Why buy condo WITHOUT agent, plus 8 property tips for Singapore

[@singhao]

Sorry but it just meant that you got a bad agent. Good buyer agents can secure a better price for you. Seller agents have to present all offers, whether they are co-broking or not. For sure there are unscrupulous seller agents, but they risk being reported and having their license suspended.

[@lobangboy2068]

For sure I believe Junda's experience makes a lot of sense. Last year when I sold my house most of my prospective buyers came without agents. So likely most people know what is happening. Buyer agents will only be interested to close the deal faster, so that they dun have to bring you around for too long. This is a fact. Not a myth.

[@rockybukus]

Absolutely right on not using an agent for buying your resale condo because it gives no incentive for the selling agent. Everything is on propertyguru now, so you don't need a buying agent. And the selling agent is happy to handle your paperwork because he doesn't have to co-broke with your buying agent. My experience was shocking! My agent helped to sell my house and then when I made an offer to buy the resale house, I found out from the selling agent that my agent tried to double-cross me by colluding with the selling agent to sell me the house at a price higher than I could have closed at if the selling agent didn't co-broke. Just like other industries, this industry has many crooked people with zero integrity. And they are playing with people's life savings, which they don't care about.

[@healthytruth1363]

THIS IS EXACTLY.....SHARK EATING SHARK WORLD ❗❗❗❗ DONT SUPPORT THESE SHARKS.....YOU CAN SELL YOUR OWN PROPERTY ❗❗❗❗

[@joshuatayproperties8524]

I agree with you that every industry there are people who do not work with integrity. It's sad and makes us lose faith in humanity. Sigh... Did you really trust the selling agent when he bad-mouthed your own agent? How long have you known the selling agent for? Selling agents only have to gain if they didn't co-broke, so he/she may have tried to go around and try to cut your own agent out of the picture. Look at it this way. Would you trust the lawyer of your enemy?

[@rockybukus]

@@joshuatayproperties8524 r u an agent trying to protect ur own rice bowl? Seller's agent showed the WA messages btwn him n my agent, including the financial calculations. I know that the selling agent has more to gain w/o co-broking and I'm not saying that he is a saint either, all I'm saying is the clients better watch their own back esp whn dealing w wht is most likely their biggest life purchase. At the end of the day, we are just another transactional tool for crooks like these.

[@joshuatayproperties8524]

@@rockybukus hahaha I'm not "protecting my own rice bowl". I believe people who take advantage of others will get what they deserve many folds. I just wanted to know what your situation was, as your reply above was simply a "he said she said" and it wasn't entirely clear. But you've backed up the statements of the seller agent with evidence which is what matters most. If it wasn't, it might have been a different story. Simply put, we have to do our due diligence. I'm sorry you went through a negative experience within the real estate industry. I hope you find a trustworthy agent for your next property purchase or transaction.

[@hotorange100]

Thanks for the great video man! Just curious, as this is pretty new for me. I'm just thinking what if I have went viewing with my buying agent and the price negotiated with seller is higher than what i expected.(because probably they would mark up the price so that they can have more to co-broke). Can i then drop the agent, and go direct with the seller agent and negotiate on my expected price ?

[@JundaOng]

There is no contract between buyer and the agent so yes. But you might want to request to negotiate directly with seller first. Let your agent get the cobroke when possible.

[@mihmih2129]

Very useful video. Thank you Junda. Anyone has experience of buying resale condo directly from the owner without any property agent? I agreed with what Junda said in his video, i.e. the property agent has zero value add to the buying process beside just arranging time to view the unit...

[@anthonyarifin]

Hello Junda, you could buy the property with your wife without paying the Absd. Although she is a PR, it's your matrimony home and no Absd is payable.

[@JundaOng]

You're right! Thanks for pointing out the mistake. I will update in the description.

[@anthonyarifin]

@@JundaOng cheers! :) congrats on your new home!

[@musico3415]

It depends on the type of buyer agents we use. Previously, when I was trying to buy property ( was in the process of trying to sell current property by another agent), that agent not only arranged for all viewings of potential properties within a day of two, but also fetch me from my place to view all those units. I didn't buy at the end because I was not able to sell mine at my asking price. With such good agent service, I have referred this agent to many of my friends and relatives.

[@JundaOng]

Good for you. That’s why a service industry. With a service fee ;)

[@judechoylechonbellyfoodsho2082]

sadexperienceJunda Howeer,notallarethesame. Thisagentishighlyrecommended: kzbin.info/www/bejne/famVmpRriM2Yma8

[@matchingdaisy5444]

Honestly like your video and sharing. You must have been prudent for the past few years to upgrade to a penthouse so quickly. 👍🏻

[@JundaOng]

Ya I save and pay for value, and invest.

[@perpetualquotes]

I am bless and lucky i do not have friends like you!

[@JundaOng]

Bless you lol

[@joshuatayproperties8524]

I agree with you that Seller agents prefer working directly with buyers! Because in the end they have control of the entire game. There's a reason why the deal closed so quickly. What was the valuation of your condo unit after your price was offered? Did you have to pay Cash Over Valuation?

[@JundaOng]

There is no COV for me. Anyway the valuation works slightly differently from HDB.

[@skqq3250]

This is very interesting content. Thank you sharing all these glorious details. Keep up the good work. You are naturally a saver.

[@JundaOng]

So nice of you 😂

[@待明歌]

So rich stay in penthouse

[@JundaOng]

haha as you say "bought so cheap", so it's just a cheap penthouse, same price as some HDB lah 😂

[@Rachel-km7jl]

Good tip! Without buyer agent like without one layer of messager, the negotiations with seller agent>seller is more direct and effective. We used Tip 3 also to borrow additional 600k loan by putting 300k FD with the bank. Glad that watched your video before buying our condo, super thanks for sharing to help home buyer

[@JundaOng]

Glad that it helped you!

[@derekh79]

Hi Junda, thank you for your tips. Really super helpful. May I know what are you views on Boutique(small) Freehold condos vs Leasehold condos? I have been looking around Upper East Coast 2bedroom 2 bath, but not sure if paying so much is a wise idea. Hoping to hear your thoughts? Thank you so much!

[@JundaOng]

Both ok as long as you like it and can afford :) There is a premium for freehold, and you have have to refer to the Bala's table for that "premium" eg. Leasehold with 70 years left is ~90% the price of a freehold. So if you buy leasehold, compare to the surrounding freehold and make sure there is a fair "discount factor". Generally I would tell friends don't focus too much on the freehold, because the premium you save can be used for investing etc.

[@derekh79]

@@JundaOng thank you . Yes I agree the extra can be used for investments. You’re right okay I will try to find this Bala curve

[@athimulambalaji4803]

This all about you need to find proper agent Also your video 3% also wrong . If you choose knowledge agent you make further More. Investment is more important than just buy property.

[@DoJoe.]

Thanks for this amazing video! Quick question : do you know if I can take a loan against my current HDB to make a down-payment on a new condo purchase?

[@JundaOng]

No, you can't pledge HDB as a collateral (but you can for private).

[@DoJoe.]

@@JundaOng sorry what do you mean by I can for private? Thanks!!

[@JundaOng]

@@DoJoe. i mean private property should be can, but not hdb

[@emmays7802]

Hi. So you mean u paid 1.5% to yr seller agent instead of yr own agent? Doesn't it come back the same? Plus does the seller agent help u out with the documentation?

[@JundaOng]

For condo, there’s only seller agent commission. Buyer never pay additional on top of transacted price (with or without agent). The seller agent will help, but there’s really nothing much. The only contract is the OTP. She wants to refer me her law firm, but it’s not better than PKWA :)

[@PosPsycho88]

@@JundaOng opps just read this after commenting 🤭🤭👍

[@bktan3992]

Hey Junda, I understand that I may appear more attractive to the seller agent if I don't have a buyer agent, however that means I need to do the administrative process myself. Do you know any guide for that?

[@JundaOng]

There's really nothing that the agent is doing for you. Briefly this is the process: 1. Sign OTP (selling agent will provide) 2. Go get bank loan (agent can only recommend, which is needless) 3. Go engage conveyancing law firm (agent can recommend, agin needless) 4. Thereafter lawyer will guide you when to pay etc Once agin, if anything not clear at this point, you can ask your lawyer whom you paid for :) Even agents will ask their affiliated lawyer over anything. For example, during my purchase, the seller agent actually called her lawyer just to ask if it is ok she counter sign for an error she wrote on the OTP -- yup a very small thing, so you can image other bigger issues the agent will need to ask the lawyer.

[@mulliganstew72]

Probably just pay a lawyer an hourly fee to look over paperwork and ensure everything is up to par.

[@peacepeace7096]

The seller’s agent is the one that control the whole game but on the surface it looks like buyer’s agent is inefficient (buyer’s agent can only 有苦难言) . Seller’s agent will control who they want to sell & owners will not know whether the price sold is the highest. Agents normally prefer to serve seller only , maybe your friend’s agent is quite new

[@marcuskwek4500]

Thanks for the tips, Junda. That was very insightful!!

[@JundaOng]

Glad it was helpful!

[@sebastianlai8947]

Very informative advice thanks. I think it helps demistify the misconceptions of having a buyer agent if he does not value add to ur property hunting..

[@mrinmoylaha7260]

If buy condo without agent who will prepare n check buyer agreement n law documents? Plz advice. Thanks

[@JundaOng]

Seller prepares an OTP, which is a very simple document. Thereafter both sides need to engage lawyers who will take care all the remaining processes.

[@cyb0rgx]

Unless you're doing extensive research into the property market, understand price trends, stock availability (quantum) masterplan/location analysis, strategize an exit plan, discuss your asset progression plan or gain insights into the transaction records of said property and others like it - you’re just shopping for property (like goods on Carousell) based on your budget and personal preferences. Each profession brings value, and just because you did it yourself doesn’t mean an entire industry is now redundant. Last I’ve checked, houses don’t sell themselves, and in fact, specific agents put their own monetary gains before the client they represent. (There are a the few bad apples out there) You may have found a place to match your budget, but it doesn’t mean you’ve gotten the best deal. You may have overpaid compared to your neighbors, and next time you’ll want to sell, you’ll realize it… BTW: Your advice can be applied to nearly every other profession - say, interior designers, electricians, web designers, cooks, etc.; everything can be DIY, right? An agent can and should value add not make your offers less attractive; if your offers got rejected in the past, it’s due to the owner's decision, not the agent.

[@JundaOng]

No la, not even profession should DIY. But for agents, they are a middleman. And middleman.. they are possible to do without.

[@MrRazorteeth]

Do u need to sell off your stocks to "show funds"?

[@JundaOng]

No need to sell. Simply show the aggregate .

[@Mrnonolol]

lol

[@Elizabeth-nb5xn]

I wonder how did you break the news to your dear friend? Must have been tough

[@JundaOng]

Ya it was awkward :|

[@mulliganstew72]

Lesson number one: never do business with friends.

[@JundaOng]

@@mulliganstew72 sadly that is a wise advise

[@allenyap267]

Really helpful guide. Thanks for sharing this video.

[@JundaOng]

Glad it was helpful!

[@elvapang6440]

I like your video . Especially good tips for foreigners who just converted to PR. Wanna take a detail look into the market now for a home stay. Bt COVID is a bad time .

[@JundaOng]

Glad it was helpful!

[@chinchowpowpook]

700k based on salary ,,got 400k showhand..reit some more,,u physically have half a mil ready cash anytime…what u do for high income?

[@JundaOng]

i do mobile apps

[@richirick5778]

Hi Junda any recommendation on which REITs to purchase for long term dividend yield?

[@JundaOng]

Portfolio construction is very personal. To be diversify you should buy different reits sector. Assuming you have no reits at all, here are some for considerations: Mapletree Industrial, Mapletree Logistic, Mapletree Commercial, Frasers Centrepoint, CapitaLand Integrated.

[@dancingnachos3634]

Great video. 1. Will showing a trading account with your stocks count as "show" or your stocks need to be with that bank? 2. Can you make a video on how to research for a property which you know will appreciate for sure. (See masterplan, near MRT etc)

[@JundaOng]

1. It needs to be with the bank. I don't know if it's ok or not if with other platforms, since not applicable for me. You can check with your bank, and do let me know (i am curious too)! 2. Hmm I dont speculate on property prices. But confirm buy low, more likely can sell higher lol. So don't FOMO and buy high like some of my friends. I will be interested to vlog on my research process since that is fun in it's own way, so perhaps later.

[@dancingnachos3634]

Thank you for your reply. My background is such that I cannot afford a misstep in buying a property , so it has to be something which will appreciate with time . So I wanted to have a checklist on what we should be looking at so that we don't go in on a high price point.

[@JundaOng]

@@dancingnachos3634 I see. Good that you're cautious to begin with. The COVID economy has more opportunity to find "better deals" since some urgent to sell, so at least won't be pricing ridiculous high (which is common). It is said usually can discount 10% off the listed prices in propertyguru :) A few on my "checklist": SRX value, URA past transactions, URA masterplan, visiting onsite to get a good feel, exploring other opportunities to understand one's likings.

[@mulliganstew72]

@@dancingnachos3634 i’m curious to know the answer to this question also. What I’ve been doing, since the real estate agent sure isn’t… Is looking at history of the property… When it was last sold and what it sold for. Most online websites in the (USA) anyway will give you this data. Still… I wish the agent would do this kind of thing because that’s what I wanna pay her for. If you figure out anything let me know. I thought maybe real estate agents would have this Intel. Also, if it is a condo look and see what updates have been done to To the unit and also the overall building. Will there be special assessments coming out that might impact your monthly payments? Things like that. Then why those things are in place the better opportunity for you to not have to spend extra cash while you’re holding it and then make it attractive when reselling.

[@daysbyrisa]

Great video! Did you do any detailed checking of the house before/after putting in the OTP? We are in similar situation now and trying to DIY 😬

[@JundaOng]

In total we went 3 times, bringing my family, including a baby in the night to test for "dirty things" 🤣 I would say at least go once in the day, once in the night, to see and feel. We check visually every room and every toilet, but not super detailed.

[@daysbyrisa]

@@JundaOng That's a very good tip! Thanks for sharing

[@aroshhbk]

When you bought your condo, and the current ownership of the HDB is with your wife or sho sold first then moved to condo?

[@JundaOng]

We sold the HDB first then buy condo.

[@MsMelowdy]

This was very helpful , thanks 😊

[@JundaOng]

You’re welcome 😊

[@stoicego]

Been thinking of buying a condo, is it possible to pay cash 100% upfront or is taking a loan from the bank necessary? You seem well versed in RE so I'm curious.

[@JundaOng]

Sure you can pay all cash. Taking loan is for either 1. not enough cash or 2. using leverage, especially now interest is all time low around 1%.

[@annieteo7169]

Seller's agent probably earns 2%. But if I am serving you, I probably advise you not taking up the penthouse unit. Mostly singaporeans ( practical sense) wouldn't buy roof terrace. Cos it is taken into per square feet calculation but it serves very very minimum use. They prefer proper and bigger room and living space. If you doubt me, you can actually do a survey on how practical singaporeans are on buying units with roof terraces

[@JundaOng]

Thank you! Are you an agent? :) Ya, definitely less appeal to most, but not zero appeal. I like it.

[@chenchen9429]

@@JundaOng PH is nice. Good choice

[@endi4654]

@@JundaOng no worries. I'm sure a penthouse like yours would interest overseas buyer! And they may be willing to pay more than locals

[@JundaOng]

@@endi4654 hehe I’m not worried 😆 many would appreciate after lockdown. Plus my family caught COVID and some outdoor space is good hehe

[@abdullahmarketbina7662]

Hi Junda Ong good and honest your sharing. I want to ask if those aged 60 and above can get loan and what are the term and condition

[@JundaOng]

Bank loan is calculated based on age 65, so if you're 60 then they will loan for 5 years only, accounting your salary and TDSR. In short the loan quantum will be lower. That said, i mentioned i got additional loan based on my investment holdings kzbin.info/www/bejne/on23moiubdWjoMU

[@yosentjong9924]

Very good share. Thanks

[@lobangboy2068]

Don't agree with your last tip. I think Rich dad Poor dad got mention. Property investment is a very complex investment tool. It really depends on how you execute it. If you do it well, it generates profits. If you don't you lose money. In most cases, property investment comes in higher risks.

[@JundaOng]

Maybe. But what worked 30 years ago might no longer be as great now, plus there are new investment opportunities now.

[@lobangboy2068]

@@JundaOng sorry i m jus trying to elaborate the point tat it is not always a wrong thing to do property investment with a loan. it is indeed much riskier. I do agree with tat.

[@JundaOng]

ok.. nothing wrong to do property investment. My last tip is to consider reits, which you can get started with as little capital.

[@therojakmedia4541]

So you're the guy! I attended a property coach fb live and there was a owner who earned half a million from a EC penthouse in sembawang. One Canberra. Everyone was congratulating that guy and I wondered how come he can get such a price. Now I know why!!! 😂

[@JundaOng]

Im not sure what you mean. What was the coaching about?

[@nikhil06july]

Hi Junda, thanks for the informative video. what about for HDB? is it still ok to go without agent?

[@JundaOng]

Totally can go without too.

[@mrlight1360]

YOU ARE THE BEST!!!!!

[@maladg1]

Hey Junda , great tips. Planning to buy a place can't decide on HDB or condo. Not planning to rent it out is for 3 months in a year only. Am 55 yr old Singaporean :) Any advice ??

[@JundaOng]

Hey! I’m not sure what kind of advise you looking for?

[@maladg1]

@@JundaOng Hey ! thank you for replying. Is it a good time to purchase in the coming 6 months or so ? Some friends encourage HDB flats ( prices r dropping ) - easy to lock up & leave & plus over 50s incentives. Others are adamant- condo only option they say ! Maintenance fees too high but security is a huge advantage.

[@JundaOng]

@@maladg1 I think now is a slightly a better time, or a less stressful time, to buy. Condo premium is much higher, and you're paying for the swimming pool and a bit of security etc -- really a matter of do you need it? Yet condo rooms usually smaller, with balconies which some don't need it.

[@maladg1]

@@JundaOng Thank you for the added tips. Find it v useful. Wish you a lovely day :)

[@Coachiskandarzai]

Noob here. Does buying bto hdb require an agent

[@JundaOng]

BTO definitely no agent involved

[@DoJoe.]

What's your favourite Reit? And do you have to pay taxes on dividends as a singaporean on local reits?

[@JundaOng]

No you dont have to pay tax on dividends on all SG stocks. A few good reits come to mind: Keppel DC, fraser centrepoint, many Mapletree ones..

[@DoJoe.]

@@JundaOng hmm interesting. I would have thought dividends are considered income and hence affects ur tax bracket.

[@JundaOng]

@@DoJoe. it is not because a company profit is taxed. If they tax the dividend, it will be like "double taxed".

[@agu26fly]

How abt selling the hbd ownself? What shld I know? Great video u r doing

[@JundaOng]

I wrote about selling HDB without agent here just2me.com/2020/11/19/how-i-sell-my-hdb-without-an-agent/. It's not hard and the steps are clear.

[@pholklorr4622]

Enlightening tips, esp the part showing why not having a buyer agent is great.

[@cswei1000]

May I know where you advertised to find the buyer? Appreciate your advise. Thanks!

[@JundaOng]

In this video, im the buyer :) If you mean as a seller where to advertise, can post on Carousell, ohmyhome and gumtree. I have a video where I rent out a HDB without an agent, and I post on those portals.

[@marthomaboy7246]

how to get the referral for mortgage

[@JundaOng]

During application there is a field can use my name “Ong Jun Da”. TIA www.sc.com/sg/promotions/home-loan-member-get-member-referral-campaign/

[@KhanhPham-kc6tv]

Nice face mask, bro.

[@choonhweeyap1907]

Very refreshing vid. How come you use 3% for seller agent as illustration? I thought the market rate is only 2%?

[@JundaOng]

It can range 2-4%. So I take the middle. I think bigger house they would take higher commission too, kind of harder to sell types.

[@annieteo7169]

On a resale market, the highest commission rate is usually 2%. Only from the developer's market, the commission can go up to 4%.

[@JundaOng]

@@annieteo7169 I heard there is no upper limit. How much you think propertylimbrothers charging? :)

[@annieteo7169]

@@JundaOng I am not sure how much Property Lim Brothers charging. Maybe i should try getting into their company to understand their fees

[@JundaOng]

@@annieteo7169 hehe if you do pls tell us

[@ameerbai5604]

This is really informative, thanks man !

[@stephanielim9908]

Where is your HDB?

[@JundaOng]

Yishun

[@towel1895]

can this work on a new condo? for tip #1?

[@JundaOng]

New condo only 1 agent so not as relevant. But if you have some way to go direct to developer, may be can get some discount, instead of them giving commission to agent.

[@towel1895]

@@JundaOng thank you!

[@pongpong5108]

How about if you selling your condo? Would you diy , engage an agent or few agents .

[@JundaOng]

I will still DIY first. Carousell will still have people looking for property. I was skeptical at first, but I did find lots of potential tenants from Carousell (see my video on rental). Agents will also approach, and if they take commission from their buyer, that will be good too.

[@pongpong5108]

@@JundaOng do buyer pay commission? I thought is only seller paying

[@JundaOng]

@@pongpong5108 Buyer dont pay comm. The buyer agent will split with the seller agent. Hence I said in the video the seller will "not be as happy" since must share $

[@pongpong5108]

@@JundaOng thanks very much for sharing . 👍After watching yr videos on buying and renting out hdb without agent, I feel more confident it is doable diy. However if I am selling, putting up advv will attract a lot more agent then direct buyers.

[@mielemilo1]

Hi Junda, I believe banks give referral fee to agents for mortgage loan. So are you an agent too?

[@JundaOng]

I’m not. My bank has member refer member rewards :)

[@PptyS209]

Most of the time. Seller gives 1% only, 3% possible but really far fetched

[@anemu911]

Awesome tips, Mr. Ong. Thanks for sharing!

[@PosPsycho88]

Chance into your channel, interesting 😊😊👍🙏. Just wish to clarify. For condos and landed property, if I remember correctly, only seller pays to the agent and only 1%. The payout is different to HDB's transaction of 3% which has lower quantum. I may be wrong here as have not been active in the market. Will wait to see your vlog on your renovated home. Cheers

[@JundaOng]

Condo and landed should be 2%, and more with no upper limit 😂 Depends on how premium the agent. Eg Propertylimbrothers should be very very high. HDB is buyer 1% seller 2%, but again that’s the “market rate” so can differ.

[@jeremyp9950]

Hi Junda, I recently would like to purchase property and look for an IPA. How to contact you for referral questions? Thanks.

[@JundaOng]

Can email [e-mail]

[@vc7290]

Thanks Junda. Very informative video and interesting alternative tips. Question about the additional funds from your bank ($300k), was that through wealth financing where you used your stock portfolio as collateral and took out cash? Or is this something else?

[@JundaOng]

It’s not a collateral on the portfolio, since it is merely showing. The collateral is still on the property if I can’t pay up. I was told this is part of MAS requirement for additional loan quantum.

[@DonYang73]

Just pay what you want to pay, i dont like haggling. Its not a wet market, even wet markets dont haggle nowadays. All basic stuff lah bro, no need to turn it into rocket science will illustrations and numbers. Elementary stuff. Haha.

[@JundaOng]

It's simple, yet most will go to agent because of a lack of information being shared. Im just sharing. Hope never turn into rocket science lol.

[@DonYang73]

Been doing it since 1999

[@JundaOng]

That's nice. Any tips for us from your point of view? :)

[@DonYang73]

The only worthy tip is be gentlemanly and sincere when dealing. No need to haggle, it is what it is. Buyer and seller willing. If not willing, move on. Simple. No emotions. Anyway property as an investment asset class is horrible now. No reason at all to invest. Buy to stay and use is fine.

[@propertyguru22]

@@DonYang73 It is a negotiation not haggling. You are buying Property not fish. You will lose your shirt if you cannot negotiate with the Seller.

[@DonYang73]

Confirm lah, why need agent? I have bought and sold without agents.more than once. Just be more hardworking and do a bit of legwork. Your “friend” wants to ketok you, bro. Haha