Confused - agent fees

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wannamove
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Confused - agent fees

Post by wannamove » Sat, 01 Oct 2011 4:24 am

I have been searching this forums and pretty much everyone says there is no need to pay agent fees if your rent is more than $2500. I contacted a couple of agents and they say 2 month rent as fees. They also mention that the new law makes it clear that they can charge fees.

So is there something called a new law? Is there a link/reference that I can show to the agents to say I know what I am talking about and that I will not pay agent fees

Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?

Thanks

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Post by x9200 » Sat, 01 Oct 2011 7:18 am

You failed your search miserably as the topic was discussed recently at least twice.
One of the threads:
http://forum.singaporeexpats.com/ftopic ... fee+tenant

Use the search function in the upper right box, use agent fee tenant as the keywords and do not forget to chose the option to search for ALL the words.

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Re: Confused - agent fees

Post by luminoso » Sat, 01 Oct 2011 8:45 pm

wannamove wrote:I have been searching this forums and pretty much everyone says there is no need to pay agent fees if your rent is more than $2500. I contacted a couple of agents and they say 2 month rent as fees. They also mention that the new law makes it clear that they can charge fees.

So is there something called a new law? Is there a link/reference that I can show to the agents to say I know what I am talking about and that I will not pay agent fees

Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?

Thanks
There is no hard and fast rule stating that agents CAN'T charge fees.

It is a complete misconception that agents can't and don't charge fees for all rents above $2500.. pure bullsh1t and anyone who tells you that is talking out of their arse.

It is at their discretion whether they want to charge any fees or not.

What the rules say is that the SAME agent can't charge fees to BOTH the landlord and the tenant in the same transaction. It doesn't say that the landlord's agent can't bring in a buddy to 'co broke' the deal and nudge you in said buddy's direction.

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Post by BillyB » Sat, 01 Oct 2011 10:35 pm

You need to sharpen your negotiations skills - the agents are talking crap. I have never heard of 2 months rental as fee's. They are trying it on big time.Tell them where to go and find another agent looking after units in the same condo.

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Re: Confused - agent fees

Post by beppi » Sun, 02 Oct 2011 5:17 am

wannamove wrote:Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?
If you reply to an ad for a property placed by an agent, you do NOT need to pay this agent if you take this property!
The estate agents act (law) says that agents can only place ads if asked to do so by the owner or the property. In this case (agent representing the owner) only the owner pays a fee.
Of course agents want to maximize profits and thus will either ask you to accept their friend as your representative (you can and should say no!) or offer to look for other places for you - for a fee (those advertised are usually "just gone to another client, sorry!").

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fees

Post by fxman » Mon, 03 Oct 2011 12:30 pm

I do not see any problem charging fees. If you get someone for help to get a unit which you desire, he solve the problem , you ought to pay them. It just a matter of how much fee is charged that is deemed reasonable.

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Re: Confused - agent fees

Post by wannamove » Mon, 03 Oct 2011 8:55 pm

luminoso wrote:
wannamove wrote:I have been searching this forums and pretty much everyone says there is no need to pay agent fees if your rent is more than $2500. I contacted a couple of agents and they say 2 month rent as fees. They also mention that the new law makes it clear that they can charge fees.

So is there something called a new law? Is there a link/reference that I can show to the agents to say I know what I am talking about and that I will not pay agent fees

Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?

Thanks
There is no hard and fast rule stating that agents CAN'T charge fees.

It is a complete misconception that agents can't and don't charge fees for all rents above $2500.. pure bullsh1t and anyone who tells you that is talking out of their arse.

It is at their discretion whether they want to charge any fees or not.

What the rules say is that the SAME agent can't charge fees to BOTH the landlord and the tenant in the same transaction. It doesn't say that the landlord's agent can't bring in a buddy to 'co broke' the deal and nudge you in said buddy's direction.
Thanks for clarifying! I was wondering if I was reading it wrong or just misunderstanding the whole scenario.

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Post by wannamove » Mon, 03 Oct 2011 8:56 pm

BillyB wrote:You need to sharpen your negotiations skills - the agents are talking crap. I have never heard of 2 months rental as fee's. They are trying it on big time.Tell them where to go and find another agent looking after units in the same condo.
I kind of guessed it - as I mentioned I just wanted to understand things better before I started talking or looking for other agents

Thank you

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Re: Confused - agent fees

Post by wannamove » Mon, 03 Oct 2011 8:58 pm

beppi wrote:
wannamove wrote:Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?
If you reply to an ad for a property placed by an agent, you do NOT need to pay this agent if you take this property!
The estate agents act (law) says that agents can only place ads if asked to do so by the owner or the property. In this case (agent representing the owner) only the owner pays a fee.
Of course agents want to maximize profits and thus will either ask you to accept their friend as your representative (you can and should say no!) or offer to look for other places for you - for a fee (those advertised are usually "just gone to another client, sorry!").
Thank you! Makes total sense. I just wanted to make sure I understand enough to take a stand and stick to it

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Post by wannamove » Mon, 03 Oct 2011 8:59 pm

x9200 wrote:You failed your search miserably as the topic was discussed recently at least twice.
One of the threads:
http://forum.singaporeexpats.com/ftopic ... fee+tenant

Use the search function in the upper right box, use agent fee tenant as the keywords and do not forget to chose the option to search for ALL the words.
Thanks for the link! I did miss the tenant part in the search. I did go through the link but I find that it leaves me with more questions than answers. Thanks again

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Re: Confused - agent fees

Post by Saint » Tue, 04 Oct 2011 9:07 am

wannamove wrote:I have been searching this forums and pretty much everyone says there is no need to pay agent fees if your rent is more than $2500. I contacted a couple of agents and they say 2 month rent as fees. They also mention that the new law makes it clear that they can charge fees.

So is there something called a new law? Is there a link/reference that I can show to the agents to say I know what I am talking about and that I will not pay agent fees

Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?

Thanks
If you are contacting an agent through a property being advertised on one of the online websites, e.g. this website, the agent have to be acting for the Landlord therefore the agent's commission is entirely paid for by the Landlord. If the agent asks you to pay any commission as well or even instead of the Landlord just take note of his details, walk away and report him.

What tends to happen is you will call up an agent about a particular property that she/he has advertised on a property website and the agent will say something like, "It's just been taken but I can show you similar properties" These agents never had the property in the first place and just want to con you into them acting on your behalf.

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Re: Confused - agent fees

Post by wannamove » Tue, 04 Oct 2011 10:23 am

Saint wrote:
wannamove wrote:I have been searching this forums and pretty much everyone says there is no need to pay agent fees if your rent is more than $2500. I contacted a couple of agents and they say 2 month rent as fees. They also mention that the new law makes it clear that they can charge fees.

So is there something called a new law? Is there a link/reference that I can show to the agents to say I know what I am talking about and that I will not pay agent fees

Also if I do not have an agent but contact an agent through craigslist listings will I have to "pay" any fees?

Thanks
If you are contacting an agent through a property being advertised on one of the online websites, e.g. this website, the agent have to be acting for the Landlord therefore the agent's commission is entirely paid for by the Landlord. If the agent asks you to pay any commission as well or even instead of the Landlord just take note of his details, walk away and report him.

What tends to happen is you will call up an agent about a particular property that she/he has advertised on a property website and the agent will say something like, "It's just been taken but I can show you similar properties" These agents never had the property in the first place and just want to con you into them acting on your behalf.
Thank you so much!
That makes so much sense and it helps me understand the situation better
Thanks again

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Post by Hidy Ho » Fri, 07 Oct 2011 11:10 am

1st post .. :)

I'm from California, USA and will be coming out for a visit in late October for a couple of weeks and then will be making a permanent move to Singapore in Jan 2012. Same company but will be tranferring to Singapore location. Decent work/pay but it will not be an expat package. :cry:

In midst of educating myself about how life works in Singapore including getting a place to live.

I'e read about 1/2 to 1 month commission structure in Singapore and am not opposed to paying this to get a place that suits my need. Just not sure how commission structure works in renters favor as it seems like it gives the agent no motivation to get me the best price possible as it can decrease their commission.

Also, this forum appears to be run by or sponsored by a real estate company so not sure if it's ok to start a thread asking for good an honest real estate agent recommendation?

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Post by luminoso » Fri, 07 Oct 2011 11:45 am

There is a big difference between CUSTOM / STANDARD PRACTICE and the HARD LETTER OF THE LAW.

People need to understand the difference.

If you are so opposed to paying the agent's commission, just don't engage an agent and go to the landlord direct. It's that simple.

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Post by sundaymorningstaple » Fri, 07 Oct 2011 12:00 pm

Hidy Ho wrote:
Also, this forum appears to be run by or sponsored by a real estate company so not sure if it's ok to start a thread asking for good an honest real estate agent recommendation?

This is quite true. Our hosts do not allow Honda & Toyota Salesmen on our Mercedes Lot, and rightly so. We have standing instructions to remove such links.

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