With evolving platforms and commission structures, Singaporeans debate the role and value of property agents.
SINGAPORE: Housing remains a significant focus for Singaporeans, and sooner or later, most will face decisions about buying or selling property. While traditional property agents have played a central role in these transactions, newer options like fixed-fee agencies and the HDB resale portal are changing the game.
These developments have sparked debates among homeowners about the necessity of engaging agents, especially when commissions can amount to significant sums. For example, a 2 percent commission on a $500,000 flat sale translates to $10,000 for the agent. With such high stakes, is skipping the agent worth it?
The Case for Agents: Personalized Guidance and Expertise
Some homeowners, like Jerome (32), feel that agents justify their fees by streamlining complex processes and providing added convenience.
“My agent was invaluable. She handled everything—from organizing viewings to coordinating furniture sales. She ensured the process was painless and transparent, and I was happy to pay for her expertise.”
Others, like Jasper (32), value agents for their market insight and efficiency.
“When I was house-hunting, my agent recommended places that weren’t yet listed online. She saved me time and stress, which was worth the 2 percent commission.”
Skepticism Around Agent Value
However, not all experiences are positive. Khalif (37) raised concerns about the transparency and efficacy of some agents.
“Our agent initially quoted a 2.5 percent fee, which we negotiated down to 2 percent. While they were knowledgeable about marketing, their lack of clear communication and incomplete financial breakdowns left us doing much of the work ourselves. It made us question if the fee was justified.”
Christine (54) echoed similar sentiments, emphasizing the need for agents to deliver value.
“I wouldn’t mind paying the 2 percent if the agent were experienced and diligent. But with flat fees becoming more common, the balance between agent incentives and client benefits is tricky.”
Going It Alone: DIY in the Digital Age
The HDB resale portal and online resources are empowering more homeowners to bypass agents altogether.
Anna (29) is navigating the resale market independently.
“My partner and I enjoy the research and feel confident managing the process ourselves with the resources available online. The HDB resale portal simplifies things—though we’ve faced some administrative hurdles with the HFE application.”
For some, the DIY route offers a chance to leverage their skills. Cherie (34), a PR professional, sees little value in traditional agents for marketing.
“I can handle photography, video production, and generating hype on Instagram. I’d only need help with paperwork.”
Room for Improvement in the Real Estate Industry
Many homeowners believe that the real estate industry needs to evolve. Khalif called for agents to focus less on promoting their lifestyles and more on providing measurable value to clients.
Jasper criticized deceptive practices, such as bait-and-switch tactics or fabricating offers.
“As property prices rise, agents earn more for the same work. Clients deserve agents who put in genuine effort and don’t cut corners.”
The Future of Housing Transactions
As platforms like the HDB resale portal become more sophisticated, they may disrupt traditional practices further. Transparency and efficiency are key draws for homeowners, particularly in a market where affordability is a growing concern.
Whether to hire an agent or go solo ultimately depends on individual priorities—be it time savings, cost, or control over the process.
