Ask Me Anything is a platform for readers to ask about all things property. If you have any inquiries, key in your questions at bit.ly/AskMeAnythingProperty.
Total Realty head of marketing Dr. Kho Chng Guan answers readers’ queries regarding issues concerning real estate agents.
Q 1: How to know if an agent is licensed?
A 1: First of all, when you buy a property, always remember to buy it from a licensed agent. They will always carry a red tag. You can go to BOVEAP website and key in the number on the tag as well as the name of the agent to check if the agent is registered or not.
Q 2: Why do you think it is important for the buyers to know whether or not they are buying from a licensed agent?
A 2: Licensed agents will protect the buyer’s interest. If they come across any issues pertaining to buyers’ interests, they can always make a complaint to the agency. Real estate agents play an important role to protect both parties’ interests and to make sure the whole process is seamless.
Q 3: What is the risk of engaging the services of unregistered agents?
A 3: Unregistered agents lack the knowledge needed to conduct business professionally. They focus only on the deal. Apart from closing the deal successfully, there are other crucial things to take into account. For instance, checking with the bank on whether the price paid covers all expenses. If it doesn’t, the owner or purchaser will have to cover the extra expenses. Agents without enough knowledge can mislead the owner and the purchaser.
All data and information provided are for informational purposes only. All information is provided on an as-is basis. All users are strongly encouraged to seek professional advice before relying on any data or information provided.
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