If you have been following this column, please pardon my long absence. I was actually among the Philippine delegation to attend the National Realtors Convention in San Francisco, California. Promise to share in this column soon the latest trend, tools and markets in global real estate including many of the best practices being done in developed countries. Let me take this opportunity therefore, to thank the organizers of the National Association of Realtors – International Realtor Member (NAR-IRM), the Chamber of Real Estate Builders in the Philippines (Creba), for the warm invitation. To Philippine Real Estate Management Solutions, Inc (Premsi), Leuterio Realty and Brokerage for taking care of the travel arrangements, my participation, accommodation in San Francisco and Las Vegas.
In the same visit, I would like to also thank AppleOne Properties for committing their support in our ongoing and forthcoming relief operations to the victims of the recent typhoon and earthquake in Central and Western Visayas.
Allow me to continue from where I left off two weeks ago “Avoiding scammers and dupesters in real estate†by knowing the qualities of a good real estate agent. While the industry wants to get rid of unlicensed real estate sellers which they call as “colurums,†the industry is also faced with a much bigger problem because they have before them, right in their very own front yards, licensed real estate professionals who behave even are worse than the colurums. Despite the implementation of the Real Estate Service Act, which was intended to professionalize the selling of real estate, you still get to see brokers and licensed agents engage in very unhealthy competition; misrepresentation in the way a property is offered including giving away a part of a broker or agent’s commission to woe buyers and other unethical practices which make the trade tainted with indiscretion and deceit to the detriment of many investors and end-users of real estate.
As it is now, I would like to say that a real estate badge or license does not guarantee the honesty of a real estate seller. While it is important to ask an agent his or her real estate license before buying a property, it is also wise to do your own background check and see if the person you’re dealing with is worth your trust. One of the effective means to check an agent’s credibility or trustworthiness is by asking or checking his or her past customers. The sound of a satisfied client would always yield a positive feedback from his or her past dealings and is the most trusted source of information when it comes to an agent or broker’s honesty and dependability.
If it is not possible to get that information, you can tell by the way he or she offers or presents a property. A good agent does a good amount of due diligence by disclosing: the terms of sale, encumbrances and road access; by the completeness of the documents of the property; by the appraised or at least the fair value of the property, before the sales talk comes in. Many buyers fall into buying a bad property because many agents highlight more the speculative value of a property which is usually bloated or exaggerated. A good agent or broker therefore, lays down his research first before making a projected appraisal or appreciation of a property. In other words, when an agent sweet-talks you into investing in a property for future profit, ask for data. If he cannot supply you with it, then he is merely a mouthpiece of the owner. An agent must represent above all the interest of both the seller and buyer more than his/her own. By doing so, he does not only serve the needs of both parties but ultimately benefits from the sale. The agent may also eventually benefit from referrals if he does a good job or suffers the disquiet and consternation of the seller and buyer for his/her mediocrity or greed.
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Rent.ph and Leuterio Realty and Brokerage have recently launched Operation: Kaabag in the wake of the damage brought about by typhoon Yolanda. A relief operation and medical mission will be conducted in Leyte, Northern Cebu and Bohol today and in the coming weeks to assist families and children with their day-to-day needs as well as to help in the recovery and reconstruction of the affected areas.
For donations or pledges, you may e-mail me at the address below. All pledges and donations will be properly acknowledged and accounted for in our facebook page www.facebook.com/rentph and on www.rent.ph/mediacenter.
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