Brokers enjoying vibrant real estate

CEBU, Philippines - Cebu's real estate industry is basking in a healthy climate that has made many stakeholders full of economic activity recently, but apart from developers and contractors, there is one more group that is also equally enjoying this good business spectacle.

It's the real estate brokers.

Over the last 12 months, around 170 condominium projects have been or are being constructed in different points in Cebu, "yet who will market all these units?" is what Leuterio Realty and Brokerage firm president Anthony Leuterio asks.

As more and more players continue to take advantage of the vibrant property industry that has gained foothold in Cebu, developers are said to be putting premium on the way their units are being marketed.

Developers, Leuterio remarked, go as far as giving travel allowances, insurance benefits and other forms of compensation to brokers and agents who shine.

"Real estate is a very lucrative opportunity, the foundation of which is absolutely marketing," he pointed out, adding that for last week alone, their firm has released nearly P2 million in commissions and bonuses for top performing agents.

Good performance by brokers, he said, helps developers and property owners to fulfill their services to clients.

New office

"There is so much potential for growth in the real estate industry, and that's what I'm striving to show to my fellow brokers and agents," said the Cebuano business mogul during last Saturday's opening of Leuterio Realty's P11-million new office in Barangay Sambag 2, Cebu City.

"I designed everything in accordance with the need of the industry," Leuterio said, referring to their newly inaugurated headquarters, which boasts of a modern and minimalist design. It took nine months before the building was completely finished.

The whole structure is made up of three storeys that include a number of orientation and seminar rooms, conference room, 200-seater awarding area at the roof top and some lodging spaces for rent on the third floor.

Why the success?

Seasoned by his two decades of experience in direct selling before venturing into real estate, Leuterio considers their new office as his 2013 trophy.

He claimed it to be the first office in the Philippines that is built by a realty company, noting that most other firms are only renting their own office spaces.

Leuterio Realty started with only five staff in a very small office space, but has now exponentially grown into a company of over 1,000 people spread across their 18 offices in the Philippines and their international branches in the US, Hong Kong, Singapore, Saudi Arabia, Dubai and parts of Europe.

In Cebu, where it was founded back in 2008, the company currently hosts eight branches.

Leuterio himself attributed the massive leap in the number of their agents to the transparency being enforced within the firm. "I don't tolerate dishonesty. The firm thrives in the principle of honesty," he said.

Despite being a young industry player in real estate, Leuterio Realty has consistently coveted the Top Seller Awards in major horizontal and vertical developments from top property developers, said Leuterio.

Last year, the firm was awarded Best Agent for Residential Units and Best Agent for Commercial Units at the Philippine Property Awards. Leuterio Realty was also commended as the Best Property Consultancy firm in the Philippines by the Southeast Asia Property Awards.

Leuterio pointed to "being focused" as one of their company's strong points.

When they sell condo units, teams are being formed to focus on one particular project. Around the Philippines, they have over 40 teams composed of about 20 to 30 agents. Last year alone, these teams helped sell about 80 projects.

"We achieve this feat because of the people whose passion flares in learning the best practices in real estate through continued training, seminars and workshops," said Leuterio.

Growth drivers

Meanwhile, Leuterio downplayed comments that Cebu is soon to experience a property bubble, expecting the real estate boom to sustain until at least 2018.

When that time comes, Leuterio said property rentals will then take the spotlight.

He said Cebu's reputation as a top outsourcing destination and the maturity of Overseas Filipino Workers wanting to invest in condominium units back home continue to propel growth in the real estate industry.

The good economic performance and perceived less corruption in the government have also helped achieve the industry's current state, he added.

With tourism becoming a strong driver in economy especially in Central Visayas, more requirements in accommodation and stay services are expected to be tapped, prompting a surge in the construction of accommodation facilities for local and domestic tourists.

Leuterio said migration from nearby provinces affected by armed conflicts and natural calamities has also created an added demand for places where migrants could stay in Cebu. (FREEMAN)