For many Singaporeans, selling their HDB flat is the most significant financial transaction of their lives. But are they getting the most out of their sale? A long-standing industry norm often eats up a large portion of the proceeds: the 2-3% property agent commission in Singapore. For a $500,000 flat, this can mean paying between $10,000 and $15,000. The question is whether this high fee is essential in today’s market.
The Prevailing Myth: Expensive Fees Are Normal
There’s a prevailing myth in the Singapore property market that high commission fees are a normal, unavoidable part of the process. This belief stems from a time when an agent’s role was more gatekeeper than guide, holding exclusive access to listings and market data.
Many sellers operate under the assumption that a higher fee equates to a better, more experienced agent who can secure a higher selling price. This ‘you get what you pay for’ mentality makes them hesitant to question the commission rate, leaving them with little choice but to comply, thus creating a market standard that has persisted for decades.
Agents may justify a higher rate if a property is ‘harder’ to sell or has been on the market for a long time, citing the need to accommodate longer hours. This includes arranging viewings, negotiating with buyers’ agents, or optimising the listing by raising the ad spend on property portals for more exposure. A high agent commission for selling HDB may also serve as an incentive to fetch a higher price for the property, especially for homes valued over a million dollars.
However, in today’s property market, sellers are more informed, and digital tools have made transactions more efficient. With the advent of technology and transparent data, the landscape has shifted dramatically, challenging the necessity of these traditional fee structures.
The Pressure of Rising Costs
Recently, major property listing portals have also increased their prices. To ensure a listing appears on the coveted first page of search results — the only page most buyers look at — agents must pay a hefty sum. Then, they have to make back that advertising spend somehow.
This especially impacts freelance property agents, who must fork out more cash from their own pockets to advertise for their clients, and these costs are invariably passed down to sellers. This means that on top of the hefty commission, sellers are also indirectly shouldering the burden of escalating marketing expenses, further diminishing their net proceeds.
A New Standard: 1% Property Agent Commission Fee
Fortunately, these challenges have paved the way for innovation. Proptech companies are leveraging technology to create efficiencies that translate into significant savings for consumers. By streamlining processes and utilising a data-driven approach, the entire sales journey becomes more efficient, allowing for a lower commission rate without sacrificing service quality.
A prime example of this new standard is Ohmyhome, which has introduced a more transparent and affordable model with a flat 1% agent fee.
While lower agent fees are good news for those looking to save money, the natural question for any seller is whether a lower fee means a compromise on service. The 1% model is built on technological efficiency, ensuring that high-quality, full-service support is maintained while costs are lowered. With this model, you can get the best of both worlds.
So, what does this 1% agent fee get you? It includes the comprehensive services you would expect from a full-service agent:
- Provide in-depth market analysis and strategic pricing advice
- Execute professional marketing on the top property portals
- Ensure the home listing gets maximum exposure through an extensive network
- Filter out unserious buyers to secure quality leads
- Coordinate and manage all property viewings
- Handle all negotiations and paperwork
- Offer expert guidance throughout the entire selling journey
Additionally, you get a dedicated Relationship Manager who will answer any questions until you hand over the keys to your buyer.
The Added Benefits
Beyond the significant cost savings, the 1% model is designed to provide sellers with greater security and flexibility. Ohmyhome structured our services to put your needs first, ensuring a partnership built on trust and alignment.
More Than Just a Low Agent’s Fee
1. You don’t have to pay if we don’t sell your home within the exclusive period
While some property agents ask for an upfront fee or deposit, we only collect agent fees for selling HDB after the Completion Appointment, assuming that the home was sold within the three-month exclusivity period.
2. Our property agents are salaried
The reason we can confidently say that our agents are not commission-hungry is that they don’t depend on it to make a living.
3. Switch to another Ohmyhome property agent, no questions asked
While other agencies require you to stick with a property agent until your transaction is completed, we understand that selling your home is a big, personal decision. Therefore, you have the flexibility to switch property agents until you find one that you feel more comfortable with.
Innovations: MATCH and HomerAI
To further enhance your selling experience, we developed proprietary tools that work behind the scenes at no additional cost. Our algorithm, MATCH, automatically connects buyers to available listings and sellers to interested buyers.
Here’s how MATCH works:
- We source property listings throughout the Internet and our own Ohmyhome app, where buyers post what type of home they’re looking to buy, as well as referrals from our in-house agents.
- We evaluate how serious these buyers are.
- We test them against our MATCH algorithm.
- We recommend the listing to buyers and encourage them to go for a viewing.
- We repeat this process to get you multiple offers from serious buyers.
This process gets you multiple offers from serious buyers faster than traditional advertising. It’s a scalable model we are continuously strengthening to make your property transaction even quicker and easier.
But if you’re not ready to speak with an agent, get all the insights you need about your home with HomerAI, our home ownership management and e-Valuation tool. It can provide an accurate estimation of your home’s value updated every month, so you can track if it has increased, stayed the same, or decreased.
HomerAI can also help you:
- Estimate how high you can sell your home, so you know its exact market rate and negotiate with confidence.
- Financially plan for your next dream home. How much do you actually get to keep? Do you have enough for your next home?
- Stay updated on the property market. No more waking up to thousands of news articles.
The Future of Agent Fees
As we move forward, the trend is clear: the 2–3% commission model is facing a reckoning as sellers realise they have the power to choose a service that respects their financial goals. The future points towards a market where fair pricing and excellent service are not mutually exclusive.
Ready to experience a smarter, more affordable way to sell your home? Contact Ohmyhome today to learn how our 1% commission fee and expert services can help you save thousands on your property sale.
Drop us a message on WhatsApp or chat with us via our Live Chat at the bottom, right-hand corner of the screen.
Frequently Asked Questions About Agent Fees
What are the fees for selling an HDB flat?
The main costs include agent fees, property valuation fees, legal fees, and the repayment of any outstanding home loans or CPF funds with accrued interest.
How much is an HDB agent fee for buyers?
An agent fee for buying an HDB is typically 2–3% commission on the purchase price.
What is the cheapest property agent fee?
Agencies often charge 2–3% commission, but the cheapest can go for as low as 1%.
What is Ohmyhome’s agent fee for selling HDB flat?
Our agent commission for selling an HDB flat is a flat rate of 1% of the selling price, plus GST.
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