Recently came across, some lelong property that look interested in FB, so contacted the so called lelong agent, according to them, they don't take profit from us but from bank, it seems too good to be true, so is it true the service are free of charge??

yes
from bank

u got ur answer

Most bank offers commission to the auction property agents, but there are some banks do not provide the commission, so buyers have to pay

how about public auctions?

Agent gets paid by the vendor whether bank or company or individual so I don't know what you mean about too good lol. E.g. Sale of 1m house, 2% commission: 20k to agent 980,000 to seller buyer pays 1,000,000. Same thing for rent, commission is from landlord not tenant. Vendor would have priced in the commission.

This post has been edited by LoTek: Feb 1 2021, 02:18 PM

depending...
banks paid... sometime nope..
so buyers has to pay...

Anyone know what's the range of commission for lelong agents?

Is it the same as subsale? currently around 2%?

Ultimately paid by the defaulted borrower.

Just curious cos the agent actually is also bid from the same platform as others bidder, so mean if we bid directly through bidding platform say is Nx ChXx Mxx so the banker would save their commission is it??

Banks pay to NCM and NCM pays to the agents

NCM have dedicated CS team to assist for a bidder that not using an agent. hence, NCM earns those commission to an agent as well..