How to become a housing agent?

[richwang]

Since the marekt is so quiet now, maybe some agents will have time to answer my questions.

1. How can I register for the exams;
2. How much money I need to pay annually;
3. What is the cut for the Agency Company, 20%?
4. Can I do it part time?

Thanks,
Richard

[gfoo]

why in the world from being an upright citizen and contributor to society would you want to devolve to such an extent?

(my statement excludes proper asset & estate managers, and those handful of solid, professional practitioners)

[bargain hunter]

your question is a bit late. come 22 oct, there will be more stringent rules for agents. u will need to go through some course (previously just take a self study exam) and there is some other criteria too.

depending on your bargaining power/experience, it ranges from 30/70 to 10/90 sharing with agency.

the rest of the questions i leave it to agents to answer u, but i doubt they are very sure about the changes from oct 22 either. :)



Since the marekt is so quiet now, maybe some agents will have time to answer my questions.

1. How can I register for the exams;
2. How much money I need to pay annually;
3. What is the cut for the Agency Company, 20%?
4. Can I do it part time?

Thanks,
Richard

[bargain hunter]

can save on commissions if frequently purchases/sells ppty? be agent for ownself and friends ok i guess?



why in the world from being an upright citizen and contributor to society would you want to devolve to such an extent?

(my statement excludes proper asset & estate managers, and those handful of solid, professional practitioners)

[devilplate]

can save on commissions if frequently purchases/sells ppty? be agent for ownself and friends ok i guess?

out of point.....i noe agts also engage their colleques to sell...perhaps pay lesser comm....

rental mabe ok...lol

but it is good to know more knowledge by taking up courses:D

[bargain hunter]

question, agents are allowed to buy and sell their own houses rite? just that sometimes its not so nice, that's why engage colleagues?


out of point.....i noe agts also engage their colleques to sell...perhaps pay lesser comm....

rental mabe ok...lol

but it is good to know more knowledge by taking up courses:D

[devilplate]

question, agents are allowed to buy and sell their own houses rite? just that sometimes its not so nice, that's why engage colleagues?

i tink allowed bah....we can also sell our ppty ourselves rite...the hi card method i use b4...but ended up only agts call....so also goto pay comm...haha

aiya...just let a 3rd party earn some comm if they brings u a gd deal...lol

very rarely a deal was closed between a direct seller and buyer rite?

[Geylang OKT]

Since the marekt is so quiet now, maybe some agents will have time to answer my questions.

1. How can I register for the exams;
2. How much money I need to pay annually;
3. What is the cut for the Agency Company, 20%?
4. Can I do it part time?

Thanks,
Richard

Welcome to the world of the yakuza :D

[smallant]

hey,,,,,, If you wanna drink milk..... Do you go buy a cow ??
:)

[august]

i heard in future all will be co-broke, meaning buyer and seller will have their own agent in order to prevent conflict of interest (where one agent act for both buyer and seller)

all agents must be registered and their details available to public access

[devilplate]

i heard in future all will be co-broke, meaning buyer and seller will have their own agent in order to prevent conflict of interest (where one agent act for both buyer and seller)

all agents must be registered and their details available to public access

tats funny....den how about i respond to their ads as a direct buyer or tenant?

[august]

tats funny....den how about i respond to their ads as a direct buyer or tenant?

dunno leh ...

[rattydrama]

dunno leh ...
deal with owner lor no conflicts of interest. :cheers1:

I guess we will have to find out own agent (whom we trusted) to represent us. So in a way their professionalism could be lifted up. Com will be based on how much they can help to nego down and best units secured. How nice?? However, how effective it is remains to be seen.

[hans]

Since the marekt is so quiet now, maybe some agents will have time to answer my questions.

1. How can I register for the exams;
2. How much money I need to pay annually;
3. What is the cut for the Agency Company, 20%?
4. Can I do it part time?

Thanks,
Richard

1. For existing agents, from 22 Oct 2010, if agent has not passed an industry exam,i.e. CEA,CES BUT has completed at least 3 property transactions in the last two years.
The new requirement is
- Agent must pass an industry exam before Dec 31 or Pass the new CEA exam between Jan 1 and Dec 31 next year.

New agents from 22 Oct 2010, if agent has not passed an industry exam and does not fulfill the 3 transactions requirement.
The new requirements are
- Must be at least 21 years old
- Cannot be a bankrupt or have a criminal record
- Have a least 4 GCE O-level passes or equivalent
- Must take a course available from Nov 1 before taking the CEA exam
- Pass the new CEA exam

[hans]

Since the marekt is so quiet now, maybe some agents will have time to answer my questions.

1. How can I register for the exams;
2. How much money I need to pay annually;
3. What is the cut for the Agency Company, 20%?
4. Can I do it part time?

Thanks,
Richard

1. For existing agents, from 22 Oct 2010, if agent has not passed an industry exam,i.e. CEA,CES BUT has completed at least 3 property transactions in the last two years.
The new requirement is
- Agent must pass an industry exam before Dec 31 or Pass the new CEA exam between Jan 1 and Dec 31 next year.

New agents from 22 Oct 2010, if agent has not passed an industry exam and does not fulfill the 3 transactions requirement.
The new requirements are
- Must be at least 21 years old
- Cannot be a bankrupt or have a criminal record
- Have a least 4 GCE O-level passes or equivalent
- Must take a course available from Nov 1 before taking the CEA exam
- Pass the new CEA exam

[hans]

Continue from my earlier post

2. $230 for the registration fee for salesperson, about $120 for the professional indemnity insurance, and other agency fees (varies from agency to agency).

3. Different agency has different structures, if you are new with no experence, you start with 70/30, than work your way to 90/10 (base on dollar amount closes, this also varies from agency to agency). Some agency start from 80/20.

4. you can do part time, but comes 22 Oct 2010, you name will appear in the CEA registrar, does your full time job employer allows you to moonlight. And I believe, to renew the licence, you need to complete 3 property transactions in 2 years.

[Geylang OKT]

To be a property agent, go and remove your blood and heart and learn swear words.

There you have it, a newly minted property agent :D

[rattydrama]

I chance with one ERA agent, came 5 minutes before appointment time stand at the gate, saw me and spoke to the security guard immediately. He straight away directed me to a parking lot. He has got an unintelligent, simple and unassuming look. Never utter rubbish just focus on the project. Things that he don’t know, he just said not sure. Talk less is more.

After viewing the house, he just said owner asked for XXXk. How much you can offer?
I said “not within 1km to school plus etc etc…….., and last caveat price only YYY psf so I can only offer ZZZK + 20K renovation for owner good job done.” He never contested the negative remarks.
He said “Like that I talk to the owner but hor a bit tuf maybe you up your offer, er... another 20k can or not…ok for you?

Very simple man, putting you at ease and let you think/decide for yourself, never utter rubbish and ask a lot of personal questions to size you up.

I kind of respect him.

Never mind he has no info as I can always check out. Some agents provide wrong info and I will become very doubtful of what they say next and if he is helping me on the price nego.

[Geylang OKT]

I chance with one ERA agent, came 5 minutes before appointment time stand at the gate, saw me and spoke to the security guard immediately. He straight away directed me to a parking lot. He has got an unintelligent, simple and unassuming look. Never utter rubbish just focus on the project. Things that he don’t know, he just said not sure. Talk less is more.

After viewing the house, he just said owner asked for XXXk. How much you can offer?
I said “not within 1km to school plus etc etc…….., and last caveat price only YYY psf so I can only offer ZZZK + 20K renovation for owner good job done.” He never contested the negative remarks.
He said “Like that I talk to the owner but hor a bit tuf maybe you up your offer, er... another 20k can or not…ok for you?

Very simple man, putting you at ease and let you think/decide for yourself, never utter rubbish and ask a lot of personal questions to size you up.

I kind of respect him.

Never mind he has no info as I can always check out. Some agents provide wrong info and I will become very doubtful of what they say next and if he is helping me on the price nego.

Seriously, that is a hallmark of a good agent. He sizes you up on your needs and asks for your views. :D :D :D

[august]

I chance with one ERA agent, came 5 minutes before appointment time stand at the gate, saw me and spoke to the security guard immediately. He straight away directed me to a parking lot. He has got an unintelligent, simple and unassuming look. Never utter rubbish just focus on the project. Things that he don’t know, he just said not sure. Talk less is more.

After viewing the house, he just said owner asked for XXXk. How much you can offer?
I said “not within 1km to school plus etc etc…….., and last caveat price only YYY psf so I can only offer ZZZK + 20K renovation for owner good job done.” He never contested the negative remarks.
He said “Like that I talk to the owner but hor a bit tuf maybe you up your offer, er... another 20k can or not…ok for you?

Very simple man, putting you at ease and let you think/decide for yourself, never utter rubbish and ask a lot of personal questions to size you up.

I kind of respect him.

Never mind he has no info as I can always check out. Some agents provide wrong info and I will become very doubtful of what they say next and if he is helping me on the price nego.

i think most agencies generally "coach" their agents to catch the customer's thinking drift and then sing along to make customer feel gd and earn their trust... quite simply higher chance of closing deal mah

so ur agent above will come across as lacking "selling skills" and also not adding value.

if u are a buyer who does ur homework diligently u will appreciate this agent who dun try to talk too much, suck up or tell BS stories. Bcos many times like u said they either ignorant or dunno or even provide wrong info haha!

but at the same time an agent is more than just a middle-man. To earn ur comm $ the agent has to value add. E.g. they cannot be saying "not sure" to basic questions regarding the project itself. Also agents have to furnish up-to-date ground info which a diligent agent will have that buyers/owners cannot get from caveats etc. But this is the tricky part, do u believe or discount such info as "agent talk"?

btw i not agent hor hehe :o

[rattydrama]

Quote “Seriously, that is a hallmark of a good agent. He sizes you up on your needs and asks for your views. ”

He did his job to earn a decent living. Ultimately, we are responsible for our own decision.

Let them be the middle man and we pay them commission if the deal is on.
Funny that owner has to wait for you outside his gate right? So agent also important. They can influence the owner to sell low instead of going into a dead lock between buyer and owner.


Quote “To earn ur comm $ the agent has to value add. E.g. they cannot be saying "not sure" to basic questions regarding the project itself. Also agents have to furnish up-to-date ground info which a diligent agent will have that buyers/owners cannot get from caveats etc. But this is the tricky part, do u believe or discount such info as "agent talk"?”

If the agent has no info and not too sure, I rather that they tell the truth instead of beating about the bush. Most vivid house hunter has better understanding of the project than the agent cos the focus of the agent is not the house but the commission! That’s why if we like the unit and many buyers also rushing to bring check, smart buyer like handsome devilpate also pay commission to the agent to secure the unit.

Another type, those claim resident agent often manipulate the price of the project they are selling as they know the inside out of the project. They act smart and try to talk you down. I ignore them and just walk away because I feel that they have yet to view other projects which have some distinctive selling point than the only project they are talking all their life!!

Those buyers/owners cannot get from caveat info like what huh? I think if it is a good deal info, agent will ask their wife/mistress/girlfriends/gay friends to buy instead of passing on to me!

[Geylang OKT]

i think most agencies generally "coach" their agents to catch the customer's thinking drift and then sing along to make customer feel gd and earn their trust... quite simply higher chance of closing deal mah

so ur agent above will come across as lacking "selling skills" and also not adding value.

if u are a buyer who does ur homework diligently u will appreciate this agent who dun try to talk too much, suck up or tell BS stories. Bcos many times like u said they either ignorant or dunno or even provide wrong info haha!

but at the same time an agent is more than just a middle-man. To earn ur comm $ the agent has to value add. E.g. they cannot be saying "not sure" to basic questions regarding the project itself. Also agents have to furnish up-to-date ground info which a diligent agent will have that buyers/owners cannot get from caveats etc. But this is the tricky part, do u believe or discount such info as "agent talk"?

btw i not agent hor hehe :o

Becos some of us are so well versed in the property market ourselves such agents of the type you mentioned would come as superfluous :D

[richwang]

The government now allows free negotiation for commissions, sounds good for the customers.
There might be one day when the market dries, and only long term agents stay,
If there is a sudden market bouncing back, we will be short of agents. With a high entry barrier by that time, agents will be in great demand!
Then it might be the time to introduce two-tied commission. For sellers, anything up to bank valuation will be charged 1%, but anything above bank valuation will be charged 20%. – That’s where the selling skill counts.

Thanks,
Richard

[rattydrama]

Also inlcude HDB?




The government now allows free negotiation for commissions, sounds good for the customers.
There might be one day when the market dries, and only long term agents stay,
If there is a sudden market bouncing back, we will be short of agents. With a high entry barrier by that time, agents will be in great demand!
Then it might be the time to introduce two-tied commission. For sellers, anything up to bank valuation will be charged 1%, but anything above bank valuation will be charged 20%. – That’s where the selling skill counts.

Thanks,
Richard