Property News & Market Trends

Co-broking? What for?

That's what I heard from 70% of the agents I come into contact with! That's incredible. These agents will advertise either as "Already Co-broke" for the courteous ones or "No Agents pls" for the blunt brush off. Will co-broking help you make more money? Think again. Fiduciary duty can cost you more!

I'm just thinking out loud; "What will happen to agents who refuse to co-broke just to earn that extra %? Is it worth it? Will they be told off the same way when they are serving buyers? Or will it come a time when agents are no longer interested in serving buyers?"

I know some agents are already charging direct buyers commission just to buy. Is it ethical, one agent probed. In this world of willing buyer, willing seller, it's not illegal. However, for the majority of "Non-Co-broking Agents" beware of your "Fiduciary Duty" to your seller. If you don't know what I meant, check with your lawyers.

It will come a time, sellers start suing agents because they refuse to co-broke. And as a result, the seller failed to get the best offer from more agent-represented buyers. Sellers have every right to demand compensation if the buyer's agent stand witnessed to the case. This may result in greater loss for the seller's agents.

Frankly, in this tightly-knitted world of brokers, your paths will cross again. Think retribution. It can happen unless you don't intend to stay in this market for long.

Anyway, why wait for the direct buyers when the deals can be closed without delay. Any delay could mean a change in price from the seller and the cycle starts again. I recommend a bird in your hand is worth two in the bush.

This is the tsunami of property deals. Go for quantity. Cast your net as wide as possible. Grab whatever deals you can close - fast & furious. This tsunami may not last longer than you think.

The buying is slowing down in certain private property sectors because asking prices are far too high. One thing is certain, subsales are dropping steadily since March. There are resistance to high asking prices. Once "kiasuism" fail to get buyers to sign the dotted lines, some "kiasi" sellers may relent. It's very much dependant on who throws the card first. Only enbloc deals can push fresh, deep-pocket buyers into the market.

However, on the other scenario, HDB sales are gaining pace and some mature areas are facing short supplies. Time for the HDB buyers to move into 3rd gear. However, don't expect price increases to match F1 speed. These buyers are more budget-conscious and loan is always a detrimental cap to what they can pay for in cash. The PRs will be the major price mover for this market.

There are plenty of money to be made in properties these days and one shouldn't be too short-sighted to make the extra at their sellers' expense. Remember, you are binded on your fiduciary duty, my friends.

So, co-broking does help you make more money, don't you think? - Danny 'Bingo'

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