Let’s start by looking at the real estate agents first, then we will share how some home sellers messed things up and caused problems for themselves. Importantly, how you can avoid all these!
While some of these complaints could be due to minor offenses, many customers lost money because their real estate agents did not act in good faith, misappropriated client funds, or misrepresented the real estate transaction.
Before the Council for Estate Agents (CEA) was formed, a rogue real estate agent embezzled over $830,000 from a client.
After the Council for Estate Agents was formed in October 2010, a real estate agent misled her client, causing him to lose $65,670.
A real estate agent did not act in good faith and failed to perform estate agency work in accordance with applicable laws, resulting in a loss of $32,000 for the client.
real estate agent’s wrongful conduct resulted in clients losing $81,133 from failing to get a refund for ABSD paid.
A real estate salesperson gave wrong information about the expiry of an Option to Purchase, causing a client to lose $30,000.
A home seller was misrepresented by his real estate salesperson and had to pay $70,400 to IRAS for the sale of his property.
A property agent engaged to help in the purchase of a condominium unit misappropriated nearly $600,000 of her client’s money. This led to the failure of the client to complete the purchase from a real estate developer. The total amount lost, including forfeiture of payments made earlier, was a whopping $1.2 million! To date, the client has not been able to recover the amount.
You can find some of these cases documented on the Council for Estate Agents (CEA) website and regardless the amount involved, be it $30,000 or $1.2 million, falling victim to a real estate transaction is not what anyone wants. Mistakes are made when victims fail to make the right decisions or conduct due diligence, or trust the wrong person. But what if I told you that all of this could have been easily avoided?
First, ask yourself this question: Are all real estate agents the same?
Yes, all real estate agents are in the business of providing real estate services and solutions. Some choose to be general practitioners, while others specialize, and this makes a whole lot of difference when selling a unique property falling under these three categories:
As a home seller, would you engage the services of a real estate agent whom you can trust or a reliable one? Does it sound confusing? What’s the difference? Let’s imagine a scenario: You have three friends who are doctors; one is an eye surgeon, the other is a cardiologist, and the last is a neurologist. If you have a toothache, which friend will you go to?
🔲 The Eye Surgeon
🔲 The Cardiologist
🔲 The Neurologist
The answer is obvious, isn’t it? You look for a dentist who is not a friend! You can hire a friend or relative that you trust, but when it comes to having the right skills and knowledge to negotiate in your best interest, is your friend or relative reliable enough to do the job well? As the saying goes, it is easy to hire a friend or a relative, but it is difficult to fire them when you do not achieve your desired outcome. The truth is, you need to get the right person to do the right job!
You might wonder, how can a home seller make any mistakes other than the fact that they are misled or misinformed by their real estate agent, right? WRONG! Many home sellers make costly mistakes due to their own faults and the three main reasons are improper planning, lack of trust, and oversights. All these mistakes took place even before the home sellers meet with any real estate agents. During the meeting, the only instruction for the latter is to find them a buyer at a particular price. There were no discussions and mistakes are made repeatedly. A few home sellers even had to compensate the buyer & the real estate agent in the process to rescind the sale after realising that selling their property does not make any financial sense and in fact, will burden them with greater inconveniences and financial loss. Here are some common but actual mistakes that we have seen.
Failure to check loan redemption date…
Sales proceed is not enough to buy another property…
Miscalculating the Sellers Stamp Stamps (SSD) timeline…
Paying penalty for delaying the completion of sale due to miscalculating the timeline…
SPR selling their landed property and making assumption they will get another SLA’s approval to buy another landed…
Overlooking the Additional Buyers Stamp Duties (ABSD) because they are SPR, foreigner or spouse is a foreigner…
Selling too soon or holding on too long and missed the market only to end up selling $300,000 lower almost a year later!
People often realise that they have made a mistake when the consequences of their actions become apparent. It could be a moment of sudden clarity when they see the negative impact of their choices on themselves or others. This realisation might also occur when someone points out their error, leading to self-reflection. Emotions such as guilt, regret, or remorse can trigger this recognition. In a property transaction, it might take time for home sellers to understand the magnitude of their error, especially if it involves complex situations. Albert Einstein famously quoted this, “A person who never made a mistake never tried anything new” but in any given situation regardless it is a $30,000 or a $1.2 million mistake, we will all agree that prevention is better than cure. So how can you prevent this from happening to you?
At Home of the Elites, we pride ourselves as your solution provider and we can make the whole process easier, hassle and stress-free for you. Our team of experienced and full-time realtors are equipped with in-depth market knowledge and expertise in the condominiums and landed houses market, having served thousands of happy clients over the last 32 years. As our highly valued customer, you can be assured you receive nothing but the best from us. We are so confident of what we do, we even offer a Service Warranty which you can find out more HERE. We want you to have a pleasant journey from the moment you decide to find a buyer for their property till the time you settle down in your next dream home.
Working with a real estate agent can help you navigate the complex process of selling a property, increase exposure to potential buyers, and ultimately help you get the best possible price for your property. At Home of the Elites, we have the skills, knowledge & experiences when it comes to condominiums and landed houses. With over three decades of experience in the industry, we are your trusted partner when it comes to selling your condominiums and landed houses. Our team of experts understands the unique needs and demands of the high-end market, ensuring you get the best value for your property. For you and our esteemed customers, this is what we do for you.
Provide valuable insights on pricing your property, marketing it effectively, and negotiating with potential buyers.
Effective Marketing through a wide range of marketing channels, both online and offline, increasing exposure to potential buyers.
Negotiate the best in your interest, after all we have served thousands and negotiaiton is something we do every day and with the highest level of precision.
Offer you expert advice from our partners who are lawyers, bankers, architects and builders. Everything at our fingertips & we will ensure all your requirements are met and a smooth transistion.
Minimise inconveniences by pre-qualifying the prospective home buyers before showing your property through various strategies. This can save you time and help reduce stress.
We promise you 100% that there will be no hard selling! As always, we will only present facts and unbiased opinions that will help you make a better decision!
In the book Outliers, which debuted at number one for eleven consecutive weeks on the bestseller lists for The New York Times and The Globe and Mail, the author, Malcolm Gladwell, repeatedly highlights the “10,000-Hour Rule” as the key to achieving world-class expertise in any skill. To a large extent, a matter of practising the correct way, for a total of around 10,000 hour.
Since 1992, we have invested not 10,000, but almost 100,000 hours sharpening our skills & knowledge. We go above and beyond to provide exceptional service to our clients. Having successfully brokered hundreds of condominiums and landed properties, we understand every individual’s needs and highest positive intention. We have honed our skills and expertise to deliver results that exceed expectations.
Our happy customers include home buyers and sellers, investors as well as real estate developers. Be 100% assured that we are definitely highly qualified to serve you in your best needs. Your satisfaction is our top priority. Hear what our Happy Customers have to say about us!
“…very knowledgaeble, very professional & he knows the market very well…”
“…he is not in a hurry to close a deal
for his own benefit…”
“…he has become our very good friend
whom we really trust…”
MR & MRS ALBERT TOH
5 Times Property Buyer & Seller since 2004
As leaders in the service industry, we take pride in sharing our expertise and knowledge with the public. Our commitment to educating and advising our customers on property transactions has gained recognition through various media channels, both online and offline. Our direct engagement with clients and business associates allows us to gain a deeper understanding of their concerns and needs, which in turn enables us to provide tailored and effective solutions. Our extensive experience and wealth of knowledge uniquely positions us to provide the best advice for buying, selling, or leasing properties. We are confident in our ability to serve our customers with the utmost professionalism and dedication.
Home of the Elites Pte Ltd (Estate Agent Lic: L3010961I) is a boutique real estate agency, where we specialise in condominium and landed properties, both resale and brand new. As founded by Alexs Chua (CEA Reg. R028809A), a real estate veteran with over 30 years of experience, we are committed to staying in the market and providing exceptional services to you.