If you have engaged a capable property agent, giving him the full authority to manage the entire transaction of selling or buying your property in Singapore would certainly increase your chances of moving the unit faster. Exclusive Agreements are often misunderstood.
What is an Exclusive Estate Agency Agreement?
When you sign an Exclusive Agreement, you are appointing one agency or salesperson to perform estate agency work for you.
What’s the Difference Between the Responsibilities of an Exclusive Agency and a Non-Exclusive Agency?
The roles and responsibilities of a non-exclusive agency and an exclusive agency are essentially the same. You will be authorising the property agents to do viewings, advertise for your flat, negotiate on your behalf, and do all the paperwork for you.
The main difference is that you will only deal with one instead of multiple agencies. Having one point of contact means that one agent is now fully responsible for your unit. You can be assured that reasonable instructions and requests regarding the sale or lease of your unit will also be carried out by your agent diligently.
For exclusive agreements:
- You appoint only one property agency during the validity period of up to three months.
- During the validity period, you are liable to pay commission to the appointed property agency even if you sell, buy, or lease the property through another agency or completed the transaction on your own.
- Within three months after the validity period, you are still liable to pay commission to the appointed agency if the property is transacted with a party introduced by your appointed agency during the validity period.
For non-exclusive agreements:
- You appoint two or more property agencies to help you sell, buy, or rent
- You need to clarify which property agent can claim commission from you if more than one property agent introduced the other party to you.
- You should pay a commission to the property agency who successfully helps you complete your property transaction.
According to the Council for Estate Agencies (CEA) Singapore, you can choose the type of agreement depending on your needs and preferences. Generally, property agents engaged on an exclusive basis are likely to devote more attention and resources to your transactions.
When you engage an Ohmyhome property agent, you engage the whole company. That includes not only our team of top-notch agents, but also our team from data, engineering, marketing, and customer service. Our area-specific agent assigned to you can then focus on transacting your property at your desired price by highlighting the merits of the home.
Should you have any further questions, give our customer service team a call at +65 6886 9009. We’re happy to welcome you home!