Google Pampanga Real Estate Guide, Trend and Review: June 2010

Tuesday, June 8, 2010

Finding a Reliable Real Estate Broker in the Philippines | Tips you need to know.

It is hard to come by in finding a few good professionals among a hundreds of thousands of real estate practitioners in this country where he/she can help you in finding the right home or selling a property in order to liquidate it into cash. Remember that real estate is not an easy to sell asset wherein the cyclical business is in effect (it may be boom or bust) wherein it still rely on the market and economic conditions. Also selling off your property may take time from weeks, to months or a year before it will turn to profit or cash depending on the state of the economy, demand and other factors such as how reliable and efficient is your real estate broker.

However the gains on selling the property is enormous with the current buyer's market for the OFWs and affordable segments of Class D and E with seller's market of segment A, B and C (Upper Society or Upper Middle to Low Middle Class). There has been a slow down in the demand however people are still dreaming of owning a property either for immediate need as a home or as profitable rental business.

Anyways, here are some tips in finding a reliable real estate broker:

1.) Set an Appoinment - It would be wiser for sellers / buyers to get to know first the person you are negotiating with. Make an interview him or her and get to know him/her well.

2.) Qualifications: Is he/she a licensed real estate practitioner? He can show his qualifications on hand with a resume, a calling card with license to practice on it. Plus the contact numbers or he / she has a website it will have plenty of information about him/her on his short bio etc. As of today, most Filipino real estate broker / realtors follow the Republic Act 9646: Real Estate Service Act of 2009 on which the Implementing rules and regulations plus the code of ethics is still on the process. The Philippine Regulatory Board on Real Estate Services under the Professional Regulations Commission (PRBES-PRC) overseers all the regulations in the practice of the Real Estate Profession. Other suggestions for sellers is to further investigate and research about the person you want to contact by reaching the following websites for real estate practitioners as bona fide members of good standing through www.rebap.com.ph for Certified Real Estate Brokers (CRBs) who are members of Real Estate Brokers Association of the Philippines (REBAP) or www.realtors.org.ph for Realtors or members of Philippine Association of Realtors Board (PAREB) and contact their organizational secretariats to verify.

3.) Knowledge and expertise - he/she must know the current condition or state of the properties he would be selling off. Sometimes will ask for a meet up with a seller and make an ocular inspection on the said property. Also must be updated with current tax laws and property zoning and valuation especially for commercial properties. Don't forget to ask what his / her real estate specialization to narrow down your interviews and the person you are looking for. There are real estate practitioners who are very good in general brokerage, others may be focused only in project selling and marketing on newly developed markets, others maybe engage in raw land or farm land selling.

4.) Marketing experience - A reliable real estate broker / realtor would ask questions ranging from the size of the lot area, the price you are selling your property and any terms or conditions from modes of payment, other pertinent information like history of the home, the tax declaration and also ask for the photocopy of the transfer of title certificate. A buyer should be open to some suggestions of a reliable real estate broker on payment terms for example. A seller should also be flexible with some terms as long as it is feasible and would all the benefit the party in liquidating the property.

5.) Network - A reliable real estate broker / realtor must be connected with clients looking for properties and at the same has built a large network among fellow brokers from within the organization he or she is a member of. Real Estate Brokers / Realtors have Multiple Listing System (MLS) for Realtors (members of Philippine Association of Realtors Board or PAREB) and Property Listing System (PLS) for Certified Real Estate Brokers (CRBs) for members of Real Estate Brokers Association of the Philippines (REBAP) wherein they can post online within their organization website or show the listing during organization meetings in order for the broker to get help in marketing and selling off your property immediately.

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