Martin Lee @ Sg
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Phantom Property Agents

Always ask to see the relevant documents to make sure that you are working with a accredited property agent.

Apparently, some firms are resorted to employing so-called rental coordinators to do the job of property agents.

These rental coordinators do essentially the same work as a real property agent, but as they are unaccredited, they do not need to pass the required examinations and meet the minimum sales quota.

The “phantom” property agents will split then their commissions with the real property agent they are operating under, who might not be present.

This blatant flouting of rules make a mockery of the Estate Agents Act, which aims to increase the level of professional of real estate agents.

And has anyone else besides me also felt that becoming a real estate agent is increasingly becoming a second career option for many people? I know of so many friends and acquaintances who have quit their job to become full time housing agents.

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6 comments
Wong Yim Yok says 7 years ago

Singaporean and Wilson are reflective of the kiasu section of their countrymen. Real Estate agents are professionals with their role in society just like lawyers, quantity surveors, insurance agents and those involved in Multi Level marketing to mention a few. If they feel that they would like to do the deals direct by all means. The agents, phantom or otherwise, would not be in your way. More and more developers are realizing the benefits of using real eastate agents to market their property and some are appointing these agents on an exclusive basis. The developers pays the agents as part of their marketing expenses and save on not having to have their own huge marketing organisation. Remember, with real estate agents, the developers are paying for deals closed and not otherwise. Even if the buyer go direct, they will not get any discount/rebate as the developer cannot give individual buyers different rates for the same property.

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Singaporean says 7 years ago

Exactly! Property agents do not add value to buyers and sellers but themselves. Govt should simplify the sales transaction process so buyers and sellers benefit and not a third party.

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Wilson says 7 years ago

Property agents serve no purpose other than to creat additional cost to the price of the property. Why do I need them to text me and call me (during office hours to boot!) about ‘new’ projects when I can easliy see them posted in the papers?! Might as well get rid of them and pass the savings (from the commission) to the buyer!

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Nuts says 7 years ago

“I know of so many friends and acquaintances who have quit their job to become full time housing agents.”

Sounds like 1995 and 1996 again. At that time many NUS students took the tikam-tikam exams in order to transact property for relatives and friends of relatives. Even those who have just graduated and working in full-time jobs would moonlight as agents.

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    Martin Lee says 7 years ago

    I guess the “potential income” is enticing. Close a deal on a $1mil property (very common nowadays) and your commissions can come up to $10,000 if it’s 1%. Just close one deal every month and you will be earning much more than that “stable job”.

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Charles says 7 years ago

Property Agent has become a second carreer for many people: they are at the office, collecting pay checks and hoping to strike it rich with property.

Singapore has always been a gambling den, even before the casino openede: there is Geylang, there is Singapore Pools, and there is the Property Market.

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