No Preset Fee Service fees To the Real estate property Agents

I seek advice from the post on sixteenth September 2010 in the Straits Moments in Singapore ‘Oct 22 start for real estate stat board’ prepared by Jessica Cheam pertaining to the Invoice handed by parliament on Estate Agents.

Mr. Mah Bow Tan, the Minister for Ministry of National Enhancement(MND) said the Council of Estate Companies(CEA), which is underneath the jurisdiction of MND can not repair commission charges, as

This might be anti-competitive, and it absolutely was far better for these kinds of fees to generally be motivated by market forces.

I just question, why it is feasible to fix commission fees for that coverage market, and never getting seen as ‘Setting policies on commission prices for brokers is considered as Singapore Real Estate Agent anti-aggressive and could infringe the Opposition Act.’

It is absolutely doable to repair charges to the estate agents. In my view, by fixing charges, a bit of existing difficulties, complaining about unethical agents will probably be solved.

I feel the following case in point is possible and do-in a position:

Worth of Property

Commission Fees

Under S$900,000

2%

S$900,000 – S$1,800,000

one.5%

Previously mentioned S $1,800,001

1%

Among Co-broke agents

50% Each and every from the whole Fee gathered

From the insurance coverage business, if any insurance policies agent is caught underneath-slicing, their licence will be revoked. So, it can be done the same way for that estate agents.

The CEA’s key goal should not just ensure the unethical housing brokers are punished, it should also investigate housing agents who’re professional, truthful, and by satisfying them throughout the very simple method of fixing the commission fees.

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