7 Shocking Myths of No-Agent Real Estate Busted!

TL;DR:

• 'No-agent' real estate is now a game-changing reality in Singapore.
• Kucing allows direct, agent-free property deals.
• Homeowners and buyers benefit from direct negotiations.
• Legal processes remain with professional conveyancers, not agents.
• Homeowners can pocket potential commission savings.
  

Looking to buy or sell property in Singapore? Heard about the no-agent approach but aren't sure if it's right for you? Let's set the record straight!

It's All About Cutting Out The Middleman

Think of selling a property the same way you'd think of selling any other possession you own, like a car. Selling your property directly to buyers and bypassing real estate agents can be rewarding. Who better than you to know your property's quirks, strengths, and value points best?

Across the globe, the terms might vary - be it "commission-less home sales," "agent-free property transactions," "owner-driven property deals," or the classic "for sale by owner" model. But they all hint at one concept: selling properties without the interference of an agent; the process is gaining traction in the Lion City.

Understanding the significance of this method is paramount. Picture this: You're looking to offload your property, valued at SGD1,500,000 – the median condo price in Singapore. Research indicates a local agent's commission is around 2%. This means forking out S$30,000 just for agent fees. By taking the reins and selling yourself, these S$30,000 can be utilised for renovations, downsizing your mortgage, or financing your dream holidays.

Property resale represents nearly 80% of all Singapore's private real estate transactions. Yet, misconceptions about no-agent property resale and the significance of agents in the buying and selling process abound. Let's dive deep into the seven most persistent myths about the no-agent property world.

Debunking Common Myths of No-Agent Property Sales

MYTH 1: One must have a real estate agent licence to market their own property.

Reality: Think of it this way: you no longer need to be a certified car dealer to part with your vehicle. The same logic applies to your home. Technological advancements, particularly the emergence of proptech platforms like Kucing, offer a streamlined online pathway for Singapore homeowners looking to sell property. The Kucing app's user-friendly interface allows you to design your listing, set viewing timings, chat with potential buyers, and oversee offers.

MYTH 2: Engaging an agent is the only feasible route to sell your property.

Reality: Historically, homeowners were cornered into using agents because platforms that allowed direct homeowner-buyer interactions were nonexistent in Singapore. These legacy platforms enable only agents to list a property or automatically connect them to agents when allowing homeowners to list. But the game has changed. Kucing has paved a new path, giving homeowners and buyers an arena to connect and transact directly, completely bypassing the need for an agent.

MYTH 3: Buyers detest homeowners being present during property viewings.

Conversations with homeowners and potential buyers reveal quite the opposite. Buyers value the direct insights they gain from homeowners about the property and its surroundings. This direct communication streamlines negotiations, removing the often lengthy delays of agent-mediated discussions.

MYTH 4: Real estate agents are essential for handling the legalities of property sales.

Reality: Contrary to this belief, agents don’t oversee the legal intricacies. That role is exclusively reserved for legal experts. In Singapore, conveyancing lawyers specialise in ensuring a hiccup-free transition of property ownership. Whether you lean towards an agent or a dedicated no-agent platform like Kucing, a legal professional's guidance is a constant. Kucing goes the extra mile, connecting you to the crème de la crème of conveyancing law firms in Singapore.

MYTH 5: 'No-Agent' Claims Often Mask Hidden Agent Involvement.

Reality: This misconception is fueled by some legacy property platforms posing as 'no-agent' or 'no-commission' services. They hide their agent-centric operations, capitalising on the growing desire among consumers for genuine direct dealings. The 'no-agent/no-commission' promise is barely an agent bait-and-switch tactic for them. Unlike these platforms, Kucing stands out authentically. We offer an unparalleled no-agent property experience, competing head-to-head with premium agent-centric platforms. How do we ensure our genuine commitment? Simple. Kucing doesn't possess a real estate agent license in Singapore. With Kucing, you get transparency and a truly agent-free experience.

MYTH 6: Engaging an agent ensures a higher sale value.

While agents often boast about their negotiation prowess, the 2018 Public Perception Survey from Singapore's Council of Estate Agencies (CEA) painted a different picture. The study highlighted consumers' dissatisfaction with agents who, they believe, "didn't do their best to negotiate and secure the best price" for their properties. Moreover, with a never-ending influx of new agents in Singapore (Editor's note: the annual increase of registered agents averages 6% to reach around 35,000 agents in 2022), some might prioritise quick turnovers over securing the best deal for clients. By choosing the no-agent way, homeowners often achieve better pricing and save substantially by avoiding hefty agent commissions.

MYTH 7: Going no-agent means you're entirely on your own

Many assume that going no-agent means navigating the complex property market solo, especially when using general sites like Facebook to list. This route can indeed feel isolating. Yet, with a dedicated no-agent platform like Kucing, it's a different story. You're not just listing a property; you're teaming up with a digital ally equipped with cutting-edge tools, comprehensive resources, and step-by-step guides. With Kucing, selling and buying property becomes an empowered journey, not a solo endeavour.

In Conclusion:

Singapore's age-old methods of selling and buying property are transforming. Platforms like Kucing are at the forefront, ensuring homeowners reap the maximum benefits of their property sales and home seekers benefit from the security of a stressless journey. As shown today, many widely believed myths about the no-agent route don't stand up to scrutiny. Equip yourself with the proper knowledge, leverage platforms like Kucing, and navigate the property market like a pro.

Ready to embark on your no-agent property journey in Singapore? Download the Kucing app on Android or iOS today and discover a seamless real estate experience!

About Kucing Pte Ltd.

Kucing Pte Ltd. is a leading proptech company that is focused on providing users with innovative and personalised solutions in the real estate industry. Kucing app is Singapore's first truly peer-to-peer property platform. Kucing offers an end-to-end real estate app that links homeowners and home seekers directly. By leveraging digital technology and data analytics, Kucing provides a features-rich, secure, and integrated app-driven platform that empowers anyone transacting in residential Singapore property. Kucing was founded by Singapore-based entrepreneurs Mathieu Goarant and Guillaume Garagnon to revolutionise the real estate industry and make house hunting a more engaging, productive, and fun experience.

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