Making a property transaction soon? Take this one-minute quiz to find out what type of consumer you are!
1. When would you negotiate your agent’s commission, if at all?
- Before he starts work (1 point)
- After the transaction is completed (2 points)
2. Would you sign a prescribed estate agency agreement with your agent to document the agreed commission rate plus other terms and conditions?
- Yes (1 point)
- No (2 points)
3. Would you fill in the Customer’s Particulars Form?
- Yes (1 point)
- No (2 points)
4. Would you expect the other party’s agent to assist you with your paperwork, especially if you did not engage an agent?
- Yes (2 points)
- No (1 point)
5. What would you do at the end of the transaction?
- Honour your agreement with your agent and pay him commission for his services rendered (1 point)
- Negotiate your agent’s commission before paying (2 points)
This is actually a quiz to see how responsible you are as a consumer.
If you scored:
- 5 points: Good job! You are well aware of how you can work well with your property agent.
- 6-10 points: Whoops! You need to be more aware of your responsibility as a consumer.
Here are some tips to get you started:
- Be fair to your agent: Negotiate your agent’s commission before he starts work, and not at any point after.
- Protect both parties’ interests: Use the prescribed estate agency agreement to document everything agreed upon between you and your agent. Sign the agreement before he starts work to minimise any misunderstandings or disputes that may arise along the way.
- Cooperate with your agent: Filling in the Customer’s Particulars Form is one of the measures property agents must take to prevent money laundering and counter terrorism financing in Singapore. Cooperate with your agent!
- Respect boundaries: You should not expect the other party’s property agent to provide advice or assist you in paperwork whether for a fee or otherwise. If you are not familiar with procedures and regulations, you should engage your own agent.
- Honour your agreement: You should honour and pay the agreed commission for the services your agent had rendered at the end of the transaction.
Find out more about how you can be a responsible consumer at www.cea.gov.sg/happyconsumer.
(Selected graphics created by Freepik)