IEA Commission Guidelines to be AXED

The recent newspaper report with regards to the Commission Guidelines by IEA since 1999 will be axed next month..

All the Real Estate agencies will have to set their own Commission guidelines and there are bound to have price war among the agents..

Sellers and buyers may not stick to 2% selling and 1 % buying and may bargain, leaving the agents peanuts!

Competition Commission of s'pore (CCS) deemed the giudelines adopted by the IEA is uncompetitive and must be abolished!

So, any comment on this, fellow agents..

cheers!


cLu007

ALL agents (whether from small or large agencies) must try to provide best & professional services and still stick to abolished guidelines as guidelines. It's not wrong to accept higher fees than the normal rate if the a happy and satisfied consumer willing to pay for the good serive!

Sorry typo error: should be good SERVICE.

Precisely! If all agents choose to go for PRICE WAR then it's THE END of property career life for all liao....

Already some are offering 0.5% comm to sell my house. Those who stick to the guidelines may soon find that they don't have clients.

Since you like to save cost on the agent's fee why don't you transact yourelf to save 100% rather than paying them PEANUTS as most of them are not MONKEYS! Hahaha...

Why do I have to pay more when others are offering me more competitive rates. The agent told me he would advertise and he doesn't take comm from buyers. I will only need to pay him 0.5% comm on the selling price, GST absorbed and no need to sign exclusive agreement with him. He also said that he will appreciate that I refer other agents to him and if a friend of mine wants to buy directly from me, he would let it go. So far, I don't have a friend to buy direct and will be using his services.

No offence to you, I think you are rude to describe your fellow agents as monkeys. To me, I don't think agents offer much value to buyers. However, for sellers, they assume the risk of investing in advertisement and rightfully, should get a fair return for their work. This is why I am engaging him to sell my place.

From the conversation with him, I can't tell any difference in service between him and other agents. In fact, he told me he is very motivated to sell my place and has given me his commitment to work very hard.

If you continue to ask for high comm in the defunct guidelines of th past, you will either have to satisfy very high expectations of the seller or make do with lesser opportunities. Nowadays, generally sellers and buyers are very bright, they are not easily influence by false logic like pay peanuts get monkeys. They will evaluate each agent on his own merit and what he can offer.

Well, there are still naive sellers and buyers, but they are a dying breed. Better for you to see the reality and offer value to your customers, starting first by offering fair deals on your services. Cheers.

Those 0.5% agents mostly are part timers who will jeopardise the deal as they have another full time job during the daytime.

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Those 0.5% agents mostly are part timers who will jeopardise the deal as they have another full time job during the daytime.[/quote]

He is full time agent who is with the industry for the past 5 years. Not sure if he has part time job. So far, I know him as always available on the phone and when there is a viewing, he would always be there to present the house and after that, relentlessly pursue the prospect to buy.

I have paid 2% comm and 1% comm to sell my previous houses. These so call full time professional agents in comparison with him are much inferior to him. Don't know how to persuade clients, low EQ, criticise the other agent who brought clients, giving clients and other agents names like blur f**K, monkeys, etc and in one instance, even try to steal the clients from the other agent.

Sometimes, these name calling/ criticism when not directed at me, can be entertaining but they are also hitting below the belt. I feel these full fee charging agents should not be sprouting those nosense and what they said is a reflection of poor service and greedy mindset.

Hence, each agent has to be evaluated on his own merits and whether the person has a greedy mindset. Now that the market is more open, I think the days of high charges is over.

Hi Mr/Ms Guest..

Wow.. seems like you have gotten yourself a great deal!

No exclusive from your 0.5% comm agent to sell your house? Well, juz my 2 cents worth of comment, if there's no binding contract between agent and client, i doubt there will be any 'Commitment' in it.. If this 0.5% comm agent is able to secure a deal for you, then well and good.. if he can't, then you can't blame him/her for not selling your house.

It's true, there's no diff between a 2% or 0.5% comm agent.. at the end of it, it's abt providing a great service..

If i were the 0.5% agent, i would probably think twice or thrice if i need to invest heavily on advertisement.. or maybe i will do some cost cutting here and there, put the unit on the internet and hope to get co-brokers or direct buyers attention. If i can sell, well and good.. if not, i'm ok coz i'm not 'committed' in any writing to my client wrt to his property!

Cheers..

cLu007