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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.
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BUYING A PROPERTY? HOW TO HANDLE MULTIPLE REAL ESTATE BROKERS
By: Chona
Esguerra
In our last article, we discussed handling of
brokers for the sellers. This time let me share with you the guidelines for the
buyers. Please note that this was done in collaboration
with some veteran brokers who are reputable for being fair and just.
QUALIFY BROKERS.
Don’t just accept when somebody says they are a broker. Ask for their PRC ID or
get their PRC No. and full name and check them at the PRC website (www.prc.gov.ph). This is for your protection as PRC has their
full name, photos, address and number. Being PRC registered protects you should
there be a problem with the said broker later on. It is a law requirement that
brokers be licensed and registered with PRC as there are penalties involved
otherwise as mentioned in my earlier articles. Just remember a true licensed real estate
broker wouldn’t be offended or be defensive should they be asked for their PRC
ID. Should they claim to be under a certain broker, they should still have a
PRC ID as accredited agent. Otherwise, you are dealing with a colorum.
Heard stories of a buyer
trusting somebody who claims to be a broker. Since she is a first time home
buyer, she trusted this so called broker, gave the payment for a
property and never saw that person again. Buyer beware!
PROPERTY
SHOWN INSIDE. Accept the property listing only from
brokers who were able bring you inside the property. Viewing from outside is
not counted until they show the inside. Note who showed it first to avoid
duplication.
SAME
PROPERTY. If you saw the same property earlier
thru another broker, inform the current broker showing it. Do not give the
exact address to the broker what you saw earlier as a sign of respect to the
other broker who showed it first. Street Name will be fine if required to.
PROPERTY
ONLINE.
If you saw a particular property online from a broker, get it from the
online broker as they worked hard in posting this online. Make arrangement to
view. Ask the online broker to viber or
email you the front view of the house to make sure you won’t accept viewing of
the same property from another broker during tripping even if they brought you there
first. If there is no front photos shared, then that is the risk the online
broker has to take should another broker brought you inside the same property.
OFFER ON
THE PROPERTY. Only make the formal offer to the
broker who showed you the property first even if you decide to make an offer to
the property one year later. Give the broker the courtesy to ask if this
property is still available at such a price. Never go straight to the owner if
there are people who worked hard in showing you this property. Respect and
courtesy are important in this business as it gives good karma.
BROKER’S
TRUST. If a broker gives you their full trust
with regards to the name of the owner, contact number and full property
details, please return that trust by going back to that broker as a sign of
respect and courtesy.
MAKING PAYMENT - It is the broker’s job to do due
diligence on the property you are interested in before making payment. This means the broker has to get documents
from owner, verify it with the Register of Deeds and furnish you a copy. After
checking if the documents are in order, you can now proceed with the payment.
Do you want
a stress-free and smooth transaction for your property? Strictly practice these
guidelines and you will have a conflict free transaction. Whenever you are in a
situation and you don’t know what to do, always ask yourself what is the right
thing to do and you will get the correct one.
Just be honest.
CHONA
ESGUERRA is a licensed real estate
broker with vast experience in the field.
She is a member of PAREB – Muntinlupa Real Estate Board. A village
resident. Her email: chonae2004@yahoo.com
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SELLING YOUR PROPERTY?
HOW TO
HANDLE MULTIPLE REAL ESTATE BROKERS
By: Chona Esguerra
Most
Filipinos still prefer availing the services of multiple real estate brokers
rather than giving it exclusively to one. Talking to many brokers can be
chaotic at times as there are no clear guidelines available for owners or
buyers on handling multiple brokers. Because of this, I thought it best that we
put these things into writing so we have a guide to refer to whenever a
situation arises. I will divide this into 2 parts. One for the Seller and the
next part for the Buyer/Renter. Please note that this was done in collaboration
with some veteran brokers who are reputable for being fair and just.
QUALIFY BROKERS
– Ask
for their PRC ID or check them at the PRC website (www.prc.gov.ph).
Remember only licensed real estate broker are entitled to receive full professional
fees. Not PRC registered? No right to
demand full professional fees even if there is an authority to sell as that
alone is proof that they are practicing without a license. Allowing them
makes you an accessory to an unlawful practice of the colorum practitioner. Do
you know that unlicensed offender can be penalized up to P200,000 and/or 2 to 4
years imprisonment as stated in the RESA Law or RA9646? Please check the old
AAVA issue or internet about RESA Law.
HOUSE VIEWING: Some buyers schedule with
multiple brokers and most of the time they are just showing the same
properties. Have a client registration done to determine which broker brought
the client first to the property. Just remember “No client recognition for registration without actual tripping”. Sad to say, there are unethical
brokers who register client thru text or email without tripping. This is unfair
to the real broker who brought the client in the first place. This is why we
encourage owners to have a logbook at the property being offered for sale and
with a helper to monitor it.
LOTS VIEWING: Broker must first register their
buyer to the owner before tripping. Should there be a conflict among brokers, follow
the rule “Only the broker recognized by the buyer is the real broker who actually
showed the property” as there is no
way to prove who really showed the lot.
CONDO VIEWING: The first broker who schedules with the buyer, gets
to show the property first.
UNIFORM
PRICE QUOTATION– Always
have a uniform property price with a price expiration date so brokers can update their price. Better yet, put it in writing. Email
all brokers the price update and follow it. Quoting a different price each time
a broker asks or make an offer creates a negative effect that questions the
professionalism of the broker. It is Broker’s
standard practice to always quote the agreed listed Gross Price and NOT the NET
Price. Quoting a NET PRICE adds confusion to the buyer. They need to know
the total amount they need to spend in buying the property.
EXCLUSIVITY- Giving an exclusive authority to a broker means all
transactions shall be coursed thru one broker only for a specific period of
time. This includes direct buyers of the sellers. If you are entertaining more
than one broker, there is not called exclusive anymore.
SIGNAGE – If your home is open
to all brokers to market, never allow any broker to put a sign on the
property. Allowing one broker is unfair to the other brokers who are also
spending time and money in marketing your property. There should be fairness in
selling your property. For exclusive
broker, they are the only ones allowed to put a sign on the property for an
agreed period of time. But should owner
decides to put up his own sign and have it open to all brokers, please don’t allow
any broker to put up their own sign too on the property.
BROKER
NETWORKING
– Owners should respect the co-brokering relationship among brokers with
regards to sharing of property listing and professional fees. Brokers have code
of ethics which they signed and are bound to follow.
Should
owner avail the services of a second broker only to find out that the first
broker has shared the same property listing to the second broker, the owner
must respect this. The Broker, on the other hand, must give courtesy to the first
broker and state the situation. Broker must still go thru the first broker as
stated in their code of ethics.
OFFERS ON THE PROPERTY. Always insists that offers be in writing and signed by
the buyer. Never accept offers signed by a broker as it doesn’t have any
value and doesn’t bind the buyer. Accepted
Signed Offers must come with money of consideration.
You may want to check my next article: For Buyers: How to Handle Multiple Real
Estate Brokers
CHONA ESGUERRA is a licensed real
estate broker with vast experience in the field. She is a member of PAREB – Muntinlupa Real
Estate Board.
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Being
a first class subdivision, the Village residents deserves only the best and
that is getting the right people to work with. Dealing with colorum brokers or agents is
something I wouldn’t consider appropriate. Why? They are not regulated nor
equipped to handle different real estate situations. They cannot be controlled
as they go in and out of the village without notice bringing unscreened clients
all for the simple reason of earning money. The time has come that we set a
standard for hiring real estate broker. That is to deal only with Licensed Real
Estate Broker or Agent.
Here
are the reasons why:
· Protection.
The Real Estate Service Act (or RESA law) was signed to protect the public from
fraudulent transactions done by colorum real estate agents. If you deal with a
licensed broker, the government knows where to find them as they have their
personal information like home address, board affiliations, photos and other
info while the colorum can just disappear after getting paid. For the licensed one, you can file a complaint
with PRC or the broker’s real estate board should there be a problem.
· Experience & Expertise. Before
they can renew their license, a licensed real estate broker are required to
attend Continuing Program Education (CPE) These keeps them updated with the
latest real estate laws and trends in the country.
They can give the best advice on a real estate situation. The colorums don’t
attend these seminars. Their goal is just to make money.
·
Market Conditions Information. They can disclose market conditions. Their first-hand information will help you in
your selling, buying or leasing process.
· Professional Networking – Brings a network of known, trusted real
estate professionals. They
have a Multiple Listing (MLS) Group where they share their listings or
requirements thus increases their chances of closing deals faster.
·
Give unbiased realistic view of your home and
other options. Unlike the seller
and buyer, they have no emotional attachment to the property.
·
Buffer. They filter out all the emotions that happens
during the negotiation stage so that the parties involved can focus on closing
the transaction.
Contact
a LICENSED REAL ESTATE BROKER
the next time! You’ll be glad you did.
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a. OFFERS
MUST BE IN WRITING AND SIGNED BY BUYER. Always insists that offers be in
writing and signed by the buyer to show their seriousness to the seller. Don't accept if the offers are signed by their real estate broker as it doesn’t have
any value as buyers can always back out. b. SAME OFFER AND
TERMS OF PAYMENT. Should seller
receives the same price offer and terms of payment on their property from two
different prospective buyers, accept the one who offered first provided
it comes with a payment. Should the buyer fails to
give the earnest money within an agreed time, the owner must
send an email or a written letter to the buyer and his broker, if any, that their offer is no
longer valid for failing to give the payment on the agreed date in the written offer. You
can now entertain the next offer in line. c. SAME OFFER BUT
ONE CASH, THE OTHER THRU BANK. Should the owner receive the same price
offer but one is cash and the other is bank financing and time is of the essence, then we would advice you take
the cash first over bank financing. Although bank loan proceeds is good as cash, it will take 2 to 6 months (depending on which bank is processing the loan) before they receive proceeds of the bank loan will be received. d. WHEN TO HOLD PROPERTY FOR
A BUYER. Do not hold the property without the 2 items below: 1) Written offer signed by both parties (buyer and seller). 2) Earnest money or
downpayment as stated in the agreement. Very important There have
been cases when an owner stopped showing his property due to a verbal agreement
with a buyer without any earnest money nor downpayment. What
happened? The buyer wasn't able to deliver the payment as verbally agreed upon. Thus having lost opportunity costs and at the same time losing
the other prosepctive buyers who initially wants to buy it but was told the house is n longer available. Weigh things before making a decision. Always ask yourself. What is the right thing to do and the answer will come to you. Decide wisely! For
real estate listings in the Philippines, check out our website: http://www.phil-realestate-choices.com Planning
to retire, check out La Prairie Tagaytay. Website: http://laprairietagaytay.homestead.com
or http://www.laprairietagaytay.com
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If you are planning to retire in the Philippines, here is a nice
article about it. http://www.investopedia.com/articles/personal-finance/093015/what-does-it-cost-retire-philippines.asp?partner=YahooSA A good place to retire: La
Prairie Tagaytay....check out their website: http://www.laprairietagaytay.com
or http://laprairie.homestead.com For listings of properties to buy or lease, check out http://www.phil-realestate-choices.com
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Happy New Year everyone! Excited for 2013? Let us see what is in store for the real estate market in the Philippines. Read what the experts say in this article at Philippine Star posted last Dec. 2012. http://www.philstar.com/business/2012/12/07/881979/real-estate-outlook-remains-rosy-2013-%E2%80%93-cbre
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The Philippines is gaining so much interest now from foreign investors after getting great reviews about the state of its economy compared to other countries around the world. There have been questions regarding the extent of the ownership should a foreigner decides to purchase a real estate property. An article came out today in Philippine Daily Inquirer regarding the topic. I thought I share the article with you. Click here for the link: http://business.inquirer.net/85536/condominium-ownership-rights For real estate properties for sale or lease, check out my website: http://www.phil-realestate-choices.com
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Year 2011 was a good year for the real estate market especially for the residential house and lots/lots in the southern part of Metro Manila. Would the Year 2012 be much better? What do the real estate experts say are in store for this year? Check below the article from the Philippine Daily Inquirer: Property market bul l i sh in 2012, say expertsBy: Tessa R. SalazarPhilippine Daily Inquirer8:12 pm | Friday, December 16th, 2011 (First in a series) How do property analysts see 2012? What trends will emerge, what will continue, and what will we see less of? Inquirer Property picked the brains of property analysts and real estate brokers. They have been unanimous in predicting that the property sector will continue to lead the economy, more residential developments, as well as more tourism-oriented projects, will take shape, and that green advocates in the real estate sector will intensify their presence even more. But there are also words of caution: Mid-income developers should “explore more” if they want to stay in the game in 2012. Wish list Competition in the mid-income segment will heat up. Enrique Soriano, professor at the Ateneo Graduate School of Business and senior adviser at Wong+Bernstein Business Advisory, estimated that in 2012 and 2013 more than 48,000 residential units would have been completed, with an additional 56,000 units due for completion end of 2015. Condo buyers will have a field day choosing from among the following value propositions: Developer reputation and brand equity; Location for convenience to and from schools, hospitals, workplace; Architect and product concept; Affordability Soriano adds new items to the “wish list”: Homeowner expenses and maintenance charges; Crime levels and security; Parking space; Pollution levels; Supply of water; and Future area prospects There would be more affordable residential units built in 2012. “My sense is that the market would remain upbeat with residential offerings, I see more low-cost and affordable buildings outside the main CBDs and houses and lots would continue to be the bread and butter in the provincial cities. With the minimum VAT threshold for residential units being adjusted for inflation in 2011, for condominium/house and lots—from P2.5 million to P3.19 million and lots only—from P1.5 million to P1.91 million, residential units will be more affordable next year,” says Paul Vincent Chua, global real estateservices Colliers International’s associate director for valuation and advisory services and head of consultancy and research. Enhancing beauty of PH Chua added that the country “will see a lot more tourism-oriented developments as we strive to enhance the beauty of the Philippines on the international scene and get more tourists to visit us.” There will also be more mixed-use developments as a key strategy for developers as this will maximize the returns on large plots of land. “The office sector remains to be the largest growing segment of the real estate industry, and we expect this to continue next year,” Chua added. There’ll be more informed, ethical brokers in 2012. Engineer Enrico Cruz, broker and real estate educator, said that “As we are now seriously professionalizing the real estate service (real estate brokers and salespersons) we will soon be having more educated, well informed and more ethical real estate brokers. This will result in well-guided happy buyers and small investors, resulting further to more real estatedemands and faster buying or investing decisions, resulting further to more development projects, resulting further to more employment of local construction workers and other people for related work,” he said. Tap new markets “A word of caution to mid-income vertical developers,” Soriano said. “Tap new markets and explore new product offerings.” “If they want to stay in the game they must differentiate. Their products must be innovative and compelling. Their service delivery process must be exceptional. Brand equity will be a competitive advantage,” Soriano said. He also advised developers to target specific developments with a lot of customization, pocket developments in new CBDs. Competition will shift to the homebuying experience, he added, and Internet marketing will play a major role.
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I just read about the opening of Acacia Drive, an exclusive spine road for Ayala Westgrove residents to reach the South Luzon Expressway faster thru the Mamplasan exit. Time is saved as you don't have to pass thru the busy Sta. Rosa-Tagaytay highway. See article below from Philippine Star last November 18, 2011: Driving to a milestone: Ayala Westgrove Heights opens Acacia Drive
(The Philippine Star) Updated November 18, 2011 12:00 AM Comments (0)  |
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The opening of the Acacia Gate provides residents shorter and easy drive home that cuts travel time by almost half.
| Zoom MANILA, Philippines - Twelve years after Ayala Westgrove Heights opened its doors to share the exceptional living experience within a thriving and dynamic community, the development marked another milestone that brings to the fore its ideals of residential living. With a vision of ensuring that their residents continue to enjoy only the best that the neighborhood has to offer, Ayala Westgrove Heights opens Acacia Drive—an exclusive spine road that will make coming home even more enjoyable. Acacia Drive, aptly named because of its tree-lined streets and scenic roads, gives residents a more leisurely drive going home. What used to be a 20-minute drive from Alabang is now shorter given that residents who will be issued an exclusive pass to go through the spine road leading to Ayala Westgrove Heights can now take the Mamplasan exit. “The opening of Ayala Westgrove Heights Acacia Drive means residents are able to cut their travel time by almost half. This makes living in Ayala Westgrove Heights easier, ideal and more accessible,” said Gel La’o, Project Development Manager, Ayala Land Premier. “Ayala Westgrove Heights nurturing environment allows our residents and even their guests to experience a dynamic community that encourages shared passions. Plus, the property is just less than an hour’s drive from the Makati Central Business District and five minutes away from Nuvali,” adds Mayi Rodriguez, Division Manager, Ayala Land Premier. Educational institutions, health facilities, business and commercial centers, and recreational zones, such as St. Scholastica’s College, De La Salle University-Canlubang, Brent International School, Asia Hospital, Alabang Town Center, Solenad in NUVALI, and Paseo de Santa Rosa are also within reach from the property. All things considered, it’s no wonder that residents of Ayala Westgrove Heights enjoy living within this panoramic enclave with a scenic drive home—made even better with the opening of Acacia Drive. For listings in Ayala Westgrove, please check my website: http://www.phil-realestate-choices.com
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Good question. There are several factors to consider before you know that it is a good time to buy property. One, what is your purpose for buying? Is this for personal use or for investment? If it is for personal use and your need is immediate, then you have to buy a property right away. If it is for investment, then you have to buy only if it is a good deal. I recommend you read this article that I come across with in Yahoo online. See http://finance.yahoo.com/news/Is-It-a-Good-Time-to-Buy-Real-usnews-325083932.html?x=0 See questions you should ask yourself before you buy. Go check it out! For listings, please check out my website: http://www.phil-realestate-choices.com
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From the way the real estate is going, it seems that the title is not far fetched to achieve. From what I see and hear, there has been so many real estate movements around the country. New infrastructures are being built like big malls and factories. Lots of foreign investors coming in either they are transferring or branching out their business here. Local and foreign tourism are steadily rising. This is great news for everybody here. If there are more money circulating then everybody is happy. There is time for work and time for pleasure. To read about the article that tells how the real estate sector is contributing to the growth of the Philippine economy, please click this article from the Business Mirror: http://www.businessmirror.com.ph/home/properties/13643-philippines-as-the-next-investment-destination For more real estate listings, check my website: http://www.phil-realestate-choices.com
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Fairways Tower, Fort Bonifacio - Global City
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Announcing a rent/lease reduction
on Fairways Tower, a 88 sq. m., 2 bath, 2 bdrm apartment. Now
$75,000 PHP
Monthly
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Property information For listings, please check my website: http://www.phil-realestate-choices.com
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The confidence in our Philippine economy is high these days. As a real estate broker, I can see the difference in the movement. This is good for everybody concerned because this means money is circulating. That means more jobs, more income, more business, and everybody happy. Read the article posed in the Inquirer last Feb. 24 by Michelle Remo. Click here: http://archive.inquirer.net/view.php?db=1&story_id=322030
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