

One thing sellers should be aware of is the Code of Ethics and Professional Client Care (CEPCC) that licensed agents have to abide by. Unless the agent is a licensed valuer he/she cannot talk about “fair value/price”. They can only refer to recent transactions in the vicinity (i.e., same estate). So a comparison with other properties in the vicinity outside the estate is not really allowed. Agents not licensed valuers are not competent to discuss various valuation methodologies for a property. Also, agents acting for the seller will not likely tell potential buyers that there is a big difference between “fair price” and “market price”. Also between “fair price” and “mortgage value” (often given as “indicative valuation”).

Lastly, sellers must be aware that agents are “transaction-driven”. They only make money if there is a sale. Consequently, they often find it easier to convince the seller to accept a lower price than to push the buyer to pay a higher price. The reason is simple. It is easier to convince the seller to lower his price because he is just making less profit than to convince the buyer to come up with more money /loan.

Seller and buyers should do their homework when buying/selling property. Agents are useful but they need to be controlled and properly incentivized. So much info is now available online so there is no excuse to be taken advantage of by unscrupulous property agents.

Yang Guang
Yang Guang
2 years ago

I engaged 3 agents to sell my properties. Two of them are lowlifes with serious ethics issues.

Buyers Agent Sydney
Buyers Agent Sydney
2 years ago

Thank you for sharing your blog. Keep on posting.

Latest Posts

Phoenix Estate 15
Property Stories Touring Phoenix Estate: An Underrated Landed Home Cluster With Unblocked Views And Spacious Roads
April 21, 2024
Amanda Thumbnail Selected 1 compressed
Living In Inside A 1940s Shophouse Unit With A Rustic Motorcycle Garage
April 21, 2024
retirement options cruise singapore
News Would You Sell Your Home To Retire On A Cruise Ship For $300k In Singapore?
April 21, 2024
rivergate condo 1
Analysis Why This District 9 Condo Made Each Owner $775k In Profit: Uncovering The Numbers Behind The Success
April 20, 2024
mcnair area HDB kallang whampoa
Advice We Own A $1.1 Million HDB And Make $22k Per Month: Is It Feasible To Upgrade To A Condo Without Additional Cash?
April 19, 2024
32 Gilstead Featured
Property Picks 5 Unique Boutique New Launch Condos You’ve Probably Not Heard Of (From $1.471 Million)
April 18, 2024
5 Cheapest 5 Room HDB Flats Close To The MRT Priced Below 600k
Units Of The Week 5 Cheapest 5-Room HDB Flats Close To The MRT Priced Below $600k
April 18, 2024
How well have old leasehold condos performed
Analysis Can Old Leasehold Condos Still Be Profitable? A Case Study Of 355 Leasehold Condos
April 18, 2024
15. view sky everton
Condo Reviews I’ve Lived At Sky Everton For 4 Months: Here’s My Review Of What It’s Like To Live In A New Condo In The City
April 17, 2024
5 Lesser Known Condos With Unique Duplex Units From 2.08m
Property Picks 5 Lesser-Known Condos With Unique Duplex Units (From $2.08m)
April 16, 2024
garden home sengkang singapore
Living In Inside A Secret Garden Terrace Home Transformation In Sengkang
April 16, 2024
district 11
Commentary Where Have Freehold/Leasehold Condo Prices Dropped The Most In 2023/24?
April 15, 2024
overseas retirement singaporean
Editors' Pick My Search For A Better Alternative To Old Folks Homes In Singapore: Are Overseas Retirement Homes Better?
April 14, 2024
thumbnail royston kenny New 1
Living In Unveiling A Unique Dark Twist To A Wabi Sabi Home In Singapore
April 14, 2024
the residences at W sentosa cove
News Should You Buy This Sentosa Condo At A 40% Discount?
April 14, 2024
Twin vew vs whistler grand
Investment Whistler Grand Vs Twin VEW: Which Has Been A Better Purchase?
April 13, 2024