million-dollar HDB flats in heartland estates like Yishun to a record-breaking $200,000 rental for a Good Class Bungalow in Queen Astrid Park, there's little denying that
Said Jervis Ng of JNA real estate: "Some agents may overpromise a price in order to get the exclusive for the sale of a home." "There is nothing wrong with being motivated by money, especially when one is a salesperson", shared Ng, but if money is the only motivation, "alarm bells should start ringing in your head".
present the seller with a $950k offer to manage their expectations and make the seller more receptive to close at $1 million eventually. Another psychological tactic agents might employ, is to sit on your listing on purpose, to try and bring your expectations - and selling price - down.They would "tell the seller that there are no inquiries because the price is too high", when they may not actually be actively promoting it.
Agents might tell prospective buyers that a unit is only available for viewing for just two hours on a certain day, and cram all appointments in during that time.One objective of presenting sellers with fake offers, usually with prices lower than the asking, from non-existent buyers, is to obtain a more "realistic" closing price from sellers, we learned.
In cases where agents have got a few listings in the area, they may use the homeowner's unit as a "showroom" for comparison, so that other clients will look more favourably upon the other unit that they have on hand.There are many ways in which agents can prioritise their own interests over their clients, one of which is to have a preference for buyers who've engaged agents, particularly when it comes to HDB flat transactions.
"This is also a reason why sellers should pay realtors at least market rate commission of 2 per cent in order to motivate realtors to sell their homes at the best price possible.