View Full Version : since when 1% com. applies to buyer for private property @hdb pricing?
has anyone come across this?
received info from agent "1% com of buying price applicable to buyer for sub sale private property @ HDB pricing"
this is ludicrous! :scared-5:
anyone can enlighten? :p :p
however HDB pricing has also gone up over the yrs too..
has anyone come across this?
received info from agent "1% com of buying price applicable to buyer for sub sale private property @ HDB pricing"
this is ludicrous! :scared-5:
anyone can enlighten? :p :p
simple, just don't engage this agent.
simple, just don't engage this agent.
yes,u are right.
i guess these agents are getting abit out of hand,simply taking advantage.
this agent that emailed me has the audacity to put 1% com. chargeable to the buyer for sub-sale private property.:tsk-tsk: :tsk-tsk:
yes,u are right.
i guess these agents are getting abit out of hand,simply taking advantage.
this agent that emailed me has the audacity to put 1% com. chargeable to the buyer for sub-sale private property.:tsk-tsk: :tsk-tsk:
tell the agent to take a hike. this will limit the number of buyers who will be interested in your unit. they better learn to accept the market rate of seller's 1%. besides, transaction prices are getting higher, so their 1% is also growing. as owners, we give them the risk capital for them to broker the business. they have no downside.
Geylang OKT
30-10-11, 01:03
lodge a formal complaint to CEA :D
lodge a formal complaint to CEA :D
aiyo, so harsh...
aiyo, so harsh...
below is the reply i got from the agent when i enquired about haig162:
Hi,
Attached are the floor plans for Haig Rd 162 unit.
$600k NETT (not negotiable)
1 bedroom. 366sqft
No noon sun, unblock facing, city view
2 bus stops away from Parkway Parade.
5 minutes to Katong Shopping Centre.
Schools and International Schools.
*1% commission apply to buyer to any private unit, buying at HDB pricing.
Thanks
Ally(Huttons)
Wow, from Hutton some more. Complaint to CEA..., there are another 30k Others who will do compete ....for his biz:doh:
Regulators
30-10-11, 07:23
I think this agent is just plain greedy coz he already implicitly mentioned that for prices at hdb price, he needs buyers to pay com as well to justify his work for the unit. Probably the seller is paying him 1% or less than 1% for all the work.
How can it be at HDB prices. Prices work out to be $1,639 psf.:scared-1:
ikan bilis
30-10-11, 09:01
if really got private condo at hdb price... i want arh!!... i will pay 5% comm... :D
I think this agent is just plain greedy coz he already implicitly mentioned that for prices at hdb price, he needs buyers to pay com as well to justify his work for the unit. Probably the seller is paying him 1% or less than 1% for all the work.
since when $6k to market a unit wasn't enough... :simmering:
out there people are worried for their jobs and this greedy fella wants more?! Take a hike!
Wow, from Hutton some more. Complaint to CEA..., there are another 30k Others who will do compete ....for his biz:doh:
this kind complain to CEA not much use bcos agent state his terms upfront, parties are free to negotiate the terms.
negotiate or just avoid this agent lor
Regulators
30-10-11, 12:01
Not about stating terms upfront, they are not even allowed to collect from buyer for pte pty, agent can't represent both buyer and seller coz conflict of interest.
this kind complain to CEA not much use bcos agent state his terms upfront, parties are free to negotiate the terms.
negotiate or just avoid this agent lor
Not about stating terms upfront, they are not even allowed to collect from buyer for pte pty, agent can't represent both buyer and seller coz conflict of interest.
How about if you buy an old pte ppty, can an agent collects comm from the buyer.
As for HDB, I understand that the buyer has to pay comm to the agent representing him while the seller will pay his share to his representing agent and there is also a possibility that the agent will represent both the buyer and the seller.
Not about stating terms upfront, they are not even allowed to collect from buyer for pte pty, agent can't represent both buyer and seller coz conflict of interest.
oh ya hor... so the agent is representing seller and therefore cannot collect comm from buyer. Clear breach then. :D
Btw a check with CEA register found one Ally from Huttons, HENG CHUI FUEN (ALLY), Reg. No. R007824J
http://www.cea.gov.sg/cea/app/newimplpublicregister/view.jspa?licNo=L3008899K®No=R007824J
How about if you buy an old pte ppty, can an agent collects comm from the buyer.
As for HDB, I understand that the buyer has to pay comm to the agent representing him while the seller will pay his share to his representing agent and there is also a possibility that the agent will represent both the buyer and the seller.
Agent cannot represent both buyer and seller. It would be a breach.
CEA has made it clear agents can only only collect comm from the client they represent.
Regulators
30-10-11, 12:16
Quite swee leh, is the extra 1% for other service? :D
oh ya hor... so the agent is representing seller and therefore cannot collect comm from buyer. Clear breach then. :D
Btw a check with CEA register found one Ally from Huttons, HENG CHUI FUEN (ALLY), Reg. No. R007824J
http://www.cea.gov.sg/cea/app/newimplpublicregister/view.jspa?licNo=L3008899K®No=R007824J
Quite swee leh, is the extra 1% for other service? :D
many times agent's face on namecard can be a far cry from the face standing in front of u lol :scared-3:
Regulators
30-10-11, 12:26
Lol...that I have to agree.
many times agent's face on namecard can be a far cry from the face standing in front of u lol :scared-3:
I still prefer to HK system, where buyer and seller pay their own agents.
Lol...that I have to agree.
Hard for them to look glamourous like the glamour shot when they have to run around under the hot sun.
Hard for them to look glamourous like the glamour shot when they have to run around under the hot sun.
SO WHATS THE CONCLUSION?
do the buyer have to pay 1% com. for private property? :rolleyes: :rolleyes:
I still prefer to HK system, where buyer and seller pay their own agents.So you are in agreement with this 1% comm joke? One agent acting for both seller and buyer so get two times comm? :scared-5:
My conclusion would be don't use that agent. No other agents to use die die must use her?
Use her then when she found a matching unit, you tell her you don't want already... LOL! :rolleyes:
Use her then when she found a matching unit, you tell her you don't want already... LOL! :rolleyes:
this practised should be stop totally..
shouldnt b such thing as not to use that particular agent.
it will come a time when u hv found yr ideal unit only to b put off by all these greedy agents. :scared-1:
Please lodge a COMPLAINT. Don't let greedy agents get away with this.
The moment any buyer agrees to pay commission, a precedence is set and over time it becomes a norm like in HDB. When/If that time comes, want to complain also cannot.
Put a stop to it right away and make a COMPLAINT
In fact with the quantums involving HDB transactions nowadays, commission from buyers should be scrubbed altogether. It is ridiculous... like someone mentioned earlier, a total conflict of interest.
If the agent can help me negotiate with the seller at more than 10% lower than the initial asking price, I would gladly let the agent have the 1% commission.
Agent cannot represent both buyer and seller. It would be a breach.
CEA has made it clear agents can only only collect comm from the client they represent.
If a seller approaches Agent (A) to help him sell his ppty and it happens that this particular Agent A has a ready buyer who is interested in this ppty, can this agent A accepts both buyer and seller or is it that Agent A has to give up this chance to another agent (B), then Agent B will go and find his own buyer.:confused:
If the agent can help me negotiate with the seller at more than 10% lower than the initial asking price, I would gladly let the agent have the 1% commission.
Or should it be 10% lower than the last transacted price or initial asking price? :) I have heard of some sweeteners or at 0.5% commission to accelerate the process of a 'like' unit, esp if co-broke is an issue.. Any opinions?
If the agent can help me negotiate with the seller at more than 10% lower than the initial asking price, I would gladly let the agent have the 1% commission.
In this case it is different bcoz it is a private arrangement that is negotiated. Especially since it is you as a buyer who iniated it.
However, if the agent acting as a seller initiates it, how would you know if the seller has already yielded to your 10% "discount" before you asking the agent to "work" his magic? The agent could be playing both sides....
IMHO this is setting an unhealthy precedence. Something that can hurt ourselves as a seller in future.
What this agent in this particular case is worse, she is asking for a commision on the transaction regardless. What I am wondering is whether the propert seller knows that the agent is expecting both a buyer's and seller's commision.
The question should then be reversed and one should be asking themselves whether it is acceptable if the agent you are engaging to sell your property asks for a buyer's commision.
my 2:2cents:
It is legal to collect comm from buyer for purchase of pte property provided the agent does not represent the seller. This could be a cobroke case whereby the seller agent do not share the comm with buyer agent or the seller is not paying any comm at all
Before the setting up of CEA, I have seller's agent who has asked me to give him some commission as the seller does not give a lot. :confused:
It is legal to collect comm from buyer for purchase of pte property provided the agent does not represent the seller. This could be a cobroke case whereby the seller agent do not share the comm with buyer agent or the seller is not paying any comm at all
devilplate
31-10-11, 09:32
It is legal to collect comm from buyer for purchase of pte property provided the agent does not represent the seller. This could be a cobroke case whereby the seller agent do not share the comm with buyer agent or the seller is not paying any comm at all
i will email back the agt to ask him whether he is representing both seller/buyer.....if the reply is the agt only serve buyer den ask y didnt collect cobroke fees from seller's agt:D
devilplate
31-10-11, 09:33
Before the setting up of CEA, I have seller's agent who has asked me to give him some commission as the seller does not give a lot. :confused:
yes vy common mah....some worse case is tat u call the indirect agt and tat seller agt dunwan to cobroke wif ur agt....i ever missed a deal bcoz of this thing:banghead: :mad: :doh:
i actually paid 2% comm as a buyer in 09 for 2 of the ppty i bot hor and i just happily pay:D
I was lucky once that I manage to get the deal done as I deal with the direct agent while the other a couple of offers to him was co-broke deals. Bottom line for them is which has more comission. Anyway you have made your $ now even by giving a 2% buyer's commission.
yes vy common mah....some worse case is tat u call the indirect agt and tat seller agt dunwan to cobroke wif ur agt....i ever missed a deal bcoz of this thing:banghead: :mad: :doh:
i actually paid 2% comm as a buyer in 09 for 2 of the ppty i bot hor and i just happily pay:D
Can tell the agent that buyer dont pay commission...ai lai mai cao...
i have met one agent try to collect 1% comm, i dont want to pay but deal also go through they just try their luck by asking see whether buyer willing to give.....:2cents: ask ask only, agent very thick skin they can take no for an answer:D
devilplate
31-10-11, 15:19
Can tell the agent that buyer dont pay commission...ai lai mai cao...
i have met one agent try to collect 1% comm, i dont want to pay but deal also go through they just try their luck by asking see whether buyer willing to give.....:2cents: ask ask only, agent very thick skin they can take no for an answer:D
u ever sell ppty without paying comm?
u ever sell ppty without paying comm?
Own self sell lor....
Post on property guru and answer 2 million phone calls from agents, and maybe get 3 buyers :(.....
u ever sell ppty without paying comm?
selling give, buying no :D
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