Do you know how much you should pay the property agent who will help you sell or buy property in Singapore?
Several factors determine the property agent commissions in Singapore. With Ohmyhome’s record-breaking model- from $2,888 fixed-fee up to 5% commission -you might need to reset your expectations.
The Channel News Asia (CNA) explains that commissions paid by sellers can go a lot higher if the seller has more urgency, or if the property is harder to sell. Meanwhile, commissions demanded by the buyer’s property agent may sometimes be much higher. This is true for property agents who represent an overseas buyer and do a lot more work to help the buyer make a decision.
Keep in mind that not all property agent commissions in Singapore are at 2%. The Council for Estate Agencies (CEA) Singapore does not fix commission rates or provide guidelines on commission amounts to allow market forces to drive competitive pricing in the industry.
When selling or buying your property in Singapore, you are free to negotiate not only the property agent fee but also the other financial aspects like expenses and terms.
I would definitely recommend Ohmyhome for those who would like to sell their house. You will save thousands of dollars in agent fees if you engage Ohmyhome rather than other agents who charge you 2% of selling price. Sold my property in Yishun slightly above market value.
-M. Hazwan, Ohmyhome Client, March 2020
As the first fixed-fee model in Singapore, selling or buying through Ohmyhome’s property agent services means you don’t have to factor in the usual huge commission. This allows you to keep more of the profit or your property while offering a more attractive price than your competition.