Archive for July, 2009

Before buying your first home, you may wish to consider getting a licensed Broker.  Why is that, if you’re so good with surfing the Net and looking at all this free information to help you evaluate and decide? 

A professional, experienced broker  from the Philippine Association of Realtors Boards (PAREB) or the Real Estate Brokers Association of the Philippines (REBAP)  can help you evaluate not only price and features. More importantly he can give you community and insider information, consumer feedback, and allied services that you will not normally get from the usual agent or colorum practitioner!  He can help you save serious money on taxes, documentation, or cut processing time by knowing and going thru the correct channels.   But it would be good to know the following about your prospective broker, as brokers normally don’t volunteer this info unless asked upfront:

1. If the Broker’s license is updated.  Real brokers will usually say they are licensed.  That’s to distinguish them from colorum brokers or fly-by-night agents.  But they won’t usually tell you how long they’ve been licensed, or  if their license is updated. All licensed brokers are required to attend Continuing Education Seminars every so often to keep their knowledge about the market and practices current.  So much as experience counts, it’s good to know that your broker has updated information.  More importantly, it’s an indicator that he observes the letter of the law.  However, if you choose to  go with an agent, there are also some good ones out there.  It’s just that their knowledge about documentation, nuances of negotiations, and market may be limited to the projects they sell as that’s what they’re focused on. If your home buying needs don’t fall under the project, then he may be hardpressed to offer something outside his territory and experience.  They  will also expect  the seller to pay them the same fees as a broker, which may be an issue for some sellers–another thing that a broker will never tell you upfront. 
2. If he’s a member in good standing with a duly-recognized Real Estate Assocation. Not too long ago, DTI required that all brokers be a member of a bonafide real estate association to help safeguard ethical and professional practice, in light of  a number of colorum and unscrupulous practitioners.   If your broker is a member, ask his real estate Board or association about his reputation in the group.  You can check out the community bulletins, association websites or the phone directory for contact numbers.  The  PAREB-Muntinlupa Realtors Board (MUNREB),  of which I’m a member of, publishes  in  the AAVA News in Ayala Alabang Village member brokers who are in good standing.  There is an increasing number of professional, well-educated practitioners, so won’t you be relieved to know if you’ll  be working with one?  With the passage of the Philippine Real Estate Service Act (RESA)   last June 29, 2009  association membership  will be even be more strictly enforced now that brokers will be governed by the Professional Regulatory Commission (PRC).   Heavy fines or license revocation further await unscrupulous real estate practitioners.  Few buyers, and much less first time homebuyers know that they have remedy to bring their case to the association or PRC  in case a broker commits a serious offense  against them.
3. How many properties he has sold or rented out in your neighborhood of choice.  It may be helpful to know that he’s recently spent  sufficient time knowing the neighborhood, as a result of his transactions there.    A good broker who has really worked the territory will be able to focus more on evaluating how the home fits your purchase needs relative to this neighborhood.  Remember, you are not only buying a condo or house.  You’re buying into a community.  A conscientious broker will take it upon himself to act as consultant by giving you pre-qualified choices zeroed in on your lifestyle preferences.   He doesn’t choose for you, of course, but he lays out best options for you.  It will be wonderful if he can even anticipate your needs!  That’s where he will save you time, money and energy as he won’t bring you to condos only because they fit your budget range.
4. Ask  for customer or association references. Most buyers don’t ask this, and much less brokers don’t even think about giving customer testimonials!  But if you will entrust your millions for the first time to a relative stranger, you may want to casually ask if he can literally name names–yes, of  former clients,  the president or an officer of their association who you can call.   A confident, experienced broker will just be too happy to give you a satisfied client’s name and number.
5. Ask if he has bought or sold properties for himself.  A pro broker  wouldn’t mind sharing  insights on buying and selling property as gained from first-hand experience.  He can empathize with your own concerns as he’s been thru the process himself.  He will be more understanding about the emotional and psychological nuances you are going thru as first time home buyer.

Did this information help?  Let us know!

Before buying your first home, you may wish to consider getting a licensed Broker.  Why is that, if you’re so good with surfing the Net and looking at all this free information to help you evaluate and decide?  A professional, experienced broker  from the Philippine Association of Realtors Boards (PAREB) or…