Withhold Fact That They Are Relative Related (beware!)

[wng 0]

Hi All, I just sold my flat recently and was shock to know that my exclusive agents (one of the biggest property company in singapore) was actually relative related to the buyer after commisssion dispute between agent and buyer.

What is the code of conduct for a property agent? Are they suppose to disclose the relationship to the seller, if the buyer and agent are relative related? If it's not disclosed he/she might also have acted in the best interest of his/her relative instead of me.

Any comments on this?

[autumnzy 0]

Hi All, I just sold my flat recently and was shock to know that my exclusive agents (one of the biggest property company in singapore) was actually relative related to the buyer after commisssion dispute between agent and buyer.

What is the code of conduct for a property agent? Are they suppose to disclose the relationship to the seller, if the buyer and agent are relative related? If it's not disclosed he/she might also have acted in the best interest of his/her relative instead of me.

Any comments on this?

I think it's quite common practice leh. If u wanna sell/buy, u find a relative who's doing property, then can give less commission ma

[wng 0]

My point here is that the agent may not act on my best interest to secure the best price for my flat. Since the buyer is their relative who know what they are upto? Example, agent may withhold information such as higher offer from other potential buyer so that the relative buyer can get a cheaper price.

Is there any association/organisation in Singapore to govern property agent in term of code of conduct, rules and regulation? What a agent can do and what they can't do!

Edited July 11, 2007 by wng

[zirhk3355 1]

As far as I know there is no regulations for agents acting for their relatives, and not even for withholding of information such as pricing.

There is an organisation called IEA, www.iea.org.sg, which has guidelines on how agents should behave. Currently there is no organisation that governs the agents, simply because there is no qualifications for agents yet and its very much a "willing buyer, willing seller" situation.

And your case highlighted yet another weakness in exclusive agency; since the buyer is a relative, who will definitely buy from the said agent, he will now have the best of both worlds, controlling the seller (which is you) and controlling the buyer. Commission also both sides, although maybe from buyer he gets lesser lah, but this will be an easy deal for him lor.

So always remember, given so many agents on the market now, you will have no lack of them willing to work for you. NEVER NEVER sign exclusive, no benefits at all!!

Think about it - your problem would have been non-existent if you do not have exclusive and you can go find other agents, right?

[wng 0]

Hi zirhk3355, thanks for the advise. What happen to me cannot be undo.

I am actually sharing my unhappy encounter here is to create awareness to others. So that this kind of cases dun happen again.

Thanks.

[zirhk3355 1]

Hi zirhk3355, thanks for the advise. What happen to me cannot be undo.

I am actually sharing my unhappy encounter here is to create awareness to others. So that this kind of cases dun happen again.

Thanks.

Ya lor, but since you sold liao then forget it lor - very hard for you to raise any case against them lah.

Just remember never to trust the agents too much lor, they are supposed to be your tool for doing legwork, paperwork and giving you leads on buyers and/or sellers. When come to advice, their words must be taken with a pinch of salt.

[wng 0]

I fully agree with you! I am angry but come to think about it i blame myself for being too trustful.