Should I Pay My Buyer's Agent The Commission?

[pinkmooi 0]

Hi All,

Would appreciate your help and feedbacks and thank you in advance!

I'm and independent seller and I'm marketing my own flat. (at my own cost)

Well, a few of the agents had responded to my ads and they brought their prospective

buyers to view my place. Despite all this of course most of them wants me to make them

my exclusive agent but of coz i refused.

So there's this one buyer whose interested in buying my flat but then the problem comes from

the agent. He's asking me to pay him 1% comm for getting me the buyer despite I've told him that

I'm actually doing my own OTP and such.

My question is;

> Eventhough i'm an independent seller, am i still oblige to pay them even though I'm doin my own transaction?

> If i really do pay them, do i have the right to get them to do the OTP and all the paperwork on my behalf?

> Should i pay by cheque, payee is the agt's name or their company's name?

Thank you guys!

Ur help is much appreciated!

[bepgof 20]

Hi All,

Would appreciate your help and feedbacks and thank you in advance!

I'm and independent seller and I'm marketing my own flat. (at my own cost)

Well, a few of the agents had responded to my ads and they brought their prospective

buyers to view my place. Despite all this of course most of them wants me to make them

my exclusive agent but of coz i refused.

So there's this one buyer whose interested in buying my flat but then the problem comes from

the agent. He's asking me to pay him 1% comm for getting me the buyer despite I've told him that

I'm actually doing my own OTP and such.

My question is;

> Eventhough i'm an independent seller, am i still oblige to pay them even though I'm doin my own transaction?

> If i really do pay them, do i have the right to get them to do the OTP and all the paperwork on my behalf?

> Should i pay by cheque, payee is the agt's name or their company's name?

Thank you guys!

Ur help is much appreciated!

1. In this instance, you've right not to pay buyer's agent even 1 cent. Pls standy OTP doc, sign and give to buyer when he gives you 1K. Can downloan OTP from HDB's web, get buyer's agent as witness.

2. If you engage an agent to represent you, agent MUST do everything.

3. Best is by cheque (pay only at 2nd appointment, service deems completed) for traceability, payee = company

Edited June 11, 2010 by bepgof

[Plastic3 0]

My question is;

> Eventhough i'm an independent seller, am i still oblige to pay them even though I'm doin my own transaction?

No

> If i really do pay them, do i have the right to get them to do the OTP and all the paperwork on my behalf?

Yes

> Should i pay by cheque, payee is the agt's name or their company's name?

Company's name

[chronograph 0]

Since u r doing everything on your own, why pay buyer's agent coms?

IN your own judgement, is your place very sought-after? If it is high in demand, i don't see why u must pay to buyer's agent, u can always sell it to others.

[blueocean 0]

Looks like you are marketing your own HDB flat.

Some points :

1. The seller is King because all agents need "products" like yours. There are so many agents in the market these days and it is highly competitive.

2. Agent wants 1% commission ? Hmm ... very easy lor. Your final price is just "Valuation price" + "COV + Agent 1%". You just bump up the COV by 1% of selling price lor. It is just simply moving the numbers around. As long as you are happy with your selling price, just add 1%. If agents wants to earn that 1%, just make sure he works to get the ideal price for you

3. The HDB paperwork is quite easy lah ... just shade the forms and go HDB to drop in pigeon hole. But need to co-ordinate with other party to complete the form. You can save a couple of dollars if the agent has Resalenet which is a computerised sale system but only accredited agents have access to it eg CEHA, CEA etc. Not all agents have CEHA or CEA.

My question is;

> Eventhough i'm an independent seller, am i still oblige to pay them even though I'm doin my own transaction?

> If i really do pay them, do i have the right to get them to do the OTP and all the paperwork on my behalf?

> Should i pay by cheque, payee is the agt's name or their company's name?

[d007 0]

Don;t pay the commission if he/she doesn't deserve it.

If you are paying cheque, pay to the company NEVER to individual.

[leechaorui 2]

Just add 1% to the price you are selling and give the 1% to the agent. In that way, the agent can do all the running and paper work for you and you still receive the price that you are asking for. Since the buyer is the one that brought the agent along and wish for the agent to service him, let him pay for the commission.

[leechaorui 2]

Beware of this Guy!

Laeeque Ahmed offered my wife fake pay stubs. He created them for him and now we are in trouble. Laeeque says he had no involvement and do not recall doing any such thing. The banks called us in because they found out. What should we do ? We do not know where to complain and lawyers cost a lot of money.

You may want to start a separate thread to seek advice from forumers. Who is Laeeque Ahmed?

[therat 18]

I did a google on Laeeque Ahmed

Found this

http://www.immigration.ca/forum/forum_post...needs-to-be-str

Not only is this disgraceful, its troubling for new comers to this country too. We leave our countries because of the corruption and fall in the hands of agents like Laeeque Ahmed. Here's his contact information.

Remax Active Realty Inc., Brokerage. Independently owned and operated.

200 Matheson Blvd. West Suite 202, Mississauga, ON L5R 3L7

Cell: 416-457-8664

Office: 905-290-6777, Toronto: 416-292-6777

Direct Fax: 905-824-6115, Off. Fax: 905-290-6799

Email: info@laeeque.com, laeeque@hotmail.com

Website:www.laeeque.com

His name is all over Canada Immigration, Spain Forum

hmmm...

Don't think it is related to us.

[vinder79 0]

Hi All,

Would appreciate your help and feedbacks and thank you in advance!

I'm and independent seller and I'm marketing my own flat. (at my own cost)

Well, a few of the agents had responded to my ads and they brought their prospective

buyers to view my place. Despite all this of course most of them wants me to make them

my exclusive agent but of coz i refused.

So there's this one buyer whose interested in buying my flat but then the problem comes from

the agent. He's asking me to pay him 1% comm for getting me the buyer despite I've told him that

I'm actually doing my own OTP and such.

My question is;

> Eventhough i'm an independent seller, am i still oblige to pay them even though I'm doin my own transaction?

> If i really do pay them, do i have the right to get them to do the OTP and all the paperwork on my behalf?

> Should i pay by cheque, payee is the agt's name or their company's name?

Thank you guys!

Ur help is much appreciated!

Hi i have bought and sold 2 flats and have acted on behalf of my mum for her 2nd apt in may 10.U see we 2 did not have an agent and we went through direct owner.We nego the price they accepted then we arranged to sign OTP.When we went to selller house a relative of theirs who is an agent was there and he offered us to do documenttation and act on our behalf for 1/2 %.We paid $1200 plus to company after completion.U see we could have done it all by our selves but i advised mum to take him on.I realised that when seller buyer want to represent themselves they also need protection.The buyers need to be vetted that they can afford to buy your home and have enough cash.What happens if at 2 nd appt the buyer has not enough to pay HDB??They can not show up for the appt and drag it for 2 mths so all this is the agents responsibility.The buyer can also have unreasonable last min request so its the agents job to handle all this.Why u pay him 1% ask him to halve it of just name him a figure and tell him that buyers have no exclusive agents if the buyer really wants your flat he can comeback on his own also.A

And yes if u pay him even 1 cent he is acting on your behalf so he has to do your documentation.My advise is only pay agent after HDB has given u your check and pay either direct transfer oor by cheque.

M last advise is this if u are paying him 1% and u up your selling price by 1% are u really being fair to the buyer and if u calculate properly wont u be paying the agent more.

Sorry if my words sound harsh but trust me i have no bad intention i really dont mean to offfend.I had an unreasonaable buyer for my 1st home which i marketted off myself thank god i used his agent who kept him in line. When buying my sellers were terrible will post it soon so ppl can be vary of my sellers agents cause i met them twice at HDB and twice buyers got cheated from them.

Another tatic is to get an agent friend to help u for a small Ang pow la then u will be better off.

This is my 2 cents worth and my experience only.

Edited July 7, 2010 by vinder79

[htng 1]

Hi i have bought and sold 2 flats and have acted on behalf of my mum for her 2nd apt in may 10.U see we 2 did not have an agent and we went through direct owner.We nego the price they accepted then we arranged to sign OTP.When we went to selller house a relative of theirs who is an agent was there and he offered us to do documenttation and act on our behalf for 1/2 %.We paid $1200 plus to company after completion.U see we could have done it all by our selves but i advised mum to take him on.I realised that when seller buyer want to represent themselves they also need protection.The buyers need to be vetted that they can afford to buy your home and have enough cash.What happens if at 2 nd appt the buyer has not enough to pay HDB??They can not show up for the appt and drag it for 2 mths so all this is the agents responsibility.The buyer can also have unreasonable last min request so its the agents job to handle all this.Why u pay him 1% ask him to halve it of just name him a figure and tell him that buyers have no exclusive agents if the buyer really wants your flat he can comeback on his own also.A

And yes if u pay him even 1 cent he is acting on your behalf so he has to do your documentation.My advise is only pay agent after HDB has given u your check and pay either direct transfer oor by cheque.

M last advise is this if u are paying him 1% and u up your selling price by 1% are u really being fair to the buyer and if u calculate properly wont u be paying the agent more.

Sorry if my words sound harsh but trust me i have no bad intention i really dont mean to offfend.I had an unreasonaable buyer for my 1st home which i marketted off myself thank god i used his agent who kept him in line. When buying my sellers were terrible will post it soon so ppl can be vary of my sellers agents cause i met them twice at HDB and twice buyers got cheated from them.

Another tatic is to get an agent friend to help u for a small Ang pow la then u will be better off.

This is my 2 cents worth and my experience only.

Dont save..Like some brother say, just put valuation + COV + 1% as selling price. Easy one lah...Tell the buyer agent this and ask him to get buyer to up the price. Everyone work for $$ mah.. Tell him if you perform, you will get it...