What is the agent fee

In Singapore, property agent fees vary depending on the type of property and whether you're buying, selling, or renting.

For Sellers

If you're selling an HDB resale flat, the standard commission is typically 2% of the sale price. For non-landed private properties like condominiums, sellers usually pay between 2% to 4% of the sale price. Landed properties generally command a commission of 2% or higher, as these transactions tend to be more complex and require additional expertise.

For Buyers

For HDB resale flats, buyers typically pay 1% commission to their agent. However, the landscape for private property buyers has evolved. Starting from July 2024, following new guidelines introduced by the Singapore Estate Agents Association, buyer's agents may charge a buyer's agent fee. While traditionally buyers of private properties didn't pay direct commission (as the buyer's agent would share the seller's agent's commission through co-broking), some buyer's agents now charge between 0.5% to 1% of the purchase price.

For Rental Transactions

The standard practice for rental properties is to pay one month's rent as commission for a two-year lease, or half a month's rent for a one-year lease. These fees are typically paid by the tenant, though arrangements can vary.

Important Points to Note

Commission rates in Singapore are fully negotiable between you and your agent. There is no fixed rate mandated by law or regulation. This is particularly relevant for higher-value properties or unique transactions where you may have more room to negotiate favorable terms.

When discussing fees with your agent, remember to clarify whether the quoted commission includes GST (Goods and Services Tax), as this 9% addition can catch some people by surprise. It's also essential to formalize all commission agreements in the Council for Estate Agencies Prescribed Estate Agency Agreement to ensure clarity and protection for all parties involved.