1.3) Why is a residential property agent required?
To start off with, I would like to state that it is perfectly legal and acceptable if a person decides to DIY and not engage a residential property agent to assist or represent him in the transaction of Singapore residential properties.
It is certainly not compulsory.
However, there are associated benefits and advantages when you engage a residential property agent to help you transact a Singapore residential property.
Be it a rental transaction or sales and purchase transaction.
An active property agent (be sure to check that this property agent is licensed with the CEA) is always on the ground talking to fellow property agents, developers, bankers, lawyers, renovation contractors, interior designers, architects, property valuers and both local and international customers (landlords, tenants, buyers, sellers) of varied demographic profiles.
Their work also involves visiting countless properties and assessing the value of these properties from either a sale or rental angle.
They are also required to understand government regulations and policies and how they affect the property market in Singapore.
A qualified and experienced property agent also has the technical know-how to plan and execute a real estate transaction from start to end.
Will an average consumer who will likely conduct a real estate transaction only 2 to 4 times in his/her own lifetime benefit from engaging an experienced and qualified property agent to assist in a real estate transaction?
- Precious time savings.
- Understanding the market correctly and taking the correct actions.
- Learning the pitfalls to avoid.
- Assisted price and terms negotiation.
- Access to in-depth market research.
- Stress relief.
- Leveraging on a professional network and outreach.
The benefits are plentiful.
On the CEA website, the professional term for “property agent” is “real estate salesperson”.
But on the ground, consumers and agents alike more commonly use the term “property agent” or “real estate agent”.