Last Updated: June 20, 2018
There are tons of property agents in Singapore and it can be hard to differentiate the good from the bad. It’s a large sum of money invested in property for most Singaporeans, be it commercial leasing or buying a home, so choose the right property agent today by looking out for these signs.
I personally don’t mind a busy property agent. As the saying goes, “If you want something done, ask a busy person to do it”. No matter how busy though, a good property agent will call you back even if he misses your call. Or at least SMS you. They will call you up when they see a good opportunity at hand, be it buying,selling or renting a space. They will update you on the situation even without you asking.
Here’s a scenario: I ask 2 property agents to help me sell my house. Property Agent A says he has a buyer and he can sell it immediately. Property agent B says he has a buyer, but we should wait a little longer before selling, as the property market price is going up. As the home-owner, I’m going to feel a lot more assured that property agent B has my best interests in mind, instead of just trying to close the deal straightaway like agent A. A similar analogy can be made when buying property as well.
The problem is that it’s not worth a lot of property agents’ time to haggle for a few more thousand dollars, as their commission doesn’t increase that much. They rather close the sale fast. But if a realtor wants a good reputation, repeat buyers and recommendations to other clients, they are going to have to place the client’s best interests first. The real estate remains a commodity, but service level of property agents is a key differentiation for property owners.
There is no deal too small. Property agents who are willing to make time for any deal even if the commission is small are the ones you want on your side. They also show humbleness and can relate with the average Singaporean better. Relentlessly pursuing any deal, calling prospects even without being prompted. Even if they get rejected a hundred times, they still come back for more. These are the property agents who will find buyers what they want eventually, and who will be the most successful in what they do.
Some property agents try to win your business by promising a high valuation sale, or a low commission rate. Too high a valuation is unrealistic, and can make you lose the opportunity to sell at a decent price while you hold out. Property agents who quote low commissions often also list your property at a low price in order to make a quick deal. Good property agents need to be honest about valuations without trying to pull a fast one over the owner.
How is the property agent marketing an owner’s estate? Or how are they getting new deals? It is important for a property agent to employ a good marketing strategy that is effective. Generally speaking, if the entire realtor industry players are using the same marketing tactic e.g slotting letter boxes with flyers, it’s more than likely not going to produce feasible results.
Does the property agent have any special network they tap on, or any more unique methods of getting leads? The very best have their own methods that produce real results.
For business owners, you want someone who specializes in commercial listings, and preferably have experience on both landlord and tenant side. Home buyers/sellers will want to look at the property agent’s typical type of house listing, or even the specific district they mostly operate in. I know a property agent who specializes purely in Bukit Timah district landed property for example. Check their current listings, or their past clients to have a feel of what they specialize in.
The real estate agents who try to do everything tend to end up just being average. Also, you won’t want ‘part-time’ property agents who have another job on the side. Get quality, professional property agents to work with.
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