Agents Avoiding Co-broke Deals

[edtang 0]

I faced another problem when selling my unit recently when I worried that our agent is not telling us all the offers made especially when some house viewers look very interested but we didnt hear from our agent on any offers. Unfortunately these were from other agents co-broking. I will think its their benefit (and human nature) for agents to push for their direct buyers rather than co-broke even though the co-broke may offer higher for seller but will cut half their commission, and its very difficult for us sellers to know. My relative told me about this new service which interestingly provide a independent (and free) way to get rid of this problem. Think the whole idea is to allow buyer/seller to commmunicate while u can still work with your agents. This prevent the agent from 'hiding' any offers to the buyer or seller. The site can be found at: http://www.nextdistrict.com

The agents might not be happy but at least we have a fair way for everyone. BTW i tried and managed to get a co-broke deal at the highest price. Hope it'll help others in my same situation.

Unfortunately its only for Condos (at least for now...)

Anyone has the same problem or worry?

[therat 18]

self promotion?

[webby 0]

the site says that its a kind of 'auction' for property. Does this help in co-broke deals?

[tnqhome 0]

I faced another problem when selling my unit recently when I worried that our agent is not telling us all the offers made especially when some house viewers look very interested but we didnt hear from our agent on any offers. Unfortunately these were from other agents co-broking. I will think its their benefit (and human nature) for agents to push for their direct buyers rather than co-broke even though the co-broke may offer higher for seller but will cut half their commission, and its very difficult for us sellers to know. My relative told me about this new service which interestingly provide a independent (and free) way to get rid of this problem. Think the whole idea is to allow buyer/seller to commmunicate while u can still work with your agents. This prevent the agent from 'hiding' any offers to the buyer or seller. The site can be found at: http://www.nextdistrict.com

The agents might not be happy but at least we have a fair way for everyone. BTW i tried and managed to get a co-broke deal at the highest price. Hope it'll help others in my same situation.

Unfortunately its only for Condos (at least for now...)

Anyone has the same problem or worry?

I think you sell yourself better....

Agent will always look for independent buyer to earn another 1% more.... The independent buyer might not offering the high price, but the agent will tell you... It's the highest price already...

[leechaorui 2]

That's why it is important to choose an honest agent to act for you. If you do not know of a good agent, then it may be better to sell the property on your own. It is worse to have sleepless nights worrying about agent playing punk behind your back.

Cheers.

[tnqhome 0]

That's why it is important to choose an honest agent to act for you. If you do not know of a good agent, then it may be better to sell the property on your own. It is worse to have sleepless nights worrying about agent playing punk behind your back.

Cheers.

Although there are still some honest agent out there... But I think is difficult to find one!!! 8 out of 10 are just trying to conn our hard earn money....

Really hope government will do something about it....

[Guest Goobii]

rubbish ..

[edtang 0]

if you are an agent let's assume there's a co-broke deal at $900K and another direct deal at $850K. If your client (seller) does not know will you let them know of the $900K deal? I think the answer speaks for itself. There is no real transparency unless people go through a service like www.nextdistrict.com, but i think it'll be difficult for any agents to readily accept.

[wcseow 0]

try this..maybe it will help

make sure u are present during the viewing...and offer ur card/contact to the viewer/viewer's agent and let them know they could contact u too if they are ready to make a offer. At the same time, make sure ur agent fully understand this before engaging him/her.

Personally i did face similar situation when I was buying and in one particular situation I learn the deal was closed at 20K lower than what I had offered...

[kiddboy 0]

try this..maybe it will help

make sure u are present during the viewing...and offer ur card/contact to the viewer/viewer's agent and let them know they could contact u too if they are ready to make a offer. At the same time, make sure ur agent fully understand this before engaging him/her.

Personally i did face similar situation when I was buying and in one particular situation I learn the deal was closed at 20K lower than what I had offered...

i face the situation that my agent arranged for me and my wife to view one unit. we were told by the seller agent that the other viewers has already offer 23K cov and the seller want to close the deal. my agent who act on our behalf told the seller agent that if we view the unit and we like it, we will counter offer. you know what, the seller agent kept saying that the deal is going to close and refuses us to view the unit. my agent gave up on him

[bepgof 20]

i face the situation that my agent arranged for me and my wife to view one unit. we were told by the seller agent that the other viewers has already offer 23K cov and the seller want to close the deal. my agent who act on our behalf told the seller agent that if we view the unit and we like it, we will counter offer. you know what, the seller agent kept saying that the deal is going to close and refuses us to view the unit. my agent gave up on him

Yr case is a very typical real & practical case when both buyer & seller have their own agents, and especially the unit is "hot". If and only if you are really interested, only specking directly to seller will help. I encountered this at Bedok South , 20 fl, pt blk, seaview, one night, light rain @7.30pm, COV=40K. Both side enaged agents, another viewer also with agent was there.

I offered COV20K, then later increased to 25K. Seller agent said "no chance". I left my wife on the spot, back home fetched my mom-in-law to have here view, already@9.30pm. She liked it very much, I offered cov to 30k, still "no chance". We left. My in law spoke to seller directly on many issues...

Next day afternoon went for a site survey near the blk to see sunlight issue, called my agent & visited her mom (another blk, unit same orientation, 19 fl)to "test" the heat - one side of wall face west. Quite acceptable. Asked my agent to close the case at cov=40K. In returned, was told by my agent that the seller agent had told her that the seller had increased COV to 60K. I said to my agent: "ask them go & die" wash my hand off.

[rawmeat 0]

Mine was clear cut.

The seller agent told my agent unit wasn't available.

I called myself and got an appointment.

I made an offer below valuation to try luck.

The only thing the seller's agent ask was for me paying him commission. period.

Got commission got talk, no commission no talk. I said yes, and he came out with the smiling owner and said all set.

I later found out that he told the owner the flat in the area all sold around those prices and my offer was a good deal. His neighbour sold at $70k cov a month later.. too bad for him... how i knew, that owner was represented by one of the 3 agents(previously) helping me find a flat, just that we couldn't agree on price.

The seller's agent who's serving me, did basically nothing for me... all communications were centered around paying him, period... everything said and promised all became non-existence... only the commission mattered.

that's the real estate agent world today. face it live with it. government made it clear they'll do nothing about it other than ask them to get sufficient insurance to boost the insurance industries hit by recent crisis... one stone kill 2 birds...

[Plastic3 0]

I later found out that he told the owner the flat in the area all sold around those prices and my offer was a good deal.

That is Rubbish!

stupid Agent, pity the Seller.

Edited April 3, 2010 by Plastic3

[Alvin78 0]

Mine was clear cut.

The seller agent told my agent unit wasn't available.

I called myself and got an appointment.

I made an offer below valuation to try luck.

The only thing the seller's agent ask was for me paying him commission. period.

Got commission got talk, no commission no talk. I said yes, and he came out with the smiling owner and said all set.

I later found out that he told the owner the flat in the area all sold around those prices and my offer was a good deal. His neighbour sold at $70k cov a month later.. too bad for him... how i knew, that owner was represented by one of the 3 agents(previously) helping me find a flat, just that we couldn't agree on price.

The seller's agent who's serving me, did basically nothing for me... all communications were centered around paying him, period... everything said and promised all became non-existence... only the commission mattered.

that's the real estate agent world today. face it live with it. government made it clear they'll do nothing about it other than ask them to get sufficient insurance to boost the insurance industries hit by recent crisis... one stone kill 2 birds...

You are absolutely right and spot on! Everything is centered around the commission matters only. Nothing else matter to agents. They can shout that they need to do a lot of paperwork, calling and need to eat too but all these are crap to consumers. In the end, most don't deliver. Once they got your signature on the dotted lines, it will be worse. Less communication and promises not delivered. I can't help to say this but is there a governing body for singapore real estate at all? Is the govt ever going to look at the things on time and not react too slow and too much in the end?

[leechaorui 2]

You are absolutely right and spot on! Everything is centered around the commission matters only. Nothing else matter to agents. They can shout that they need to do a lot of paperwork, calling and need to eat too but all these are crap to consumers. In the end, most don't deliver. Once they got your signature on the dotted lines, it will be worse. Less communication and promises not delivered. I can't help to say this but is there a governing body for singapore real estate at all? Is the govt ever going to look at the things on time and not react too slow and too much in the end?

There are also honest agents. I have encountered honest agents too.