flat hunting - working with two agents

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
Post Reply
alekk
Newbie
Newbie
Posts: 13
Joined: Fri, 03 May 2013 6:01 pm

flat hunting - working with two agents

Post by alekk » Sun, 05 May 2013 11:11 pm

Hi all,

I have read at several places that it was sometimes a good idea to work with 2 agents for finding a place to rent. How does it work if they show you the same place? How do you manage 2 agents?

thanks!

Singapore Property Search

 

katbh
Reporter
Reporter
Posts: 599
Joined: Thu, 04 Oct 2007 10:01 am
Location: Singapore

Post by katbh » Mon, 13 May 2013 8:59 am

In the old days, you only needed one agent. But now that most agents seem to be aligned with agencies, it is really necessary to get two or more. Use the property searches on the internet to get an idea of what is about and then ring or sms a few of the agents.
Be VERY clear about what you are looking for and if it not just a run of the mill condo, stick to your guns. What you are looking for is usually out there but you just need to convince the agent that you are serious. Use as many agents as you need. If they suggest you go and see somewhere, make sure you give them the address and tell them if you have already seen it. They do not take offence - there is no point in wasting their time.
But to emphasise the point. Be very strident about what you want or you will only be shown the easy stuff for them, or the stuff they can not shift, or what they 'expect' you will be wanting.
They will know you are using more than one agent so do not be embarrassed - just be honest.
Good luck.
katbh

AngMoG
Reporter
Reporter
Posts: 609
Joined: Wed, 17 Apr 2013 11:39 am

Post by AngMoG » Mon, 13 May 2013 10:53 am

katbh wrote:In the old days, you only needed one agent. But now that most agents seem to be aligned with agencies, it is really necessary to get two or more. Use the property searches on the internet to get an idea of what is about and then ring or sms a few of the agents. (snip)
katbh just seems to be spamming the forum here... Please disregard his ramblings.

Let me maybe give you some advice from somebody who has actually lived here for a while, and had to deal with agents a couple of times. Better yet, listen to senior members who comment on this thread, and look at the very similar thread here

Agents here represent either the owner, or the tenant, but cannot represent both anymore, and thus can only be paid by one party. You can engage an agent if you like, but unless you cannot find the time to look by yourself, and have the money to spend on it, just respond to agents' ads in ., or similar websites. They are, in most cases, representing the owner. In this case, the owner pays the agent, and you do not need to pay any agent fees. If - as reported here as well - there happen to be two agents when you go to the place, make it clear that you are not represented by any agent - this is a common scam here, so they can get money from both sides.

It is a good idea to look through this forum, and check on your tenants' rights before signing anything.

katbh
Reporter
Reporter
Posts: 599
Joined: Thu, 04 Oct 2007 10:01 am
Location: Singapore

Post by katbh » Mon, 13 May 2013 11:10 am

Sorry AngmoG but you are slightly incorrect.
The basic rules for agents fees are (when renting) that for a 2 year lease the landlord pays the agents fees. So you pay 2 months bond and one month rent when you sign the lease - you usually pay one of these months when you sign the Letter of Intent (LOI) and it goes towards your bond or the cheque is returned if the lease does not go ahead
For a one year lease, the tenant usually pays one month rent as fee to agent. So this is over and above the rent. Sometimes you can negotiate with the agent and owner so that the owner pays or so that you only pay half a month rental.
You do not pay a fee to an agent unless he/she secures you a tenancy and you only pay upon signing of the lease. (or provide a cheque for one month upon signing of LOI)
katbh

AngMoG
Reporter
Reporter
Posts: 609
Joined: Wed, 17 Apr 2013 11:39 am

Post by AngMoG » Mon, 13 May 2013 11:17 am

katbh wrote:Sorry AngmoG but you are slightly incorrect.
The basic rules for agents fees are (when renting) that for a 2 year lease the landlord pays the agents fees. So you pay 2 months bond and one month rent when you sign the lease - you usually pay one of these months when you sign the Letter of Intent (LOI) and it goes towards your bond or the cheque is returned if the lease does not go ahead
For a one year lease, the tenant usually pays one month rent as fee to agent. So this is over and above the rent. Sometimes you can negotiate with the agent and owner so that the owner pays or so that you only pay half a month rental.
You do not pay a fee to an agent unless he/she secures you a tenancy and you only pay upon signing of the lease. (or provide a cheque for one month upon signing of LOI)
That is correct if it is an agent you engage to look for a flat for you. If there is only one agent, and it is the owner's agent, then the tenant pays no fee other than stamping fee. Check CEA "No Dual Representation":
If a salesperson collects a fee from the tenant/buyer and also collects part of the fee from the landlord/seller, it will be a case of dual representation and is an offence under the Estate Agents Act.
alekk, please check cea.gov.sg for rules on agents and your rights as a consumer.

katbh
Reporter
Reporter
Posts: 599
Joined: Thu, 04 Oct 2007 10:01 am
Location: Singapore

Post by katbh » Mon, 13 May 2013 11:31 am

Your link is for selling, not for renting. It was my understanding that Alekk was renting. Is this correct Alekk? Good luck in your search.
katbh

AngMoG
Reporter
Reporter
Posts: 609
Joined: Wed, 17 Apr 2013 11:39 am

Post by AngMoG » Mon, 13 May 2013 11:37 am

katbh wrote:Your link is for selling, not for renting. It was my understanding that Alekk was renting. Is this correct Alekk? Good luck in your search.
If you read the document closely, you will realize that the basic rules are the same for selling and renting: no dual representation, no collecting of fees from both parties. Any agent who tries to collect fees (other than stamping fees) from both parties risks losing his license, whether it is for rental or for sale.

I concur, good luck to alekk in his hunt!

x9200
Moderator
Moderator
Posts: 9873
Joined: Mon, 07 Sep 2009 4:06 pm
Location: Singapore

Post by x9200 » Mon, 13 May 2013 12:22 pm

katbh wrote:Sorry AngmoG but you are slightly incorrect.
The basic rules for agents fees are (when renting) that for a 2 year lease the landlord pays the agents fees. So you pay 2 months bond and one month rent
I am not aware of any rule like this even before the introduction the RE act in 2011. What governed the who-pay factor was the amount of rent to be paid, and it was typically >=2500 - the LL pays; less, the tenant (more recently it is $3000). The duration, 1 or 2 years had no affect on this.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Property Talk, Housing & Rental”

Who is online

Users browsing this forum: No registered users and 15 guests