Singapore Property Buyers Beware

Singapore property buyers must beware conflicts interests agents

We are glad that the Ministry Home Affairs has finally appointed someone to regulate the Singapore property market. As stands Singapore property buyers do need some protection against unscrupulous Singapore property agents.

Many agents or agencies are openly claiming to be the buyer representatives. On the other hand just click another link their website they will explain why they are the best seller representatives.

Whether you are a first time property buyer or an experienced property buyer is good to know that your real estate agent has your best interests mind as you select a home. You save all the hassle going through the classifieds daily or surf the internet. This is a very common statement that property agents profess. Then the next moment they are claiming to be seller representative.

But how do property agents help you?
• Do the Singapore property agents find you the best match?

• Do the Singapore property agents always seemed so positive about the ever rising property market & that the market will never fall?
• Do the Singapore property agents say that there is en-bloc opportunity & that property is a good investment?

• How do they select the properties? From their stock unsold properties?
• Do the property agents help you by showing you the option to purchase (OTP)? Do the agents tell you the unfair clauses the Option to purchase (OTP) are standard clauses & that you needn’t worry?

Whose side are the property agents standing on? The seller side or your side?
Now where are the facts? We would often ask them to show us the facts that property prices always appreciate & we can show you many that do not.
Do you want to know how property agents stage a nice show for you?

This is what we heard the industry. Mr. Lim found the internet & called up a sweet looking property agent. She looked so sincere & innocent & very senior position. After gaining his trust she went to show him properties. After learning his needs & choice she brought him to view properties.

Mr. Lim was surprised that so many properties that he saw they were not ideal & did not meet his requirement. He saw 5 to 10 properties but they were all not ideal. Then she brought out her trump card the property she wanted to move. Mr. Lim saw the property & Bingo. That was the closest match didn’t match everything but the property agent convinced Mr. Lim that that unit is one the best units available.

What Mr. Lim didn’t know was what the property agent did she kept a number units & didn’t show to Mr. Lim. Mr. Lim found out after accidentally calling up a few more agents out curiosity. Surprisingly Mr. Lim went for viewing & found much better units for cheaper price.
So what did the charming lady Property agent do? Why did she do it?

The seller for the unit which was inferior was willing to pay 2% commission to the agent & was a no co-broke unit.

So now the picture is fairly clear isn’t it?
We are eagerly looking forward to Institute Estate Agents (IEA) to regulate the industry & set some ground rules.

Buyer & Seller agents must be separated & licensed an individual basis so that agents are careful not to be cahoots with each other. Singapore property buyers can be more at ease if regulations are more comprehensive. Nonetheless Property buyers must always be vigilant Buyers beware.

We are an independent mortgage consultant & we do not engage buying & selling properties. We only focus home loans & we help property buyers to check valuation calculate affordability as well as structure the home loans. As we have no conflict interest we are likely to do better than those who has vested interests.

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