Whether you are dealing with agents as a seller, buyer or tenant, it is important to be able to identify the ones who will protect your interests and the ones who will only harm your investments. Here are some tips to protect yourself from rogue agents.

Make sure the agent is licensed and associated with a reputable professional agency

Before dealing with an agent, the first thing to check is whether the person is licensed to work as an agent and if he belongs to a professional property agency. The property industry in Singapore is regulated by the Council for Estate Agencies (CEA), grants licences to agents who are trustworthy and competent, so they can equip consumers with ample knowledge to make informed property investment decisions. All agents who advertise on PropertyGuru.com.sg must have valid CEA license numbers, assuring users they aren’t fly-by-night agents.

Don’t hire an agent out of convenience

Do not hire an agent just because he is a friend, relative or acquaintance, or was recommended by one. While recommendations can be helpful, other people’s experience or relationship with an agent doesn’t equate to a positive experience for you. It is always better to gauge their knowledge on the market and the type of property you are seeking. For example, some agents specialise in a particular area, and others even in a particular condo project. A professional agent is likely to have a good understanding of both the market and his client’s needs.

Document and validate your payments

When you finally decide on engaging an agent, a risk you might be exposed to is having your financials vulnerable to fraudulent schemes. To avoid having your money misused by an agent, document your payment and ask for a receipt.

 

The PropertyGuru News & Views This article was first published in the print version The PropertyGuru News & Views.Download PDF of full print issues or read more stories now!
POST COMMENT