Singapore is one of the hottest real estate markets in Asia right now and there has been a lot of interest from people all over the world wanting to invest in property because of it. Yet for those looking to find their ideal condo – it is of paramount importance to get the best real estate agent in Singapore to help you.
However, with close to 30,000 registered real estate agents in Singapore it is important to know how to go about finding the right one for you. The following blog will deal with 7 tips to find the best real estate agent in Singapore with the hopes of making it easier for you to find a reputable broker to assist you with your real estate endeavors.
Why is it important to Screen your Real Estate Broker?
Not all Real Estate Agents in Singapore are the same. Additionally – not all real estate agents have the same specialization [more on that below]. This is why it’s important to thoroughly vet your brokers in order to know if they are the best fit for you.
Let’s take a closer look at what to look for in a good real estate agent in Singapore
TIP 1 – Registered at Council Estate Agencies [CEA]
The first thing you should always do is verify whether the real estate agent is actually registered at the Council Estate Agencies. This is a public register that can be accessed by anyone.
In order to do this type of investigation it’s important to ask the real estate agent for their CEA registration number which would typically be on their identification card they usually carry with them when meeting clients.
If this is impossible, then you could also simply enter their name, and address or even phone number and all of these variables should provide you with more details.
You’d be able to see how they performed in the past, whether they have any infractions against them or whether they have won any awards.
It’s a good place to start since every Real Estate Agent in Singapore is required to register at the CEA, meaning if they are not on the register – you should not deal with them especially if you’re going to be looking for new launch condos in Singapore.
TIP 2 – Check their Website or Request a Portfolio
Once you have established that the real estate broker is indeed registered – it’s time to take a closer look at their portfolio. These days, that means checking their website.
Most professional real estate agents in Singapore will have some sort of online presence – whether they are part of a real estate company in Singapore, or whether they have their own website.
We recommend that you look at the type of properties they are specializing in first – since it is one of the most important metrics you need to consider prior to committing to a specific agent. For example; if a real estate agent in Singapore primarily focuses on SG commercial properties – it would not be in your interest to use them if you’re looking for residential properties in Singapore.
A quick look at their portfolio will show you whether the real estate agent is right for you.
TIP 3 – What do other people have to say about them?
Next – you’ll want to check out what others are saying about them. This isn’t always easy if you aren’t currently living in Singapore. However, it’s not impossible to collect some information from others. How would you go about this?
Firstly, we recommend using Google or any other search engine and to use the name of the real estate agent with the following key words;
- [Name] + Review
- [Name] + Customer Testimonials
- [Name] + Dispute
- [Name] + Scam/Rip Off/ Negative Reviews
The reason we recommend looking for both – the good and the bad – is because many times online businesses create fake reviews to cover their bad performances of the past. This means, if you’re only looking for positive reviews, you might never see any negative reviews unless you specifically look for them.
The reason you want to also take into account any negative reviews [if they have any] is to judge whether the agent/broker is congruent with what they say and do. Any type of consumer report will do and in all likeliness, their offenses should technically be listed on the CEA website as well.
TIP 4 – Does the Real Estate Agent have a Reasonable Commission Rate?
Property prices in Singapore – especially if we’re talking about new launch real estate projects – are not cheap. As a result – some real estate agents in Singapore like to inflate their commissions to get more from their clients – especially foreigners who might not be completely aware of the standard commission rates in Singapore.
Depending on whether you’re looking to buy or to rent – there will be different rates. Additionally, since there is no “forced” commission rate in Singapore – some agents might charge more or less.
Nonetheless – you can expect to pay anywhere between 2% – 5% on an agent “selling a property” on your behalf. For landlord-renter agreements, the commissions are related to the monthly rental price and the time the rental agreement is in place. This could range from a half a month’s rent to a full month’s rent depending on the duration of the contract.
TIP 5 – What about their experience? Do they have any awards? Other
Similar to tip three – you’ll want to investigate their experience. It’s very different to work with a seasoned professional vs a rookie. If you see that your real estate agent in Singapore has a string of awards and accomplishments, years of experience and many satisfied customers – it’s safe to say that they will be good at their job.
In this case – you’ll only be looking for good things, special accommodations, achievements within the industry and so forth. Typically, the CEA would also have this on record.
TIP 6 – Do you have chemistry?
One thing that is often overlooked is the chemistry between you and the real estate broker in Singapore. For example; you could have the “Best Real Estate Agent in Singapore”, however, if you don’t like him/her then all of their experience and promises don’t really mean that much.
Buying a condo/property or even searching for a place to rent – can be a very stressful experience. If you’re working with someone you don’t naturally “click with” – then the experience will only become more unpleasant.
This is why, chemistry is very important. The biggest question you should always be asking you after speaking or meeting with your real estate agent is; “How do I feel now [after the meeting]?”
TIP 7 – Do they have a special quality? A Competitive Edge?
Finally – we want to see whether the real estate agent has some sort of competitive edge over the competition. Do they have special access to new launch condos? Do have insider information about new development projects in Singapore?
Do they have a special relationship with particular developers which they can leverage to get you a better deal? Finding a real estate agent in Singapore with insider connections is key. It could mean the difference between paying full price or getting a massive discount.
This is the final metric we believe you should be looking at – considering that even if they don’t have some special insider access – the previous points will still provide you with an excellent candidate.
Final Words
Here at Jimmy-Sum – we believe in providing our clients the best experience possible, leveraging our experience and award-winning work ethic and applying it to finding you your ideal property. If you’re interested in finding out more about how we work, our commission rates, and so forth – feel free to reach out to us today!
