If you are planning to buy a newly launched condo and want to hire a property agent for the same, then here are some tips on how to shortlist a property agent in Singapore:
- License
Before appointing a property agent, the most important thing to do is to check if the agent is licensed and registered with Council for Estate Agents (CEA). The Council is a statutory board under the Ministry of National Development and is responsible for registering and licensing real estate agents in Singapore. You can type the property agent’s name and registered mobile number on CEA’s website to check their registration.
- Experience
Another important thing to consider while buying a newly launched condo is to check the experience of your property agent. You can ask the property agent to share with you their portfolio and list of property transactions they have successfully done till date. Also, check the track record of the property agent.
- Property Agent’s Knowledge About Property Financing and Property Market
Hiring a knowledgeable and experienced property agent to buy a newly launched condo will make the process hassle-free. In addition, he will advise you on the property’s future market potential and appreciation scope, as well as advise on ways to finance the property.
- Strategies
It is important to ask your property agent what strategies they will implement to help you find a newly launched condo that meets your specifications. Ask them questions like do they have any list of recently launched condominiums. Also, ask them how they would shortlist the properties that meet your criteria. In addition, ask them how they will coordinate property viewing and ways they will handle negotiations to help you get a good deal.
- Commission
The commission is another essential thing to consider before hiring a property agent to purchase a newly launched condo. The commission rates vary but are typically between 1–2% on the sale of the property. The rates of the commission also differ on the basis of property types such as landed, HDB, or private non-landed. The commission rates should not be too high and must be reasonable.
- Qualifications of the Property Agent
Take the qualifications of the property agent into consideration before shortlisting the property agent for buying a newly launched condo. A property agent needs a minimum of four O-level passes or equivalent and requires to clear the Real Estate Salesperson course. Any additional qualifications possessed by the property agent are an added advantage. It is a bonus if the property agent has a degree in real estate, accountancy, finance, or any other related field.