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Equipping ourselves as Real Estate Service Professionals- Part II

By: Genevieve Flores Bonquin
Real Estate Broker PRC No. 2309
Member: PAREB-RBR
http://philrealestatedirectory.com
http://realestatedirectory.ph
www.greenhuts.net

 

 Part II- Your Listings = Your Inventory = Your Business


Like any business or trade, we should have products or inventories to sell and we should see to it that we have ample supply so that we continue to have clients and stay in the business. In the real estate business, our inventory is our listings. To succeed in this business, we should be good at getting good listing and knows how to sell it fast. And the more listings we have, the more chances to sell and the more we can sell, the more income for us. So, how can we be good at getting listings?


What is a listing? A listing is our inventory which means the owner has authorized us to sell his property. It is best if we have it in writing and must conform to public law and order. A proper listing or authority to sell has this following important elements: that Seller will pay our fees if we sold the property within a specified time at a specified price and terms. We must have a ready form of this Authority to Sell anytime.

 (If you need a format you may download a copy from 

http://www.greenhuts.net/Phil_Laws_on_Real_Estate/page_1720133.html)

 

How do we get listings? How can we build a listing bank or our 'farm'? There are many ways of getting listings.


Developers – If you are accredited or connected as in-house with a developer, their inventories are your listings. You need not look elsewhere for properties to sell. Just get the inventory, the price list and familiarize yourself on their projects then you can concentrate on finding the right buyers for the inventories. It is easier that way because you can organize your prospecting to certain groups of buyers, master some of the project presentations and forecast your production. The downside or upside depending on how you want to look at it, are the quotas that you need to meet each month if you are an in-house broker. The pressure and the competition can be very tiring but if you meet the quota and you have more money in your pocket can be worth it. Other advantages of project selling is that normally, developers handle the documentation so brokers can concentrate on finding more buyers to meet quotas.


Bank's Acquired Assets – A rich source of listings are banks' foreclosed properties. Although selling foreclosed properties requires a little more knowledge on the legalities especially if the property are still occupied by the former owners, the titles are still under consolidation among other impediments. It is usually on as-is-where-is basis so it takes a little more expertise on how you can convince the buyers to buy that property. There are those investors really looking for foreclosed properties and already are familiar with complexities of these kind of properties. If you think you can make foreclosed properties to by your niche, then study and familiarize yourself to the legalities that usually comes with these kind of properties. One notable practitioner whose name became synonymous to foreclosed properties is Jay Castillo of Foreclosure Philippines.


Brokerage – 'Brokerage' is a general term we use if we are doing free-lance as a Broker. As a Free-Lance broker, we sell any property that comes our way. You can choose your own territory to work on a specialized area or one type of properties. If you like condominiums, then maybe you can establish yourself in one territory say Makati or Ortigas area. You may want to handle rentals in Makati or if you live near the CBD, then you may also focus on office spaces. You may also focus on industrial or commercial properties depending on your experience, expertise or your current job. What is important here is that you determine what areas or type of properties you want to build a niche depending on your preference and area where you are located or prefer to do business. If you want to stay long in the business, you need to build your credibility or expertise. We cannot be master of anything and everything in the real estate business. Just like lawyers or doctors, we should have our own expertise. Evaluate yourself, your listings, your territories, your background or work experience that may contribute to what you want to focus.

 

Brokerage can still be classified into many specialized areas. We will discuss specialization and securing listings in our next issues.



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