Agent Fee

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rachel12
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Agent Fee

Post by rachel12 » Fri, 08 Aug 2008 5:23 pm

Hi Everyone,

I am new to the Singapore housing market and dealing with agents. I understand that the standard fee to agents for one year rental (for a private apt) is half the monthly rental. However, I have also heard that the agent fee is exempted if the rent of the apt exceeds $2500/month. If anyone has experience in this matter, any advice would be much appreciated.
Thanks.

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Saint
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Post by Saint » Fri, 08 Aug 2008 7:21 pm

Hi,

It all depends in what capacity the Agent is representing you? It is all a bit confusing but I'll try and explain, but I'm not sure I'll be 100% correct :?

If the agent is the Landlord's agent, the landlord will be liable to pay the Agent's commission when the rental is greater than $2.5k per month. Lower than that then the tenant pays the commission.

If the place is co-broked, you found the place through an agent who is different from the LL's agent, you shouldn't have to pay any commission if over $2.5k as your agent will be paid by the LL's agent. If under $2.5k you'll have to pay your agent's commission.

Phew

Now here's where it get a bit complicated.

If you exclusively engage an agent to assist you in looking for a home:
A Finder's fee of 1 month's gross rental is chargable, if your rental budget is below $2,500.
For rental budgets of between $2,501 to $5,000, a Finder's Fee of 0.5 to 1 month is chargable.
No agency fee is normally necessary for rental budgets of above $5,000.

As I said I'm not 100% sure this is totally correct but I don't think it's far off.

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Post by sierra2469alpha » Fri, 08 Aug 2008 7:36 pm

Hi - can second Sain't posting on that - we're over 2.5K and were co-brokered (for want of a better term!!!). We didn't pay anything.

Hope this helps!

P

PS. Saint - remarkably succinct and good post - how difficult it is to explain it but you did well!

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Post by Saint » Fri, 08 Aug 2008 7:42 pm

sierra2469alpha wrote:Hi - can second Sain't posting on that - we're over 2.5K and were co-brokered (for want of a better term!!!). We didn't pay anything.

Hope this helps!

P

PS. Saint - remarkably succinct and good post - how difficult it is to explain it but you did well!
Took me over an hour and 5 attempts as I kept on confusing myself each time!

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Post by sierra2469alpha » Fri, 08 Aug 2008 8:19 pm

Top post - I'm sure many will appreciate it!

We should start to get these into a sticky somehow.

rachel12
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thank you

Post by rachel12 » Fri, 08 Aug 2008 8:53 pm

hi all,

thanks so much for your info.

The place was already co-broked. I found my agent through an online advertisement for the unit. When I got to the apt there was the landlord's agent to show us the place. I contacted my agent because I had already seen a unit in that building and liked it. She only showed us this one unit which I then decided to go ahead with. The landlord's agent was from a different company but my agent and the landlord's had worked together before in other co-brokerage situations.

The landlord's agent supported my agent in getting the commission of half a month's rental - we openly discussed/negotiated this in front of the landlord's agent. Then the 'letter of intent' was signed - which we made an amendment on from the initial $1600 agent fee to $1300 after negotiation.

We have now signed the contract. However, in the contract itself there is no mentioning of the agent fee. I am wondering whether the letter of intent obliges me to pay my agent? I have only agreed to pay it on the day we move in (although she demanded it earlier).
Last edited by rachel12 on Fri, 08 Aug 2008 9:07 pm, edited 1 time in total.

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Post by Saint » Fri, 08 Aug 2008 9:05 pm

I wouldn't expect you to have to pay any commission as the LL's agent will pay your agent his fee

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Post by sundaymorningstaple » Sat, 09 Aug 2008 2:03 am

If we consider it suitable as a sticky we will make it one. At this point it's just information and subject to changes due to the new ruling recently.

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Post by Saint » Sat, 09 Aug 2008 5:36 am

sundaymorningstaple wrote:If we consider it suitable as a sticky we will make it one. At this point it's just information and subject to changes due to the new ruling recently.

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:lol: :cool:

I reckon you'd give Paris Hilton a run for her money for President SMS :lol:

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Post by Saint » Sun, 24 Aug 2008 8:29 am

Saint wrote:Hi,

It all depends in what capacity the Agent is representing you? It is all a bit confusing but I'll try and explain, but I'm not sure I'll be 100% correct :?

If the agent is the Landlord's agent, the landlord will be liable to pay the Agent's commission when the rental is greater than $2.5k per month. Lower than that then the tenant pays the commission.

If the place is co-broked, you found the place through an agent who is different from the LL's agent, you shouldn't have to pay any commission if over $2.5k as your agent will be paid by the LL's agent. If under $2.5k you'll have to pay your agent's commission.

Phew

Now here's where it get a bit complicated.

If you exclusively engage an agent to assist you in looking for a home:
A Finder's fee of 1 month's gross rental is chargable, if your rental budget is below $2,500.
For rental budgets of between $2,501 to $5,000, a Finder's Fee of 0.5 to 1 month is chargable.
No agency fee is normally necessary for rental budgets of above $5,000.

As I said I'm not 100% sure this is totally correct but I don't think it's far off.
We are busy looking at places and we're still geting agents trying to dupe us in to have to pay commission when we obviously don't have to!

Stick to what I've posted above re commission and you wont have to pay more than you have to!

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About agent fee..

Post by agent 001 » Wed, 26 Jan 2011 9:53 pm

Hi everyone after seeing so many posting in the web here and there. thats only one answer is TENANTS are not willing to pay commission to any agent. And the reason is that i never engage agent why must i pay commission. and even they engage agent and also Dont want to pay agent commission. Even they pay also very unwilling. Anyone here is not the type of person that i mention???

NOT PAY COMMISSION REASON:
The agent is represent Landlord is not Tenants.

If Agent is only represent Landlord why tenants want to call agent and ask for the unit that they want to rent? And why want to ask agent arrange the appointment to bring them go to the unit for viewing?

Here i have a solution for all TENANTS and you dont need to pay commission to anyone and you also can view more unit that what you expected...

The solution is you just go to the HDB flat or condominium to knock every unit and tell them you would like to rent their house. This is the best way for you to save agent fee. So TENANTS don't seat infront of computer and call agent anymore so be fair to yourself to save the agent fee and not waste your time and also agent time to view the unit. If you think that agent is only represent Landlord so let the othe Ladlord to call out the agent so please all TENANTS from today onward stop calling agent anymore thanks...

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Post by beppi » Wed, 26 Jan 2011 10:27 pm

What a dimwit.
I guess he's really an agent ...
Serves him right!

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Re: About agent fee..

Post by Mad Scientist » Thu, 27 Jan 2011 7:00 am

agent 001 wrote: please all TENANTS from today onward stop calling agent anymore thanks...
@Agent 001 : Getting the pinch are we ? :P :P :P :tongue: :tongue:

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Re: About agent fee..

Post by JayCee » Thu, 27 Jan 2011 11:37 am

agent 001 wrote:Hi everyone after seeing so many posting in the web here and there. thats only one answer is TENANTS are not willing to pay commission to any agent. And the reason is that i never engage agent why must i pay commission. and even they engage agent and also Dont want to pay agent commission. Even they pay also very unwilling. Anyone here is not the type of person that i mention???

NOT PAY COMMISSION REASON:
The agent is represent Landlord is not Tenants.

If Agent is only represent Landlord why tenants want to call agent and ask for the unit that they want to rent? And why want to ask agent arrange the appointment to bring them go to the unit for viewing?

Here i have a solution for all TENANTS and you dont need to pay commission to anyone and you also can view more unit that what you expected...

The solution is you just go to the HDB flat or condominium to knock every unit and tell them you would like to rent their house. This is the best way for you to save agent fee. So TENANTS don't seat infront of computer and call agent anymore so be fair to yourself to save the agent fee and not waste your time and also agent time to view the unit. If you think that agent is only represent Landlord so let the othe Ladlord to call out the agent so please all TENANTS from today onward stop calling agent anymore thanks...
Can you explain to me why tenants don't have to pay commission in Western countries but they do here?

Don't bother, I already know the answer - GREED! I hope you go out of business you leech.

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