Cut out the middle-man

Here’s a WILD IDEA.

A lawyer in an en bloc sale is essential.
Property agents, on the other hand, are dispensable.

Let’s take a leaf out of the HDB book. They now run classes for those owners who wish to cut out the middle-man and buy/sell their unit on the open market by themselves; thus reducing their costs.

The govt could run similar classes for private owners who wish to sell their estates en bloc.

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1) Holding EOGMs is a breeze. The managing agent in the estate will take care of all the necessary preparations. Anyone can read up the rules and regulations and follow instructions.
2) Owners can appoint their own Valuer to do a valuation. At least you can be SURE that the valuation is genuine and independent.
3) Owners will not be enticed, seduced, duped, cajoled, intimidated, harassed and/or sweet-talked into signing the CSA.
4) Signing the CSA can be done en mass only after 80/90% have indicated their intention to sell.
5) How difficult can it be to put an advertisement in the newspaper?

6) Learning the ins and outs of property transactions, the nitty gritty details is well within the intellectual grasp of many.
7) Interested developer-buyers will have to TENDER upfront, thus ensuring the best price possible for owners.
8) It can be very simply executed – whether your estate is plonk in the middle of a busy housing estate or in district 10, it will sell itself.

Too long, estate owners have been brainwashed into thinking their estate needs to be ‘marketed’ before anyone will be interested in buying. Says who? Property agents! That you need their ‘expertise and professionalism” …. but do we really? Older estates in choice areas market themselves.

Do we really need to approach developers – or will they naturally come to us, after all, Singapore is tiny, they have no choice, land is more precious than gold and developers should be grateful that the owners are offering them a second bite at the cherry through redevelopment.

“Hey-hup! 702,162 sq ft of land smack in the middle of a booming housing estate, regional hub, walking distance to two MRTs, shopping centres, hospital, markets, CC, 7 minutes to the airport, 2 minutes to PIE etc……..any takers?”

They need your land more than you need to sell.

So what if they don’t bite the first time, genuine homeowners can wait, the false sense of urgency is created by the property agent and speculators in your estate. Take a step back - don't believe all their spiel.

It is time for owners to wrest control from those professional outsiders who have vested interests in the sale of their homes- and save themselves millions of dollars to boot. No doubt, it is more expedient and easier to delegate to a 3rd party - but how sure can you ever be that they will perform their duties in your best interests? Knowing that their on-going (repeat) business relationship with developer-buyers is more important than any one-off arrangement they have with you. Knowing that the faster they sell, the quicker they get their commission. Knowing that their commission is pegged to a wide sale price, ie, they will get the same commission if they sell at $X dollars as opposed to $XX dollars... so why should they put in the extra work for no return? This is one of the reasons why so many estates are sold at the minimum reserve price, much to the chagrin of the majority owners.

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I can hear property agents everywhere guffawing at the idea -

but think about it.

'It's so crazy it just might work'

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