Do you prefer to work with one agent or multiple agents when buying or selling Tembusu Grand?
Are you ready to sell your home and move up to a larger space? Perhaps you are looking to rent a property?
You may consider a property agent for assistance when dealing with units at Tembusu Grand. You can even have more than one agent, as some people may do.
You may be deciding whether to engage one or more agents. If so, you can read this article to learn how to do it and what to keep in mind.
How to get agents
First, be aware that when you hire an agent, you agree to a contract with his/her agency, not directly with the agent.
No matter whether you choose to hire one or more agents it is recommended that they sign the Council for Estate Agencies Prescribed Estate Agency Agreement. There are eight agreements in the CEA that cover all residential property transactions from purchase and lease to sale. There are both exclusive and non-exclusive agreements within these eight agreements.
The agreement is a legal document that protects all parties’ interests by stating details such as:
- Agents and property agencies have certain responsibilities
- Disclosure of potential conflicts of interest
- Only after the property transaction is completed, can you prescribe the commission to the agent
- Indicate if GST has been added to the amount of the commission
Before any work can be done, this agreement must be completed and signed. The Prescribed Estate Agency Agreement also includes access to the Dispute Settlement Scheme for any contractual disputes. The CEA has approved this Scheme to provide additional peace of mind.
There are differences between an exclusive agreement and a non-exclusive one
Here are some things to remember if you plan to sign an exclusive agreement with an agency.
- The agreement can be extended for up to three months. You and the agency may agree to a shorter term, but no longer than three months.
- You will still have to pay the commission fee to the exclusive agency if you close the transaction yourself or through an agency during the validity period.
- If you are able to complete the transaction with the party you were introduced by the agency during the exclusive agreement within three months, you will need to pay the agency the agreed fee.
You can only enter into non-exclusive agreements with multiple agencies. There is no expiration date and you pay the commission to the agent who closed the transaction.
What does this all mean?
You can choose to have an exclusive or non-exclusive agreement with the agent you are considering to represent you in your property transaction. A non-exclusive agreement allows you to choose from a range of options in the event that you need another agency.
You should not sign an exclusive agreement with every agency if you are certain that you will be engaging multiple agents from different agencies to assist you in your property transaction.
Which is better, one agent or multiple agents?
The subjective quality of “Better” depends on your preferences and needs.
You can potentially reach a wider range of potential buyers if you have more agents on your side. This could help you to close your property transaction quicker.
To receive updates from each agent, you will need separate correspondence. If you are a seller, for example, you will need compare offers from different agents.
To avoid overlaps, you must also be ready to coordinate your efforts. If you are a seller, it is important to clear your schedule so that you can receive viewing requests from other agents.
These considerations are why some prefer to work with one agent. Due to the greater certainty of receiving a commission, an agent who is in an exclusive arrangement will be more likely to dedicate more time and resources for your property transaction.
It is recommended to attach a Commitment To Service document when signing an exclusive agreement. It details the services that are offered. This includes the frequency of advertising and the number of “open house” sessions. If your agent fails to meet the agreed commitment, you can terminate the agreement.