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.