Question:
Is it feasible to sell your Housing and Development Board (HDB) or private property without engaging a real estate agent, and is it advisable?
Answer:
Property owners have the option to market and sell their properties through platforms like Carousell, 99.co, PropertyNet.SG or by utilizing methods such as newspaper advertisements and social media. This method, often referred to as the "Do-It-Yourself" (DIY) or "For Sale By Owner" (FSBO) approach, has the potential to result in cost savings by avoiding property agent commissions, provided that you can achieve a sale price comparable to what an agent would secure.
In Singapore, for instance, commissions paid to agents by sellers typically commence at 2 percent of the sale price.
HDB flat owners also have access to HDB checklists and guidelines to assist them throughout the selling process.
Nevertheless, it is crucial to recognize that success with the DIY approach is more prevalent among experienced sellers who are already acquainted with the intricacies of the process, paperwork, and straightforward transactions. As per Edmund Ee, Associate Branch District Director at PropNex, agents within his division boast an average of 7 years of full time experience and are selected based on their outstanding track records, to handle the cases of clients, who engaged him. They are supported by an immensely experienced team that manages various tasks, including property marketing, photography, video production, copywriting, indicative property valuation, and more.
Factors such as the seller's familiarity with the real estate industry, comprehension of the transaction process, and risk tolerance significantly influence the outcome of the DIY approach.
The Role of a Property Agent:One notable drawback of the FSBO approach is the inability to list properties on prominent real estate platforms like PropertyGuru, which is typically accessible only to property agents. This limitation restricts access to a diverse pool of potential buyers. Engaging a professional real estate agent can be advantageous in terms of enhancing visibility and expediting the selling process. Agents not only publish your listing on multiple property portals but also provide guidance throughout the complex property transaction process, encompassing timeline planning, property valuation, marketing strategies, and closing procedures.
Moreover, agents boast extensive networks of potential buyers, which heightens the probability of receiving competitive offers and identifying the ideal buyer for your property. Some firms, such as PropNex, take it a step further by offering a listing portal that consolidates a network of over 12,000 agents who gain access to property listings even before they become available on the market, significantly amplifying the exposure of your property.
The Council for Estate Agencies (CEA) in Singapore:In Singapore, the Council for Estate Agencies (CEA) assumes responsibility for administering the regulatory framework governing the real estate agency sector. CEA is dedicated to elevating professionalism within the industry through collaborative initiatives with industry stakeholders and safeguarding consumer interests via targeted public education campaigns.
Selecting a Property Agent in Singapore:Every property agent in Singapore is required to register with CEA through a licensed property agency. Each registered property agent is assigned a unique CEA registration number. Engaging in estate agency activities without valid registration constitutes a legal offense. Before engaging an agent's services, you can consult the CEA public register (screenshot below) to verify the following information:
1. The agent's valid registration status.2. The agent's name, CEA registration number, and contact number.3. The agency's name and license number.4. Details of residential property transactions closed by the agent within the previous two years, including the parties they represented.5. The agent's industry accolades and awards.6. Any disciplinary records concerning the agent within the preceding two years.
HDB flat owners also have access to HDB checklists and guidelines to assist them throughout the selling process.
Nevertheless, it is crucial to recognize that success with the DIY approach is more prevalent among experienced sellers who are already acquainted with the intricacies of the process, paperwork, and straightforward transactions. As per Edmund Ee, Associate Branch District Director at PropNex, agents within his division boast an average of 7 years of full time experience and are selected based on their outstanding track records, to handle the cases of clients, who engaged him. They are supported by an immensely experienced team that manages various tasks, including property marketing, photography, video production, copywriting, indicative property valuation, and more.
Factors such as the seller's familiarity with the real estate industry, comprehension of the transaction process, and risk tolerance significantly influence the outcome of the DIY approach.
The Role of a Property Agent:One notable drawback of the FSBO approach is the inability to list properties on prominent real estate platforms like PropertyGuru, which is typically accessible only to property agents. This limitation restricts access to a diverse pool of potential buyers. Engaging a professional real estate agent can be advantageous in terms of enhancing visibility and expediting the selling process. Agents not only publish your listing on multiple property portals but also provide guidance throughout the complex property transaction process, encompassing timeline planning, property valuation, marketing strategies, and closing procedures.
Moreover, agents boast extensive networks of potential buyers, which heightens the probability of receiving competitive offers and identifying the ideal buyer for your property. Some firms, such as PropNex, take it a step further by offering a listing portal that consolidates a network of over 12,000 agents who gain access to property listings even before they become available on the market, significantly amplifying the exposure of your property.
The Council for Estate Agencies (CEA) in Singapore:In Singapore, the Council for Estate Agencies (CEA) assumes responsibility for administering the regulatory framework governing the real estate agency sector. CEA is dedicated to elevating professionalism within the industry through collaborative initiatives with industry stakeholders and safeguarding consumer interests via targeted public education campaigns.
Selecting a Property Agent in Singapore:Every property agent in Singapore is required to register with CEA through a licensed property agency. Each registered property agent is assigned a unique CEA registration number. Engaging in estate agency activities without valid registration constitutes a legal offense. Before engaging an agent's services, you can consult the CEA public register (screenshot below) to verify the following information:
1. The agent's valid registration status.2. The agent's name, CEA registration number, and contact number.3. The agency's name and license number.4. Details of residential property transactions closed by the agent within the previous two years, including the parties they represented.5. The agent's industry accolades and awards.6. Any disciplinary records concerning the agent within the preceding two years.
