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Revisiting our Roles as a Real Estate Broker

 7th of Series  Equipping Ourselves as Real Estate Professionals

 

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

 

  

Revisiting our Roles as a Real Estate Broker

 

For many of us who had been in the business for a long time, it is good to revisit or refresh our minds with the basics of our profession. And to colleagues in the industry who entered this profession directly after taking Real Estate Brokers exam without going through the ropes of being an agent first, it is very important that we know our roles, not just the theoretical or the academic side of the business but in what exactly our roles are: we are in the service industry in the first place.

 

Being in the service industry, our duty is to give service first before we expect to be paid. By service we mean that we help our clients find the right house/property at the right budget in the least time. That means we know more houses/properties in the vicinity they preferred; aware of the problems in the locality such as flooding; if its earthquake prone area; security, traffic, schools and malls or supermarkets, etc. As a responsible broker, we should advise or inform our buyers what we know about the problems in the surrounding neighbourhood. Some buyers or sometimes their ‘amuyong’ even asked whether someone died there!

 

As a broker, we wear many hats to our clients. We are sometimes architect or engineer should our clients ask about the designs of the house, what materials they are made of, whether the house can still stand some years more, etc. We are sometimes accountants when they ask us about return of investments, the monthly amortizations, etc. We are sometimes lawyers to them when they ask about legalities in the title or questions about ownership. We are sometimes interior designers when they ask or when we suggest particular decoration that will be appropriate for the room in the house. We are sometimes table appraiser if they ask us how much their property would sell. We don’t pretend to be Jack of all trades to them but at least with what they ask from us, we become experts in their eyes but make sure that what you tell your clients are verifiable and not a mere sales talk. 

 

As a broker, we have a fiduciary role and we must act in the interest of our clients. If we know that there is a problem with ownership, on the title, overprice or misrepresentation that we may have found out in the process, it is our duty to make it known to our buyer or seller. It may affect our sale but it is good to protect the interest of our buyers than proceed knowing there will be problems later. In the end, if buyers know or feel that we are protecting their interests, they will understand and gain their trust. It will be our gain in the end like we can be their trusted broker to handle their other properties or give us referrals.

 

While it is the seller who pays us when we bring clients to their properties, some sellers would price their homes as if there is a gold mine under their properties or their house are made of gold. When such properties are offered to me to list by sellers, I recommend they have it appraised first by licensed Appraisers. Some relent but many do not want our opinion. If I see that the seller is not willing to listen, then I reject the listing or ask the seller that we can try to test the market for few months that, if no inquiry or interested buyer, he will agree to lower the price to make it competitive. But there are just sellers who probably just want to display their house on the internet for everyone to know that it is worth the way they think it is.

 

 

As I am writing this, I updated a listing that we have been selling for few years as I might have a client. My colleague mentioned that they almost got it sold but the other broker wanted a bigger commission despite the buyers’ willingness to buy the property. The commission is within the industry’s standard but the broker just wanted more. Well, maybe he can control his buyer but I hope that if in case we do that, we can give a better alternative to our buyers with better commission and still work for the interest of our clients.

 

Our profession can be a lifetime profession, even beyond retirement we can still practice for as long as we like, for as long as we not too senile. It is one profession which you can play while you make money. Where you can earn millions in single transaction if you know what you’re doing with the right people and the right property. It is a profession you can do at home or anywhere your clients are.

 

A good broker is hard to find. I hope that it will be easy for our clients to find that we are good brokers that they can keep for lifetime.

 

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