CEBU, Philippines – Real estate players in Cebu are now looking at new ways to keep the sector afloat through tapping unserved markets and offering new services such as property management.
F9 Properties Development and Consultancy Inc. chairman Tomasito Z. Academia said that real estate business here in Cebu is still generally vibrant despite the forecasted slowdown.
He said that consumers continue to buy properties because they see it as a hedge over inflation and as a solid investment for their future.
“Business is still good here in Cebu and it seems like the crisis has not dampened the environment yet. There is a lot of business process outsourcing firms who have come in to expand their outsourcing operations and are looking for office spaces, which makes the local economy vibrant. A lot of new migrants are also looking for residential areas to live in,” he said.
Academia added that despite the ongoing financial crisis, there are still several opportunities for real estate practitioners to capitalize into and these services include real estate consultancy, property development and management, among others.
After seeing this growing trend, Academia, together with eight other realtors, embarked on creating F9 Properties Development and Consultancy Inc.which aims to tap into the services that are not yet fully utilized by real estate practitioners.
He said that in commercial leasing, there are a lot of opportunities that could be tapped because there have been several commercial developments in the area which needs the services of property managers especially those whose owners reside abroad or are new in the field of real estate.
“Property managers are only a few in the industry and those offering this service are international firms. With the continued developments on commercial leasing which includes office buildings, and retail establishments, there is a growing need for a strong property manager that will help them lease and market their properties as well as maintain it for them even if they are away,” said Academia.
He said that currently, they are in talks with clients who are subdivision owners on how to get their expertise in managing their properties.
“Property managers can enable them to preserve their property or developments and manage it well so that its value will increase after a period of time in the market. A properly managed and preserved development has a higher value in the market,” said Academia.
He said that although property managers are not new in the industry, practitioners need further education to really grasp its concept and capitalize on it.
“The market is very receptive with property managers because some have already found out that one common pitfall in their business is letting their relatives run the business for them,” said Academia.
He said that property managers not only manage certain properties but they also administer the property when the owners area away or are not really experts in the field.
Academia said that although it is an added expense to the property owner, getting property managers can also be a form of investment because it can guarantee them bigger commercial value for their properties.
“The need for property managers here in Cebu is very huge considering the on-going developments in the area. Property managers can take care of a property from its construction phase to operation and maintenance and this will be at an advantage of owners who can’t be there for the properties at all times,” said Academia.