Whether renting, buying, or listing properties, buyers or property owners often engage real estate agents to help minimise unnecessary complications during negotiations. What qualifications should a real estate agent possess, and how can you confirm that an agent is properly qualified?
Firstly, according to the guidelines set by the Estate Agents Authority, except for specific exemptions outlined in the Estate Agents Ordinance, anyone practising as a real estate agent in Hong Kong must hold a valid estate agent's licence. Engaging in real estate activities without a valid licence is a criminal offence, punishable by up to two years imprisonment and a fine of HK$500,000.
The simplest way to check if the agent you are dealing with has a valid licence is to visit the Estate Agents Authority's website. There, you can search the licence directory by entering the agent's licence number or full name to verify the validity of their licence. This search will also reveal the licence's expiration date and any disciplinary actions taken against the licensee.
There are two types of estate agent licences: the Estate Agent's Licence (commonly referred to as the "E licence") and the Salesperson's Licence (known as the "S licence"). Both licences permit the holder to engage in real estate activities. However, only those with an E licence can operate as sole proprietors, partners, or directors of an estate agency, which is not permitted with an S licence.
Obtaining an E licence, which offers broader career prospects, is more challenging and costly than obtaining an S licence. The examination fee for an S licence is HK$550, and upon passing, one can choose a licence valid for either 12 or 24 months, with fees of HK$1,280 or HK$2,510 respectively; the E licence exam costs HK$800, with licence fees of HK$2,010 for 12 months or HK$3,930 for 24 months upon passing.
Furthermore, passing the exam does not automatically guarantee a licence. Applicants must meet specific licensing criteria, such as not being an undischarged bankrupt, not having entered into a debt restructuring or repayment agreement with creditors within the last five years, and not being a person or patient as defined under the Mental Health Ordinance.
Once it is confirmed that an agent holds a valid licence, buyers or property owners can choose an agent suited to their needs. For instance, if you are looking for property, an agent familiar with local conditions can provide more tailored and thoughtful advice based on your preferences.
As a third-party mediator between property owners and buyers, a reputable agent with professional integrity, or one who can negotiate a price satisfactory to both parties, will be highly valued.
The process of buying or renting a property can be lengthy. Regardless of which agent you choose, communication is key. It is essential to maintain close contact, such as coordinating viewings to ensure the timing suits both parties, and not just convenient for one side.
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Property Type | Price | Ads Period |
---|---|---|
For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |