Direct selling property to Buyers. No bites - what gives?

[gonzales]

So we're selling our landed property & started doing the marketing ourselves about 3 weeks ago.

Our intention is to avoid agents sell direct to Buyers & save 25 to 50K in commission charges for a more leisurely project we have in the pipe.

We've placed Saturday ads in the papers, other property websites.
The problem is that we have received exactly zero contact from direct Buyers.
100% of the contacts received are from agents looking for exclusivity.

I understand why agents are calling - they want a slice of the pie - fair enough.

What I'm struggling to understand is why no direct buyers are making contact?

In a traditional model here in Singapore the agent is paid by the seller so the agent has the best interests of the seller in mind (that's the theory at least) & is trying to get the max revenue out of the Buyer.

Surely it is in the interest of Buyers to make direct contact to negotiate with the Buyer directly?

What am I missing here?

Is the estate agent culture so engrained here tht no one steps outside the traditional model or am I using the wrong channels to market this.

Back home there is a dedicated channel for sale by owner FSB & it's a thriving alternative.

I'd love to get your opinions on what's going on with direct Buyers?

Thanks...

[sundaymorningstaple]

Could be a number of factors from location, pricing, or just the idea that most here don't want to be bothered having to try to find out exactly all that needs to be done. Agents, either buyer's or seller's have all those checklists at their disposal and tend to make it easier. But yeah, I hear you. Doesn't make too much sense does it.

[zzm9980]

I think the target demographic for a landed property doesn't care about the savings by avoiding an agent, and prefers the convenience of using one. I can't imagine most of them opening the paper to look at ads, or even a real-estate website. They talk probably tell their agents over golf or karaoke what they want and to find it.

Now if you were selling a mid-range condo or resale HDB, you'd have a lot more people biting.

[gonzales]

It's so frustrating really, I've studied the process of marketing & the steps to closing a deal & to be honest it is not rocket science.

Its just about matching Buyers & Sellers. End of story.

Once the Buyer & Seller are matched & a price agreed, its handed over to the Lawyers who will close the deal for less than 4K.

In essence an agent is paid in the region of 25 to 50K for a match making service that anyone could do...if only the Buyers would engage directly.

I really struggle to grasp this mentality. I know, I know, I'm repeating myself but c'mon, really?

[x9200]

I would second what zzm9980 said. On top of this Singapore is IMHO somehow specific and for many trivial jobs they use a serviceman. This include things like hanging a lamp from the hook already present in the ceiling ($40), changing a bulb in the car etc. They also rely heavily on the salesman opinion for buying majority of goods, so not surprisingly they probably rather engage an agent than figure out something that complicated and carrying that much of the financial weight.

[offshoreoildude]

Property agents bascially suck the buyers schlong. They drive them around in cars, buy them meals, complement them.... when they come across someone like myself who says "Cut that nonesense and cut your commission" they get really pissed.

[gonzales]

I would second what zzm9980 said. On top of this Singapore is IMHO somehow specific and for many trivial jobs they use a serviceman. This include things like hanging a lamp from the hook already present in the ceiling ($40), changing a bulb in the car etc. They also rely heavily on the salesman opinion for buying majority of goods, so not surprisingly they probably rather engage an agent than figure out something that complicated and carrying that much of the financial weight.

I hear you.
I get the strangest looks from passing neighbours, when I cuts the grass, sweep the leaves, wash the car, paint the wall & so on.

Labour is cheap here vs. EU & US so I can see why it is easy & cheap to get someone to do it for you but it just doesn't sit that well.

[gonzales]

Property agents bascially suck the buyers schlong. They drive them around in cars, buy them meals, complement them.... when they come across someone like myself who says "Cut that nonesense and cut your commission" they get really pissed.

If I was a Buyer, I'd be very wary of anything the Buyers agent would tell me as it's in the agents interest to squeeze as much from the Buyer as fast as possible, can people not see this or does the "sucking the schlong" experience really mean that much to some Buyers?

[offshoreoildude]

Property agents bascially suck the buyers schlong. They drive them around in cars, buy them meals, complement them.... when they come across someone like myself who says "Cut that nonesense and cut your commission" they get really pissed.

If I was a Buyer, I'd be very wary of anything the Buyers agent would tell me as it's in the agents interest to squeeze as much from the Buyer as fast as possible, can people not see this or does the "sucking the schlong" experience really mean that much to some Buyers?

Singaporeans' are the most egotistical farts on the planet sometimes...

Oh Mr Tong! I see you're born in 1940! I thought you were only 50!
\
Comely property Agent

Ah hah - you so nice lah! You know I am actually always told that!
\
Fat, ugly, corrupt Sinky LL

Oh you so humble as well.... I like that (Big ugly thing on his finer) ring! You must have paid SO MUCH for it.
\
Comely Property Agent

Ah thank you! I was given this by Suharto for saving his company funds!
\
Lying fat, ugly, corrupt Sinky LL

And your wife is so nice, she is very young too ah! And such lovely kids (referring to the brats who demanded the agent take them to MacDonalds and promptly spilt a milkshake in his car).
\
Comely Property Agents Male Young Partner with slicked down hair.

Ah you so nice... I sign offer today can?
\
Conceited, blind, fat, ugly, corrupt Sinky LL who is married to a bitch of a dragon lady who carries his balls around in her LVL bag.

[Hannieroo]

I'm very new but even I know that isn't true. His balls, her bag. But he has to carry it for her.

[offshoreoildude]

I'm very new but even I know that isn't true. His balls, her bag. But he has to carry it for her.

Dang - you're right! And it's a Kate Spade bag of course.

[x9200]

Labour is cheap here vs. EU & US so I can see why it is easy & cheap to get someone to do it for you but it just doesn't sit that well.

I am afraid the truth could be worse than this. Majority simply can not do such tasks properly or they think they can not, or they don't think they can. What makes it even worse, the people they hire to do this often can not do it neither.

[Hannieroo]

But it's availability too. Those little Home Stores aren't like a Home Depot or B&Q where you can have a good poke around, buy most things and ask for advice. If DIY supplies aren't common I guess nobody is going to realise that tiling is patience, measuring and cutting properly rather than some talent only a few have. Although even the trained don't seem to understand that wiping off excess grouting is desirable.

Yeah, labels are a thing here. I'm not sure I've ever seen so much Kate Spade outside of Ross Dress For Less.

[sundaymorningstaple]

Labour is cheap here vs. EU & US so I can see why it is easy & cheap to get someone to do it for you but it just doesn't sit that well.

I am afraid the truth could be worse than this. Majority simply can not do such tasks properly or they think they can not, or they don't think they can. What makes it even worse, the people they hire to do this often can not do it neither.

Isn't it the truth. The average male driver here doesn't even have a clue where the spark plugs are or how to change the oil in his car. Talk about eunuchs. They are good at carrying their girlfriend's Kate Spade bags though.

[x9200]

IMHO, DIY are not common because there is no sufficient demand. There are like two chains only with very limited choice of anything and some family based small stores. Some of the later even seem to specialize in expats like the one off the 6th Avenue in the Guthrie House. With the current status quo tilling would be a rocket science.
I agree It could be a chicken-egg situation but with their obsession with money, savings, bargains, queuing 100m long queues for 10c meatballs in Ikea (normal price 65c IIRC)... you would expect that at least the less wealthy part of the society would create sufficient demand to have the DIY market better developed.