Minimising agent fees for condo rentals

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rickjames
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Post by rickjames » Sun, 06 Feb 2011 11:28 pm

As of Jan 1st 2011, haven't the rules changed regarding commissions paid to an agent (tenant)- even if the rent is over 3K SGD a month? I was told that now, due to the new rules, even if the rent is over 3K- then a 1/2 month rental per each year of lease- fee is suppose to be paid to your tenant agent. Is this true?

IF this is true and you sign a 2 year lease..then you have to pay 1 month equivalent of rent to your agent (not the LL agent but the tenant agent), 2 months deposit and 1 month rental- so give up 4 months rental in total (for aparts over 3K?). wow!!! Please tell me I'm mistaken! Or is the agent telling me this, trying to take me for a ride?

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Saint
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Post by Saint » Tue, 08 Feb 2011 11:42 am

rickjames wrote:As of Jan 1st 2011, haven't the rules changed regarding commissions paid to an agent (tenant)- even if the rent is over 3K SGD a month? I was told that now, due to the new rules, even if the rent is over 3K- then a 1/2 month rental per each year of lease- fee is suppose to be paid to your tenant agent. Is this true?

IF this is true and you sign a 2 year lease..then you have to pay 1 month equivalent of rent to your agent (not the LL agent but the tenant agent), 2 months deposit and 1 month rental- so give up 4 months rental in total (for aparts over 3K?). wow!!! Please tell me I'm mistaken! Or is the agent telling me this, trying to take me for a ride?
Did you and the agent sign the now legally required Estate Agency Agreement document as stated in the new Estate Agents Act 2010?

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Post by beppi » Tue, 08 Feb 2011 11:55 am

rickjames:
Whoever told you this is bullshitting you!

There are NO RULES about how much an agent fee should be, and there is also no S$3000 limit (or any other amount).
The ONLY rules existing are:
1. Agent cannot collect fees from landlord AND tenant (only one of them).
2. Agent must be licensed.

Fees need to be discussed beforehand and anything agreeable to both sides is o.k. They are certainly negotiable.
Any agent telling you otherwise is not trustworthy and you are well-advised to walk away from him/her.

If I remember correctly, an agent posted on this forum that a flat fee of $2400 (independent of the rent) is the norm nowadays. That certainly makes sense as their work for finding a S$1000 flat is the same as for a S$8000 condo - and with flat fees they are more likely to negotiate a good deal for you, as it won't decrease their earning as well.

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second hand furniture

Post by sing_sling77 » Tue, 08 Feb 2011 2:39 pm

as bebbi mentioned, most locals would rather die than buy used stuff - this is so true. I have however picked up some fantastic high quality furniture from this very website's classifieds section, for example 2nd hand 8 seater dining table $5000+ new, for just $600!! So worth a pick through the classifieds, you never know. Further to which, Chinese New Year has just passed which is a traditional time for locals to buy or replace furniture (wealthy Singaporeans sometimes habitually re-furnish everything this time of year) so it can be a great time for bargain hunting right now as they offload the old stuff

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sundaymorningstaple
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Post by sundaymorningstaple » Tue, 08 Feb 2011 2:54 pm

For that matter, if you have a truck, as drive through the housing estates will often find a wealth of furniture that has been determined not new enough to bring in the new year. I've seen stuff that you couldn't tell from almost new (showroom). As noted, some wealthy Chinese will dump the whole lot and can't even be bothered with reselling it as the resale market is small and storage space is costly.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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