CEA does not regulate the commission rates charged by property agents. Commissions are determined by market forces.
Consumers should discuss with their property agent*, compare and negotiate the best rates for the services required, before agreeing to the commission amount and engaging the property agent. The amount should be stated in CEA’s Prescribed Estate Agency Agreement signed between the consumer and the property agency.
Consumers should also check whether GST is factored into the commission, and the total amount payable. The commission rate and GST (if applicable) should also be stated in CEA’s Prescribed Estate Agency Agreement signed between the consumer and the property agency.
*Under the Estate Agents Act, estate agents refer to estate agency businesses (sole proprietors, partnerships and companies). Such businesses are commonly known as property agencies. Salespersons refer to individuals who perform estate agency work. They are commonly known as property agents.