Some years ago a friend of mine, let’s call him R, purchased a condominium unit in the east. It was a two bedroom unit located on the 9th floor, right next to the mrt station and a short commute from where he and his girlfriend would both work. He had seen a number of units in the vicinity, and was ready to commit. He made a sincere offer just slightly below the asking and kept his fingers crossed.

The agent whom R was working with, happened to hold the exclusive rights for the unit and R did not have to wait long. According to the her, they already have an offer higher than his. But that was from a colleague co-broking the deal and accepting that offer would mean sharing and halving her own commission. She suggested to R that he increase his offer slightly, and on her part, she ...