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4545 843 for details. Article published in: Singapore real estate law situations. ----------------------------------------
Case study No. 904051. Realtor's Rage - Reserving the right to claim agency commission. Using legal threats: Reserving the right. Good Friday "I get you the cheque (deposit of $5,000) today," said the aggressive co-broking realtor Mr X. He even wanted a 1% agency commission from the Seller since he was sure he would be able to get the Buyer interested in purchase of the HDB apartment at the $30,000 cash above valuation.In HDB sales, the Buyer usually pays 1% agency commission and this motivated Mr X to exploit the opportunity to "co-broke" with Asia USA Realty which represented the Seller. Mr X was entrusted the keys and given the copy of the title deeds to prove ownership due to his persistence. He had previously been given the keys and had returned them. All the while, he had been told that the Seller would not be selling if the cash above valuation was not $30,000 but he was the type who would take "no" for an answer. He had shown signs of hot temper when his offers of $10,000 and $17,000 cash above valuation were rejected. Saturday "I would sue your company..." shouted the enraged Mr X at the Seller's agent, when he found that the Buyer was not keen on the $20,000 cash he had procured.Asia USA Realtor told him that the Sellers could be available to sign the documents at 10.30 a.m on Saturday so that the cheque could be deposited before the bank closed at 11.30 am on Saturday. He did not have the cheque in hand. In that case, the Sellers were not interested. He had not achieved the $30,000 and thought that the Seller should be grateful for the $20,000. When the litigation issue was raised, the Seller's agent informed the Seller and immediately was instructed to stop further discussion. Mr X was asked to return the keys entrusted to him. He did not respond to several pagings. It was stressful to the Owner as to whether he would destroy the apartment since he had the keys. Sunday "I did not sign any paper with you," said Mr X when he responded to the paging on Sunday. This implied that he need not return anything since he did not sign for the keys! When told that he would be committing trespassing, he said he would not enter the apartment. He decided he would return the key to his company and institute legal action.In the meantime, the apartment lock was changed and a police report was made. Monday "...The Company reserves the right to claim agency commission..." was written by the Owner of the Agency revealing the names and identity cards of the prospective Buyer to Asia USA Realty. The keys were returned by the Agency.Novice realtors to note :Co-broking is a key to being a successful realtor as you will close your case much faster and get on with other pending cases. Handing over keys to co-brokers you can trust is one way to expose the Owner's properties widely if you are not free and you are convinced that the co-broker really has the qualified client. In this case, it was a last-minute appeal by the co-broking agent to get the key. He was given the key as he had not abused the trust earlier. He did give the impression that he had a Buyer who would pay close to $30,000 cash above valuation. By close, we mean within 10% and $20,000 is not close to what the Seller wanted. It is better not to "co-broke" with hot temperament agents who don't want to qualify buyers or sellers as they vent their frustrations on you, hoping you would pressurise the Seller. Unfortunately, it is not easy to identify hot temperaments as such agents would be very accommodating when they want your co-operation and would turn nasty only later. Some experienced agents are successful because there is no such word as "no" in their vocabulary and in being persistent and trying their luck, they do get more closings than an average agent. They do get more stress and spent more money and time on many failures. Somehow, they could not contain their anger and would blurt out words which they would then regret. Agents who cannot not contain their anger and abuse the trust of co-broking agents would invariably be avoided by all agents. In fact, their company's reputation would be tarnished as co-broking agents would rather not deal with such a company. As to whether Owners of agencies should use "reserve the right to claim agency
commission" if the prospective client of their associate agent closes with the
other agent or Owner, it would be interesting to get feedback from readers. Owners wishing to advertise to rent their properties Imagine every agency in town writing to co-broking agents to "" reserve the right to claim agency commission" every time there is a prospective client! Would such a right stand in a court of law? The effect would be that no agent would want to co-broke with such an agency or its associates. If the agency has a good case, there is no need to reserve the right!The use of litigation will never make an associate realtor successful because the
network of active realtors is not that big and soon everybody knows you and your company's
reputation and would be very wary of you. Definitely, nobody wants to co-broke with such
an agency or its associates. _______________________________________________________________
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