You may be looking into the idea of purchasing a home and have been wondering why you need to involve a third-party in the whole deal. Some people have managed to do so quite successfully, but they are only a small margin, and many others end up buying their homes for so much more than the property is really worth.
In Singapore, a key component of household wealth is property and about 47 percent of household assets are tied up in real estate. However, the process of buying or selling a house is both a financially and emotionally demanding experience, and you will need to be guided through the complex process. If you are considering one of Property Guru’s Singapore property, here are some of the top reasons why you should consider hiring a professional real estate agent.
For starters, you do not have or ever need to know all the laws, tricks and other survival tactics that go into the selling and buying of real estate in Singapore when you hire a real professional. The real trick, however, is finding the right real estate agent who has more experience and education on such matters than you, to do the job for you. At the same time you will save yourself some valuable time; something you would not have if you decided to do the job for yourself.
A Buffer Zone
Agents also act as a buffer zone screening all those who request showings of the property and visits as the seller. As a buyer, the agent will protect you from the seller’s agents looking to get a bigger bargain out of you by trying to get you to purchase at a higher price than dictated in the market. When you decide to sell your property later, your agent will be in a good position to tell which buyers are serious about purchasing the property and negotiate with them to make better offers.
Get All the Information
You will be amazed by the amount of intimate knowledge agents possess about the industry buzz within a particular neighborhood. Real estate agents are in a better position to accurately compare sales of similar properties within the area and hand over the facts to you as the buyer. They are a helpful bunch in leading you to the right sources of information covering vital statistics like crime, schools and other demographics to ensure that you are buying property in the right neighborhood.
Find the Real Value of Property
Contrary to common belief, these agents do not set or select the prices at which buyers and or sellers pay and are paid for properties. The onus of such a task is left to the individuals who have a direct interest in such transactions and the agents are only there to guide their clients into making the right choices. Traditionally, the agent will receive a percentage of the sale as commission and it is their task to study the market supply, conditions and demand to devise a negotiation line of attack.
Get a Clear Picture of the Market
Agents are in a better position to understand and expertly interpret the market conditions that govern the home selling and buying process. Some of the data required to make the purchase or sale of a home a success include median and regular sales prices, regular cost of per square foot of similar premises within the neighborhood, among other information. They largely contribute to the direction one will take.
Working in a service-oriented field and with the competition from other agents growing, it is difficult for a real estate agent to stand out. While a few agents can find potential clients by word-of-mouth marketing, most often, property agents will go the extra mile to ensure they secure property deals. In today’s world, your real estate agent may even run errands for you and also pick you and drop you off wherever you want to go.
The agents are probably some of the best information sources when it comes to selecting other professionals who you can get in touch with to provide important services. Some of the professionals you need to work with include home inspectors, electricians, plumbers and others. Recommendations are most often of individuals and companies they have worked with before. Legal liability however, prevents agents from directly naming some service and product providers over others.
In short, hiring the services of a real estate agent provides a buffer between you and the market, access to intricate neighborhood knowledge, and an individual with specialized education and experience. They also provide guidance when determining price, market conditions information, and professional networking that will be of particular advantage to you. The Council for Estate Agencies (CEA) encourages prospective home owners to only carry out home purchase through licensed estate agents and salespersons. It is said that one of the smartest decisions you can make is to hire an individual who is smarter than you, to work for you.