How to deal with property agents!?

[Pinky]

With the under table deals going on between sellers and their agents, buyers are having it real tough. Most of the time genuine buyers who make genuine offers end up in a bidding war without knowing. Even more so when agents manipulate or monopolize a particular area/district. I get the feel that agents dictate the price these days, not so much the seller. After all, who would complain if they got more $$$$!

Damn frustrating to make offers that "should be able" to close only to hear that "seller" wants more the next day. Even after counter offering, they can come back and say that the deal "can close" at another higher price. Best part is the price can be as much as 10% more than the first offer! So i dont see how the first offer "should be able" to close in the first place! What's to say that if I agree to increase my offer, I will surely close??? I get the feeling that I am just making it more expensive for the other poor sucker eyeing the same property.

Gahmen should seriously look into this. But until then, what can buyers do?? Either just pay through our nose and get chopped or suck thumb??
Any advice/tips would be greatly appreciated.

 

[kelvinyong]

Re: How to deal with property agents!?

Hi pinky,

I understand your frustration. Well like you said, what can buyers do..? Will govt interfere in price negotiation..?

I feel impt is to do homework & decide on a maximum price that u r willing to pay for the property .. Anything above, say bye & look elsewhere ~

Sales is like that ... Buyers want to buy low, sellers want to sell high, and agents just want to make the best out of a deal?

Good luck!

Kelvin

 

[sszone]

Re: How to deal with property agents!?

well...just let the agent know thats your final price if that's something u can walk away from.
just like my own purchase many years back, told the agent no go despite the asking price from owner or whatever.
happily went on 1 month tour to china, come back they also LL find me negotiate.
unless its someplace that u die die want, or else u can somewhat dictate your own terms, depending on your acceptability threshold

 

[blackwidowsg]

Re: How to deal with property agents!?

With the under table deals going on between sellers and their agents, buyers are having it real tough. Most of the time genuine buyers who make genuine offers end up in a bidding war without knowing. Even more so when agents manipulate or monopolize a particular area/district. I get the feel that agents dictate the price these days, not so much the seller. After all, who would complain if they got more $$$$!

Damn frustrating to make offers that "should be able" to close only to hear that "seller" wants more the next day. Even after counter offering, they can come back and say that the deal "can close" at another higher price. Best part is the price can be as much as 10% more than the first offer! So i dont see how the first offer "should be able" to close in the first place! What's to say that if I agree to increase my offer, I will surely close??? I get the feeling that I am just making it more expensive for the other poor sucker eyeing the same property.

Gahmen should seriously look into this. But until then, what can buyers do?? Either just pay through our nose and get chopped or suck thumb??
Any advice/tips would be greatly appreciated.

a few tips to get that deal closed.

1. Stay firm on your offer. Best if u get an agent to represent u during negotiation. U don't have to pay commission for buying private properties so nothing to lose. For Hdb, u pay 1% commission.

2. When u make an offer, tell the agent it's only valid for the same day. Make or break the deal. Having said that, please have your 2nd choice or 3rd choice ready. Unless 1st is really that attractive, I will advise u to walk away if it goes to the extent of 10% more!

3. If the agent asks u to offer a cheque (to show your offer is genuine), pass it to your agent n tell him/her that u expect to see the Option To Purchase to be issued the same day. If not, return your cheque.

4. Buying property can be fustrating if you don't know the rules of the game. Having said that, getting an experienced agent to represent your interest can make your purchasing experience more pleasant.

Hope that helps.

 

[Pinky]

Re: How to deal with property agents!?

Guys thanks for the positive words so far.
I am finding it hard to get an agent to represent me because I do not have to pay them commission. I don't mind paying my agent a small commission but even then they are not too interested. Seller agents in general don't want to work with agents to co-broke since they need to split the comm. The buyer/seller playing field is very uneven.

 

[ben1]

Re: How to deal with property agents!?

With the under table deals going on between sellers and their agents, buyers are having it real tough. Most of the time genuine buyers who make genuine offers end up in a bidding war without knowing. Even more so when agents manipulate or monopolize a particular area/district. I get the feel that agents dictate the price these days, not so much the seller. After all, who would complain if they got more $$$$!

Damn frustrating to make offers that "should be able" to close only to hear that "seller" wants more the next day. Even after counter offering, they can come back and say that the deal "can close" at another higher price. Best part is the price can be as much as 10% more than the first offer! So i dont see how the first offer "should be able" to close in the first place! What's to say that if I agree to increase my offer, I will surely close??? I get the feeling that I am just making it more expensive for the other poor sucker eyeing the same property.

Gahmen should seriously look into this. But until then, what can buyers do?? Either just pay through our nose and get chopped or suck thumb??
Any advice/tips would be greatly appreciated.

At the end of the day, its willing buyer, willing seller.

As important ,buy within your means.
No need cry mother cry father if the property is beyond your comfort financial zone.

If you are selling, won't you want someone to help you sell as high as possible?

 

[eonquay]

Re: How to deal with property agents!?

Actually, sometimes the agents are also not at fault. If news of million dollar HDB flats keep making headlines, their lives also get tough. Sellers will keep up-ping their selling price because some HDB flat in Bishan can fetch a million dollars. I have been through this before and I bought my place the moment it was advertised and the seller was not as informed. When sale completion time came, the seller was not happy and was seen telling his agent off for securing a lower selling price for him. What an arse...

 

[wt_know]

Re: How to deal with property agents!?

pinky,

i feel you bro. when i deal with agents

a. i ask for opinion what projects that is good and value for money ... give me the look that 'no money, don't buy'
b. when i comment the price is too high, answer is that's the market rate now and will go up further and down is just adjustment
c. when i ask agent to help to push the price down ... again give me the look ... walao ... my price is unreasonable even though i can justify that based on ura past transactions. answer is ... seller won't sell, got holding power.
d. very pushy to close deal ...

anyway, willing seller willing buyer
i guess if i'm the seller i also no $1M no sell
really depends on which side of the court you are

nonetheless, agent can play a better role instead of looking his own interest as 1st priority which is close the deal fast and make the highest kill for commission

 

[eonquay]

Re: How to deal with property agents!?

Another suggestion... don't know whether this is legal... tell seller's agent, every $10k you push down you give him $1k commission. :sneaky:

 

[Radon39]

Re: How to deal with property agents!?

On the other hand got CBs calling and they dun understand my price. They tell me mkt value this that...but knn, i cna hold, wat the fark u telling me for...i not interested to let go at that price, so be it...why you still cb persistent??

knn, my Sky Ascentia, i keep the price at a certain value and may be keep, CB agents want to bring price down....fark off man

 

[Pinky]

Re: How to deal with property agents!?

At the end of the day, its willing buyer, willing seller.

As important ,buy within your means.
No need cry mother cry father if the property is beyond your comfort financial zone.

If you are selling, won't you want someone to help you sell as high as possible?

Hi Ben1,

I think you are missing my point.
"Buying within one's means" is very basic. I assume most of us are familiar with this concept.
Nonetheless thanks for the reminder.

If you read my post carefully,my grouse is about making offers only to come back with higher asking prices.
I don't think anyone likes to be strung along. Unfortunately as I also mentioned, agents tend to cover certain areas, hence it's not so easy to walk away from them if you are keen in that area.

As for your question on being a seller, well if I am a chow kuan, S-hole who is just looking to test the market, yes I will sell " as high as possible!"
Just like my stocks and investments!

If I am a genuine seller, I think I will have a target price in mind and let go when its near or met.
But with agents coming into play, it all becomes very gray.

 

[Pinky]

Re: How to deal with property agents!?

On the other hand got CBs calling and they dun understand my price. They tell me mkt value this that...but knn, i cna hold, wat the fark u telling me for...i not interested to let go at that price, so be it...why you still cb persistent??

knn, my Sky Ascentia, i keep the price at a certain value and may be keep, CB agents want to bring price down....fark off man

Exactly! If they know your price is firm, they should not tell potential buyers that they will "try" for you and bother you unless they have an offer that can match your asking.

 

[Pinky]

Re: How to deal with property agents!?

One tip that I've picked up so far is to be firm and try to close the deal asap when I make the offer.
Thanks all!

 

[wt_know]

Re: How to deal with property agents!?

how many units are you buying ... share share leh later

One tip that I've picked up so far is to be firm and try to close the deal asap when I make the offer.
Thanks all!

 

[Pinky]

Re: How to deal with property agents!?

how many units are you buying ... share share leh later

haha let me clarify...
The next time I make an offer, I will try to push for closure on the spot like what the other bros have suggested.

 

[golilok]

Re: How to deal with property agents!?

Hi Pinky, you gal? OT

anyway, the issue here is the 'middleman'

u need a good buyer agent to represent you
i have 1, PM me if u wan

i will tell this agent to look for the direct owner's contacts if possible
agents can actually 'buy' SOME of these contacts and u can deal directly

 

[pengful]

Re: How to deal with property agents!?

Yeah lor... is Pinky a girl or guy?

 

[e33extra]

Re: How to deal with property agents!?

Wah, if pinky is a gal then suddenly this thread will hit 30 pages.
If say pinky is a guy, then this thread will die off immediately already.

Welcome to BMW (some say SBF) forums!!

 

[Centurion9990]

Re: How to deal with property agents!?

haha let me clarify...
The next time I make an offer, I will try to push for closure on the spot like what the other bros have suggested.

Not easy to close on the spot UNLESS your offer is much much higher than the last transacted price, too hard to resist. Interest rate are low, sellers rather rent while waiting for the market to boom again.

 

[Zack45]

Re: How to deal with property agents!?

A real estate agent is the intermediary between buyers and sellers and is the one you will principally be dealing with. Knowing how to deal with real estate agents is the best way to become pro-active in the buying or selling process and get the most favorable results for you.....