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Real Estate Agent’s Commission

June 30, 2005

When buying a PRE-WAR flat in Tiong Bahru, do factor in the real estate agent’s commission.

The recommended guideline for a buyer agent’s commission is 1% of the purchase price. Depending on the size of the company the real estate agent represents, they may also require you to pay the prevailing GST.

Even if you are dealing directly with the listing agent and is not represented by any agents, the listing agent will still expect you to pay the 1% fee for service.

It is good to clarify this issue before you start negotiating with the seller’s agent.

If you are engaging a real estate agent to help you ferret out suitable pre-war units, it is only fair that the agent gets compensated with a 1% finder’s fee.

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