The expertise of a local property agent can mean the difference between landing a great purchase and spearheading a failed venture. Whether you’re in Singapore’s market to buy investment property or move with the family permanently, having a property agent by your side simplifies the process in a myriad of ways.
Cost Vs Value
People seldom look at the value of bringing in a property agent. They’d much rather save a few hundred dollars on commission. However, their in-depth market knowledge and specialized training has prepared them for any real estate scenario possible. They already have a database of property listings that match your budget and demands in terms of space and amenities.
Local Vs Expat Investors
Investors who are already in Singapore should meet their prospect face to face. Observe them in their working environment rather than in their office. A good property agent in Singapore spends minimal time behind the desk and is instead out in the field building their database and networks. Expat investors can start by chatting with agents online. Majority of real estate websites today have an online help desk that connects you with Singapore-based agents.
The types of property accessible in Singapore include HDB flats, apartment and condo units, single-family residences, and shophouses. Each property type will cost differently to acquire and maintain. Moreover, the potential returns on investment will vary as well as the economic forces that drive demand and valuation for the properties.
In addition to these traditional and modern accommodations, you’ve also got REITs or real estate investment trusts that let you invest in a broader selection of property classes, such as strip malls, city stadiums, and industrial plants. Knowing what specific property type you’re looking to invest can dictate which agent you should be working with. Preferably, you want to work with an agent whose database has high concentrations of that property type.
Don’t be fooled by a neat suit and tie. A good property agent in Singapore should have the track record to prove their credibility. An agent with five or more years of experience will generally have more access to property listings as well as in-depth understanding of the local market than someone who just recently graduated from a real estate agency program. Look further into their certifications. Ideal candidates are those with updated and relevant certifications not only in real estate but in business management and other related fields.
Investing is a long-term game. Thus, you will be working with your property agent for as long as the portfolio is alive and well. If your agent is too busy, it can be a headache to get in touch with them during emergencies. Real estate agents can only realistically and effectively work with around five or six clients at any given time. If they always miss your calls or redirect you to their assistants, it may be a sign that your agent cannot put in the attention and commitment that’s needed to succeed in your investment venture.
There’s a dime a dozen agents practicing in Singapore. Use these pointers to create a formula or approach that weeds out the bad from the good agents.