I refer to the article published on The Straits Times in Singapore, dated 22nd August 2010 of 'Do your checks before signing the cheques' written by Joyce Teo, the Property Correspondent of The Straits Times.
I feel, the article is astonishingly bias against the real estate agents. The example of
'... if you have overpaid your agent when he is driving a BMW and you are still taking the bus.'
Miss Teo may not know it requires not just one deal by the real estate agent in order to book a BMW.
Do I see red eyes or is this purely myopic and bias. Miss Teo looks at estate agents who drive BMWs.
What about real estate agents who take the buses, the MRT (Mass Rapid Transit) and the taxis?
I also believe, real estate agents who drive BMWs have come a long way, putting in their efforts and earned what they rightfully deserved.
There are estate agents who are investment savvy, who perhaps, purchase the BMWs from their profitable estate investments, not necessarily from the well deserved commission fees.
If Miss Teo had spoken to the real estate agents prior to writing the article, the content maybe different or at least not bias.
- There are times when the agents are abused by buyers and or sellers;
- There are times when the agents' advertisement costs surpassed the commission fees they received;
- There are times when the sellers delay paying commission fees, making life so difficult for the agents;
- There are times when the agents served the sellers whole-heartedly,advertised regularly,
but, at the end, the sellers decide to keep the property;
- There are also times where the agents spend all his time serving the buyers, but, the latter transacted with another agent, or decided not to invest;
- There are also times when the sellers' and or buyers' solicitors, who may not necessarily be familiar with conveyance procedures,created inconveniences for agents, just because they are solicitors.
We compared our one digit 7% GST with countries charging two digits.
We should also compare agents in countries receiving 6% commission fee or more, and the advertisement cost is borne by the sellers.
So, what is the fuss of a fixed 2% commission fee for the agents in Singapore, going through all these examples I gave.
All these unspoken grievances most agents have gone through, and are still going through, were never mentioned since the topic on regulating the real estate industry kicked in a year ago.
I just wonder, why it is possible to set a fixed commission rate for the insurance industry, and not being viewed as 'Setting rules on commission rates for agents is viewed as anti-competitive and could infringe the Competition Act.'
About this Author
Wee Leng Koh
Cert. In CEHA(Common Examination for Housing Agents)
Email:kohweeleng@gmail.com
http://www.weeleng.com
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