RES License for your own properties? Would it be practical to get a RES License to deal with my own property transactions (and is it allowed?) and for friends/family if I already have leads? If I understand correctly, new salespersons are also required to join an agent/agency. Are there any obligations when joining? (i.e.: do you have to show up for work? how are commissions split, etc) Also, would you have to appear on tacky (no offense) newspaper advertisements with those passport-sized photos on it? (Is it optional?) Anything else I should know? Thanks!
Posted by Anon - Jun 6, 2013 - Viewed 101 times
Answers (6)
Mervin Tang
Posted Jun 10, 2013
Hello Anon,
Thank you for your question above.
In essence, your question really is about the feasibility on getting a RES license just to manage your own property transactions.
The answer to the above is, ABSOLUTELY, you are right, it is feasible.
However, the real question here is that, "Is it wise?"
Let me explain..
To become a RES is a simple and straightforward affair. However, in your question, you are making a very critical assumption;
"That ALL RES are equal. Fact is, that they are not."
TOP RES are indispensable to their clients.. Some aspects are as follows:
A) Market knowledge:
A good RES has his pulse on the ground and can feel the subtle shifts in buyer/seller/tenant sentiment immediately.
A question that I often ask my clients is this, "Do you believe what you hear in the news?", simply because the reports are far distant from the reality on the ground.
B) Paperwork:
At first sight, this looks like a straight forward and simple affair. A good comparison are lawyers, there is a simple reason why complex legal documents are the domain of lawyers and not the layman.
In the RES world, tenancy agreements and OTPs look simple to read, but when there is a legal dispute and the case goes to court, would you take such a risk that there might be elements in your paperwork that have loopholes?
C) Negotiations & Deal Making:
This is as much a science as it is an art. The key to negotiations is about 2 elements,
i) Positioning &
ii) Anticipation
NOTE: Negotiation is NOT BARGAINING!! That is a lousy and amateur approach to negotiations.
D) Marketing and Networks
In essence, the most valuable possession that a RES possesses is his/her datebase. This is painstakingly built up over long long periods of time via marketing and networking. To have a good understanding of these high networth individual's requirements is something that takes skills, knowledge, and PR ability.
Thus and therefore, in your consideration on getting a RES license just to market your own properties in short is short-sighted and severely underestimates the value that a GOOD RES brings to the equation.
The balance of your question resolves itself once you have an understanding on the above.
Hence, meeting the right RES would place you well towards making a better decision into the above.
Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
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