About Property Agent Commission and Market Practice in Singapore
Navigating property agent commissions in Singapore involves understanding market practices, the duties agents perform, and the regulatory environment. While specific rates are not fixed, industry practices and new guidelines aim to enhance transparency and professionalism. Here's a detailed breakdown: Property Agent Commission in Singapore: Latest Market Practices 1. Commission Negotiability and Influencing Factors The commission rate charged by property agents in Singapore is not fixed and is usually negotiable, typically ranging from 1% to 4% of the property's price. The Council of Estate Agencies (CEA) does not set fixed commission rates, allowing market forces to determine competitive pricing. Factors that can influence the commission percentage include: The property's value, location, and demand. Value-added services and types of marketing provided by the agent. The agent's track record. The seller's urgency to sell the p...