{"id":9611,"date":"2017-03-29T04:11:58","date_gmt":"2017-03-28T20:11:58","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=9611"},"modified":"2022-07-12T10:43:27","modified_gmt":"2022-07-12T02:43:27","slug":"role-real-estate-agent-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/role-real-estate-agent-singapore\/","title":{"rendered":"The role of a real estate agent: What they should and shouldn’t be doing"},"content":{"rendered":"
<\/div>

Engaging a real estate agent for the first time, and not sure what comes under their jurisdiction? Read on to find out more about what your property agent should, and shouldn\u2019t be doing!<\/p>\n

First things first: before engaging a real estate agent, verify they’re indeed registered with the Council for Estate Agencies (CEA). Simply access CEA\u2019s website<\/a>, and conduct a search using your agent\u2019s name or real estate number. If you want to go a step further in verifying your agent\u2019s identity, ask for their real estate agency card, which contains a CEA-issued registration number.<\/p>\n

It takes only a few seconds to verify that your real estate agent is registered, so make sure you do so! Don\u2019t simply assume they’re registered. There have been many cases of sole individuals and companies being fined for engaging in property work without being licensed<\/a>, and it happens more than you\u2019d imagine.<\/p>\n

How does this impact you? If you\u2019re working with an unlicensed agent — whether knowingly or unknowingly — you have zero protection from the law, and you\u2019ll be left high and dry should your agent (touch wood!) abscond with your money.<\/p>\n

Now that you know your real estate agent is registered, take note of the things they should and shouldn\u2019t be doing.<\/p>\n

A real estate agent should<\/strong><\/h2>\n

1. Help you with the paperwork<\/strong><\/h3>\n

If you choose to not <\/i>hire an agent, then you\u2019ll more than likely be struggling with the copious amounts of paperwork.<\/p>\n

However, if you have an agent on board, their job is to reduce your burden by helping you with this aspect of the property buying\/selling process. So don\u2019t cause yourself unnecessary grievance by doing it all on your own.<\/p>\n

\"a
Be aware of what your real estate agent should and shouldn’t be doing!<\/figcaption><\/figure>\n

2. Negotiate on your behalf <\/strong><\/h3>\n

Many people think that they\u2019re great at negotiating. But trust us, when it comes to property, negotiating is vastly <\/i>different from haggling the prices down at Platinum Mall in Bangkok.<\/p>\n

A word of advice? Always have your agent present during negotiations. They will be able to ensure that all possible scenarios are covered by your agreement, and clarify further on specific details if needed.<\/p>\n

However, take note that your agent doesn’t have to help you negotiate with the landlord should any problems arise during the tenancy<\/a>. In fact, an agent’s duties end when the tenancy agreement<\/a> is signed and the property is handed over to the tenant. Your agent could step in to mediate the landlord-tenant issue out of goodwill, but they aren’t obliged to do so. That’s why it’s important to ensure that the terms in the contract are clearly defined.<\/p>\n

3. Disclose any conflicts of interest<\/strong><\/h3>\n

Agents aren\u2019t legally allowed to represent both the landlord and tenant for the same deal — that much is obvious. That aside, if agents are connected in any way to the buyers or sellers, and fail to disclose this information in writing<\/i> to the other party, they\u2019re also liable to be fined and potentially suspended from operating.<\/p>\n

Do note, however, that this is different from and does not apply to co-broking. For the uninitiated, co-broking refers to a situation where two agents broker a deal together, for instance, one as a landlord\u2019s agent, and the other as the tenant\u2019s agent. When this happens, each agent collects their fee from their respective client; neither agent should be collecting commission<\/a> from both the tenant and landlord in the same transaction.<\/p>\n

Some agents also get referral fees or commission whenever they refer their clients to bankers. If this is the case, they should disclose this to you in writing.<\/p>\n

\"CEA's
Image credit: CEA<\/a><\/figcaption><\/figure>\n

A real estate agent should not<\/strong><\/h2>\n

1. Borrow money from you or refer you to a moneylender<\/strong><\/h3>\n

Sounds bizarre? There have been real estate agents in Singapore that were convicted and sentenced for\u00a0approaching their clients for personal loans<\/a>, as well as getting their clients to borrow money from moneylenders to loan it to the agents themselves.<\/p>\n

If your real estate agent tries anything of this sort with you, don\u2019t hesitate to report them to the CEA.<\/p>\n

2. Handle monies from certain transactions<\/strong><\/h3>\n

Not everyone is aware of this — but it\u2019s illegal for agents to handle monies such as rental fees, sales proceeds and down payments<\/a>.<\/p>\n

When it comes to money, it\u2019s better to be safe than sorry. So never place your cash in the hands of an agent who could easily use it to pay off his loans, and lie to say that the money was stolen from his car<\/a>. Instead, all your payments should be made via verified means such as bank transfers and crossed cheques.<\/p>\n

3. Advertise your property without your consent<\/strong><\/h3>\n

Let’s say you’ve listed your property for sale. Shortly after, you saw a listing of your property by a property agent that you’ve never engaged before.<\/p>\n

By right, agents aren’t allowed to advertise properties without the owners’ consent<\/a>. They also cannot copy an advertisement and pass it off as their own.<\/p>\n

Have encountered any of these instances that agents shouldn’t be doing? Let us know in the comments below. <\/strong><\/h2>\n

If you found this article helpful, 99.co recommends Managing property agent complaints and disputes<\/a> and Understanding property agent\u2019s conflict of interests<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Engaging a real estate agent for the first time, and not sure what comes under their jurisdiction? 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