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.A blog of the latest real estate news, information and properties in the Philippines. Filipinos or not, use this as a guide on how to make make a real estate purchase or rental in the Philippines. We will also feature real estate properties worth checking out. Properties like Alabang, Fort Bonifacio Global City, Makati, Ayala Alabang, Laguna, Tagaytay, Batangas, and Boracay.

TO SELLERS/ LESSORS: How to handle Real Estate Brokers when listing your homes or properties

Have you ever encountered this?

You are planning to sell or rent out your property. You are talking to several brokers.  How do you handle them?

If 2 brokers have the same buyer for your property, who gets the credit? 

You saw your house advertised online with 2 brokers, one priced lower than the agreed listing price and the other quoted the agreed listing price, what should you do? How do you avoid this scenario so all brokers priced your property the same?

What is the RIGHT AND FAIR THING TO DO?

You need help. This is for you.

A guide when availing the services of a real estate broker to market your property.

a. LICENSE. Get only licensed real estate broker with PRC. Ask for their PRC ID. This is to ensure that you are protected. The PRC has their photo, address and other details while the colorums don't. They can just simply disappear. It is hard to take any action over them because they are not registered. Another advantage of getting a licensed real estate broker is, should there be a court case filed by either parties in the transaction, the court gives more credibility to a LICENSED Real Estate Broker as to their testimony have more weight being a person of authority. You can check if they are licensed with PRC by going to their website. Check it here: http://www.prc.gov.ph/services/?id=16

b. BROKER’S KNOWLEDGE AND CREDENTIALS. Get to know the broker. Check what their knowledge of the area is. Know how long they have been a broker. Know what real estate board they belong to. Ask yourself if you would you like dealing with this broker.

c. PROPERTY PRICE. It is advisable to have a written Authority to Sell with the Licensed Real Estate Broker, exclusive or not. This is to make sure there is uniformity in the price that will be advertised by all brokers to sell.  These brokers are responsible in making sure that their associate brokers will quote the same price as agreed with the owner of the property.  

There have been cases where you see 2 brokers quoting different prices online. The onees quoting a lower price online are usually the one not following the agreed listing price with the owner. This is an unethical tactic done by sneaky brokers/unlicensed brokers who wants an edge in attracting buyers more to him as compared to the broker who was quoting a higher price online which in reality was quoting the real listing price as agreed with the owner thus making the latter apprear to be overpricing the property when she is not.

Seller loses here because they will get a much lower price for their property than the right price if priced fairly and properly by all brokers. BEWARE OF SUCH BROKERS WHO UNDERPRICE YOUR PROPERTY. Those brokers who do that style of selling shows that they are capable of doing anything like cheating their way in making a sale. We would you suggest that you stop such broker from marketing your property as these people should learn that it DOESN'T pay to do such unethical practice. 

DON'T FORGET to update all the brokers who listed your property when there is a PRICE CHANGE with instructions to them that you want a uniform listing price on your property when marketing your property.

d. LOGBOOK FOR THE LIST OF BROKERS YOUR ARE DEALING WITH AND THEIR SCHEDULED TRIPPINGS. Always have a logbook for trippings. In the log book, record the date, name of broker, buyer’s name, phone numbers, and signature of broker/buyer.

e. EXCLUSIVITY FOR A BROKER. If you gave your property exclusively to a broker, always have it in writing and have a grace period. Usually it ranges from three to six months. Giving an exclusivity to a broker is okay if you are marketing your property for this first time compared  to an open listing to all brokers the first few months and then giving exclusivity to one broker after. Why? If you go from open to exclusive listing, the brokers, who were marketing it before it went exclusive, wouldn’t feel like marketing your property anymore because you entered into an exclusive contract with another broker.  The original brokers would be forced to go thru them when they were initially direct from the beginning.

f. BROKER’S TRIPPING APPOINTMENT. When a broker schedules an appointment for your property, always ask the broker to give the full name of their buyer before showing the property and the time of the tripping. The first broker, who scheduled the earliest with the same buyer, gets to show the property only. 

g. MULTIPLE BROKERS ONE CLIENT RULE. Should there be multiple brokers showing your house/property to the same client, always follow the rule: the first broker who first registered and brought the client to your house is the buyer’s broker.This is in cases for trippings without advanced notice. This is why we always encourage to have notebook for them to sign.

h. CLIENT’S FULL NAME. Always insists that the broker get the full name of their client before they schedule viewing. It is your right to know who goes in and out of your house/property.

i.  SIGNAGE - If you are not giving the listing of your property exclusively to one broker, this becomes an open listing meaning it is open to any brokers you authorize to sell. To be fair with other brokers marketing the same property, PLEASE do not allow any broker to put a sign to the property. This is to be fair to the other brokers marketing your property. The playing field should be fair and equal. Some brokers don't play or work fairly due to greed using the reason that owners tell them so when some owners are innocent and not aware what is fair and proper in the brokerage industry. It is only those with exclusive authority who are allowed to post signs with the permission of owners. 

For real estate listings in the Philippines, check out our website: http://www.phil-realestate-choices.com 

 

 

 

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