A Singapore Property Agent recently got on the wrong side of the news by getting slapped with a record $30,000 fine, plus a 12-month suspension by CEA. His highly unprofessional behavior of trying to extract a higher co-broke commission through a series of lies during sales negotiation back-fired on him spectacularly. It not only affected his livelihood but also earned the real estate industry a smudge in its reputation.
Spotlight On Agent Commissions
Black sheep are inevitable in any industry, but this incident has undoubtedly thrown a spotlight on the commission earned by agents on successful transactions. In Singapore, while the commission for facilitating the purchase or sale of a property is not fixed, there are general guidelines from CEA and market norms to adhere to.
However in recent years, it has become possible for a Singapore property agent to negotiate with their clients for a higher commission, especially when value-added services such as home staging, and of course, property listing videography are promised. While it can be said that clients sign such exclusives with theirs "eyes opened", clients also expect better professionalism after such deals are signed.
What Is Professionalism
According to Oxford Learner's Dictionary, Professionalism is either defined as
1) the high standard that you expect from a person who is well trained in a particular job
2) great skill and ability
High Commissions Comes With Higher Expectations
When they have to pay you higher than market norms commissions, your client may also expect you to do much more and hold you to higher standards when marketing their property. Overpromises and under-delivery may lead to potential conflicts and misunderstanding between agents and their clients.
Do What You Are Trained To Do To Look Professional
To be a successful real estate agent, treat your business like a business by doing what you are meant to do. Professionalism can be seen and felt from your actions. Show clients your great ability to advise them on asset progression, property upgrading or downgrading, or spend time coming up with detailed financial calculations and in-depth proposals to meet their needs better. Invest in more face time to give care and concern for clients to show your genuine sincerity. Clients don't care how much you know until they know how much you care, earning you good reputation and branding in the long run! Alternatively, use the time to read a book or take a course to upgrade your real estate skillset to serve future clients better, not dabbling on something unrelated to your main business.
Don't Do What You Are Not Trained To Do
Unless you have professional side-lines like photography or videography, don't waste time and opportunity cost doing what you are not trained to do. Such non-core tasks can easily be outsourced to external vendors to save you time to focus on growing your real estate business more strategically.
Professionally Taken Video Showcases Your Professionalism
If you need to do up videos for your own social media branding or marketing for your client's property, leave it to a professional videography company to do the job. Your clients will be able to discern higher quality, and love you even more for it. Feel free to get in touch with AffinityMotions for a chat if you're interested!