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TO BUYERS/LESSEE: How to handle several brokers/agents when tripping to a property

The real estate is still booming in the country as seen from the upswing movements in the sale, rental and construction.  Because of this, there are more Buyers as well as real estate brokers and agents in the market.

In the resale or rental market, buyers are talking to several real estate brokers to schedule trippings. They want to see as much properties as they can. Dealing with several brokers can sometimes be chaotic if not handled properly.

What is the right way in handling several real estate brokers when scheduling trippings? Here is a guide that every buyer/rental client should know:

a)  LICENSE – Always make sure you are dealing with a Licensed Real Estate Broker. You can now verify online if the broker is licensed or not.  CLICK HERE  Whether they are broker or agent, they all have a PRC License Number which you can check online. Just make sure you have the full name of the broker. Why must they be licensed? It is for your protection as the PRC have profile of the brokers you are dealing with like their photo, full name, address and other details which you wouldn't get if you are dealing with a colorum broker or agent

 

b)  TRIPPING –

1.   Write down the addresses of the houses/property that you saw from a particular broker. Always remember the listing broker who showed you the house/property you like first.

2.   If a broker provided you with a list, check the list from those given from other brokers. See if there are duplication. If there is, inform the broker who sent the list later than the other broker. Never mention to the other broker the exact address of the houses you saw already thru an earlier broker.

3.   If a broker showed you the same house as shown by the earlier broker, don’t go inside the house/property. Tell the other broker that you saw this house/property at such date and time with another broker. It is okay to give the name of the other broker if requested so they know you are telling the truth.

4.   If you are talking to a broker online regarding a particular property with a photos you saw in the web, give this broker more priority on tripping schedule over a broker who didn't send you photos of such property to avoid complication. Brokers online spends and make an effort in taking photos and posting them online. Talk to only one broker of the same property. Inform the broker without photos, that this house was given by such broker already and you want to view this house with them. 

 

c)   MAKING AN OFFER –


Have you ever encountered this when selling or renting out your property? 

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. This is to ensure you that you are protected as only PRC have controls over them should there be problems later on. If you encountered problems involving an unlicensed broker or agent, it is hard to take any action over them because they are not registered. Another advantage of getting a licensed real estate broker, 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 their testimony have more weight being a person of authority in judgment on who is telling the truth between parties. 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 whether they are exclusive or not. This is to make sure there is uniformity in the price that will be advertised by all brokers authorized 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 one quoting a lower price online is 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 exclusivity to a broker is okay if you are marketing your property for this first time compared  to doing the 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 showed the house is the buyer’s broker for your home.This is in cases for trippings without advanced notice. This is why we always encouraged 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 

 c)    Make an offer only with the licensed real estate broker that showed you the property first. This means you saw the property from inside and out with that first broker. Make sure

it is a written offer signed by you. Be fair to the first broker that showed you the property first. 

There have been cases wherein the second broker will quote a lower price (net price of seller) to entice the buyer to get the listings from him thus making the first broker appear to be overpricing when they are not. The second broker is doing an unethical tactic of getting the sale thru enticing the buyer to his lower quoted price when the first broker is only quoting the agreed listing gross price by the Seller. The Broker’s standard practice is to always quote the agreed listing gross price and not the NET price. This is to avoid confusion to the buyer as NET PRICE is only net to owner, It doesn’t include all the taxes needed to transfer title to buyer and broker’s professional fee.

 For more listings, please check my website: http://www.phil-realestate-choices.com

 

 

 

 

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