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Expectation vs. Reality: A Property Agent’s Role When Selling a Home

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There are about 30,000 agents in Singapore. Having the luxury of options, home sellers are able to handpick who they think will best represent their property transactions. Engaging an agent to guide you in your property selling journey comes with a set of preconceived expectations on what they should do as your representatives – however, some of these expectations don’t always match up to reality.

Here are the most common expectations to overcome when it comes to property agents.

Expectation: An Agent will sell my property to the highest bidder

Many people go into their property selling journey with the assumption that the agent’s main motivation is to sell your home at the highest possible price.

Reality: Past transacted prices will play a role in deciding the selling price

However, all agents must consult the past transacted prices of all the units in your area to ensure that it is priced competitively. This is because buyers are not willing to fork out premium prices (with certain exceptions such as a million-dollar view or an amazing location), particularly in a saturated buyer’s market.

Expectation: An Agent will get me the best home loan for my financial planning

Agents may also receive requests from their clients about advice on home loans, or even help them to acquire the best home loan rate to finance their property purchase.

Reality: Agents will refer you to a Mortgage Broker

Agents are not mortgage brokers and therefore are not equipped or qualified to provide advice about home loan matters. These types of questions should be better answered by a professional mortgage specialist. At Ohmyhome, our in-house agents work closely with our mortgage specialist to help with their client’s home loan matters. On top of that, he can also assess your mortgage eligibility, recommend the best interest rate package across all banks, guide you throughout your mortgage application process and so much more!

Expectation: Engaging more agents will increase my chances to sell fast

It may be tempting to hire more than one agent in order to increase your chances of snagging a buyer for your unit in the shortest time.

Reality: One dedicated and top-notch agent to represent you is more than enough

However, CEA shared an article to debunk the common misconception that having more property agents to represent you means that the number of buyers would multiply. To ensure a smooth and worry-free selling experience, be very careful in selecting your real estate agent. One dedicated agent is able to serve your needs better than 3 indifferent agents.

Some important points to consider when narrowing down your choice of agent:

  • Does the agent have a valid CEA license?
  • Will they be easily contactable should you have any questions?
  • Will they offer pro tips and update you on all offers promptly?
  • Have they done extensive market research?
  • What’s their marketing strategy?
  • Do they have experience selling in your area?
  • Are they patient in explaining the details of a contract?
  • Will they help you submit the relevant documents to HDB?
  • Are they confident when it comes to representing your best interests during the negotiation process?

May this serve an important reminder that while there’s plenty an agent can do for you to ensure the successful transaction of your property, there are also a number of things they can’t do that could be unbeknownst to some. If you’re still looking for an agent, be sure to check out our fixed-fee agent service that promises a personalised customer experience, complete with a direct line to our dedicated customer care team and free property report upon consultation. To learn more, call 6886 9009 now!

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