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For Brokers

This blog is intended for Real Estate Service Professionals in the Philippines
Qualities of a good Broker / Agent
 
 By: Genevieve F. Bonquin, REB, REA, REC
        PRC Real Estate Broker Lic No. 2309
        PRC Real Estate Appraiser Lic No. 5754
        PRC Real Estate Consultant Lic No. 92
        http://philrealestatedirectory.com
http://realestatedirectory.com.ph

 
Quite missed blogging for a while. Been busy working on my advocacy sites, improving and upgrading them. Then I thought of giving free lectures about Online Marketing which I observed very few licensed brokers are using or maximizing these new technologies available to make our practice easier and more effective. Here is a continuation of the series For Brokers. 
 

To succeed in this industry, you need to have/learn/acquire certain qualities, traits or characters so you stay long in this industry. The six figure income doesn’t always come in silver platter. They do sometimes but you have to prepare for it for long then one day it will come regularly.

 

First, let’s differentiate between the Broker and the Agents or Salespersons. Strictly speaking, before one becomes a broker, he/she should have done agent’s or the salesperson’s job. An agents finds a client, make presentation or showing, negotiating or closing. The Broker supervises agents so the Broker should know the ins and outs of a transaction so he/she can better manage or assist the agent. 

 

While there are licensed Brokers who took the REBLEX without selling experience, and there are many salespersons who have more experience, there should be no delineation of roles should they work together. The Broker should endeavor to learn and develop his/her skills and the salesperson must learn to submit to the broker as his/her superior to avoid conflicts. In this set up, unless the salesperson will have a chance to take up BS REM and passed brokers exam later, this will be the set up for broker-agent relationship. RA 9646 Sec 31 have differentiated this more lengthily

 

If you are a new broker without selling experience, I recommend not to hire agents yet until you are able to sell a real estate by yourself or with other fellow brokers and had enough experience to manage a group. You need to train yourself, get skilled in selling, marketing, documentation, all aspects of real estate transaction, because it will be hard to manage someone who haven’t done any selling or completing a real estate transaction.

 

I started as an agent myself way back when I started in real estate. As agents, we were trained and taught how to find clients or do prospecting. Our superiors trained us how to present the projects to our clients, how to close a sale, how to handle objections and documentation. After four years, when I thought I have learned the ropes, that’s when I took Brokers exams. The experience helped me passed the Brokers exam without attending the seminar. It was different back then. Now, having been under PRC, we are all supposed to be professional or have graduated in BS REM.

 

And to earn big time you need to sell big time too. You are lucky if you happen to be at the right place at the right time when a big time deal comes in. But we cannot be depending on luck all the time! We should all learn to find the buyers and meet them with the sellers so we can make money. Then we also need to be familiar with the legalities and technicalities of the transactions. Many of these are not taught in the seminar.

 

Without selling or closing any sale your purpose of making it big time is just a dream- then you get confronted in the real world that there are hundreds and hundreds of colorums to compete who can sell better than you do.

 

Then you try to find out where you can learn how to sell, but no one can guide you because in this industry, when you say you are already a broker, you are expected that you already know the system, the selling process- the qualified buyer, the closing, the paper works, etc. It’s so unfortunate that you call yourself a broker when you have not closed any sale!

 

There is indeed something wrong in the system and until it is corrected, since you have now a broker’s license, you just need to learn the ropes so you SURVIVE in the business.

 

 What are the qualities you need to develop so that you survive in this business?

  

I believe many of us who came into this profession is for the opportunity to make money. This is one profession that you can get rich in one transaction. That we can get rich using just our ‘saliva’. For those who thinks ‘laway lang puhunan’ do not know what we, the legitimate professionals, went through to pass that Brokers exams, the rejections that we have to bear before we can get that client who finally brought us the big luck! And how many brokers and agents ventured, tried and failed and left the profession?

I have read a number of books about selling, but while they all speak about the qualities and characteristics to become a successful Broker/Agent, they have not touched on the most important product that we carry. Most of the time, it is not how good our sales talk or presentation that gives us the sale. It is not how good looking you are or how nice you dressed up.

 

1.  Knowledge of what you are selling.

 

While there are other types of real estate properties to sell, most of us starts with selling houses and lots, condominium units among other types of residence. We usually deal with future homeowners, first time home buyers who need to be guided well with their first home purchases.

 

Remember that we are selling homes, which are sometimes the only purchase our buyers will buy in their lifetimes. The home/house they will buy from us represents their dreams, their lifelong dreams and their lifetime savings if not the amortization can take a lifetime to finish. As Brokers and Agents, we need to know all about the properties we are selling. Does it have clear title? Title holder/s is/are living? Is the seller who approached you, the title holder, if not, does he/she has SPA? We will discuss this more in next blogs.

 

2.  Knowledge of the selling process.

 

Apart from our knowledge of the property we are selling, we need to know the documentation process. How the buyer will pay? It will be easier if the buyer pays in cash and the title is clean title, no encumbrance, no mortgage, the title holder is living or all alive and will be present during the closing or has valid and verified Special Power of Attorney if the seller or buyer are abroad. But if the buyer need to take out a loan or apply for bank loan, then you should know the requirements of the bank and if your buyer will be able to get a loan. These things are crucial in closing a sale. These are the things that we will discuss further in next blogs so you are equipped and will be able to close the sale and get paid of your commission.

 

 Invests time and resources in Personal development. 

 

To survive and succeed in this business, you need to continually develop and improve yourself. While we are required to submit 45 units of CPE/CPD units whenever we renew our license, for some, they just “buy” certificates just to comply and be able to renew. Whether it is a requirement or not, we should invest time and resources to our personal development, to know more ways of getting clients or getting referrals or prospecting. To improve closing skills, learn about documentation, about online marketing, how we can reach more prospects through internet. Learn about new technologies to automate some of our routine activities.

 

For brokers who want to be found and seen online inclusing their listings, may visit our MLS site : http://realestatedirectory.com.ph

  

 
 
 
 

 

Why Do We Need to Have Our Own Real Estate Website

 8th of Series : Equipping ourselves as Real Estate Service Professionals

  Why Do We Need to Have Our Own Real Estate Website

 

By: Genevieve Flores Bonquin

Real Estate Broker PRC No. 2309
http://philrealestatedirectory.com
http://realestatedirectory.ph
www.greenhuts.net

 

In the US according to latest survey  by NAR, 90% of home buyers use the internet to search for homes to buy or rent. Even in the Philippines and  Filipinos living or working abroad use the internet extensively to shop for homes here for investments, for their retirement home or for their families here. And if we check the ads online, a great majority of real estate ads are from the non-licensed practitioners or better known as 'colorums'. Too few are legitimate brokers or agents. So, where do you think most business goes? Are they aware we are legitimate brokers? Are they aware they need to deal only with legitimate brokers? How will people know when they can't find us online?   Then developers who have in-house marketers hire too many unlicensed agents and give them all the privileges to be able to make a sale making the legitimate brokers a second rate citizens in their companies?

      

    

We, legitimate brokers have a lot of things to catch up as unlicensed agents are overtaking us despite the RESA law. So, we all must not just vigilant and encourage them all to be licensed to level the playing field, recruit these agents and make them licensed under our wings if they are not qualified to take brokers exams. When they are stubborn enough to take a license then we can make their websites, online ads, business cards as evidence of their violation of Sec 39 of RA 9646.

 

 

DOMAIN NAME : staking a claim in the internet map.

 

Aside from introducing our real estate services to the online community,  our domain is the title or the TCT/CCT we give to our space in the internet. This is our business card online. How our clients- buyers, sellers, colleagues will view our business can be seen in our website. If we don't have a domain, and our listings are just part of another free classified ads, no matter how famous that site is, we are squatters there, we do not have our own identity. We can use those site to lead them to our own domain so that we can establish our credibility. Next time, the client will remember our domain and go back there if they like what they find in our domain/website.

  

Our Website is our STORE Online:

 

Imagine yourself in a mall where there are many small boutiques. If you are a boutique owner and you only have few display there, will you expect customers to come in? Or you want to be just one of the brands inside a big department store with a few display racks? Though that depends on the quality of your display.  One good thing about the website is that it is open 24 hours a day and you can be found all over the world by clients looking for homes or your services.

 

A Very Inexpensive Way of Marketing Your Listings!

 

 

For so many years, many of us have become dependent in advertising in major newspapers which costs easily at P100/line where you can only put about 10 letters per line so you need at least three or more lines so you have a decent ads, else your ads will be drowned by bigger and longer ads. And it appears only one day. Aside from the fact that you can only make very few description such that you have to meet the client to show your listings, so you have to make appointments with them to show the house or your listings. Nowadays with the internet, buyers shop on the internet for homes they like in pictures before they call for appointment to view the house. More likely, they are already half-sold on the house that they saw on your website and only are making a short list for final decision. With the information and the photos of our listings in our website, it also shortens the selling process, less homes to show, as most of the time, buyers negotiate before they even view the actual unit.

 

(For duly licensed Real Estate Brokers who do not have a website yet, we have a promo for May-June P5,000 only including domain registration and hosting for 1 year). For more information, email to rebgigib@gmail.com )

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.

 

6th of Series Building Your Credibility Online

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


 Equipping ourselves as Real Estate Service Professionals

 6th of Series     Building Your Credibility Online

 

 

When you see a real estate ad online that matches your requirement but with only phone number indicated, will you call the number without second thought? Ever experienced client whom you haven’t met personally, sent you a million peso to pay for the house he is buying? Or a unit owner you only talked over the phone to entrust the keys to her unit? Or simply buy that lot without them having seen the actual site?

 

Traditionally, when we were trying to establish ourselves in the business, we would join associations like Rotary Clubs, Lions, Jaycees among other association even real estate associations to gain network, find referrals and bring business to us in addition to print advertisements and signages in front of our offices. That is one way but we are limited within our community and friends. But how do buyers from far communities or places  know us?

 

Nowadays when the internet has become the primary means of communication for many, all kind of scams, using fake identity or even stealing your identity also proliferates over the internet, it is very important for us in the real estate industry to be credible both online and offline.  According to NAR-USA, ninety per cent of buyers now shop over the internet. And for homes that cost millions of peso, the buyers or sellers need to know who they can trust with their investments or for their dream homes or for their properties they want to dispose. And if they found us on the internet, they want to make sure we are trustworthy, credible and are knowledgeable in what we are doing.

 

How do we then establish our credibility online? How can we show to strangers looking to buy their dream homes to trust us with their hard earned money that we will give them the best value for their money? How will the public choose us among thousands of agents and brokers online where the greater majority placing advertisements are not even licensed?

 

Buyers and sellers are now more educated and sophisticated such that many of them are already doing background check before they even hire us to help them sell their homes or inquire from our listings. It is very easy now to find information about us in the internet. Even with the information they saw from the internet, they will call to meet and talk to us personally before they entrust to us their properties to sell. These kinds of buyers or sellers who take time to know us are the best clients. It is like you are applying for a very sensitive job  the way they interview you. Although, taking the listing or finding a house for them is really what our job is all about and every buyer and seller becomes our boss or employer. But these clients when you have proven that you met their expectations, they usually give you exclusive authority. If not exclusive, only a few others they approve of.  I cannot forget an experience that a client whom I have spoken only once over the phone sent to me P1M to pay for the house he is buying for the girlfriend. Not meant to surprise but the buyer thinks I can handle the money better than the girlfriend. Not a few times I heard my clients over the phone I look trustworthy. (Choose a friendly profile photo to display)  Many clients have bought and sell properties without me meeting them personally. That is because I have a professional looking website, (www.greenhuts.net)  my pictures are there, my listings are presented well in professional manner. They can search me online and probably see the other side of me apart from being a Real Estate Professional. I am sure some colleagues in the business also experienced these things  and its heart-warming to know that people trust us even if we just met them online. Since I discovered the internet, I have been marketing online and it has revolutionized my selling. I can afford to be a stay home mother, home school my kids and still earn well enough as a bread winner for my family.

 

To be credible online, you must have a website that looks professional. Your important business information should be there and your profile picture should also be professional looking. Your listings should be properly presented at least with the basic information on the property that catches the attention of the buyers. If you find having your own website is expensive and you do not have the know-how to maintain it, best to join this site : http://brokers.philrealestatedirectory.com/ where you can subscribe for minimal fee, you can have your business card online, post your listings in Directory-MLS site where only duly licensed Real Estate Service Professionals are allowed to post listing.

 

 If you are marketing on Social Network sites like Facebook, make a separate account for your personal friends and one for your business. If you have one account, avoid posting your pictures in bikinis or shirtless photos while you are posting your listings or requirements. Remember that we don’t only establish our credibility to our clients but also to our colleagues. It is fine from time to time that people can see our normal nature, as we are, as we communicate with our friends and colleagues but be very cautious in revealing way too much.

 

For some who are afraid to make their profiles published online for fear of identity thieves, there are some precautions you need to observe. And those risks should not stop us, in the selling business, to reach as many clients as we can reach through the internet. There are millions and millions using the internet for their business, and while there are some risks, they can be easily handled and far outweighs the benefits of building our credibility online.  

  

How to Increase Your Sales This 2013

5th of Series: Equipping Ourselves as Real Estate Service Professionals

 By: Genevieve Flores Bonquin

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

 

How to Increase Your Sales This 2013


So, you have your goals for 2013 written down, broken down into manageable size and you are ready to implement what you planned. I would guess that most of your goal, like me, is more of financial goals. Where do you want to be financially this year? Are you already saving for your retirement? Your kids in college? You want to bring the whole family in an Asian or European tour? You want that sleek car? New gadget? Signature bags to add to your collections? So, whatever our goals are, we need the money! And that means we need to work harder and smarter to make more money that we did last year or even more , double or triple if we can so that we can have the rewards later.


These goals that we set meant we need to double or triple what we did last year. We need to sell more, list more homes and close bigger deals this year. So you need to make inventory of how you did last year. What sold last year and what are your inventories left unsold. Is it time to re-price your old inventories and get more to sell. Those in-house brokers or concentrating with major developers, you do not have problem in inventory. You only need to renew your quota or aim higher or focus in one project that you like. If you are a free lance accredited broker for several developers, choose your favorite project and concentrate there, aim to be the top broker if they have incentives. Big developers has incentives ranging from new cars, trips abroad for incentives to their top brokers. If you will aim for this, make sure all your agents are registered with PRC. So, choose the best agents that you will register as you are only limited to 20. After all, what is success when after winning the top broker award, you are sending yourself and your agents to jail afterwards or lose your license because you violated RESA law. Success is sweeter if you got it through honest and hard work.


For those who opted to become free-lancer and do brokerage, this means you need to be a good 'lister'. This means, you need to build up your inventory and find the best way to promote or market your listings. If working smarter is your objective this year, I have discussed in my previous blogs about working within your territory. If you are living in a big city like Metro Manila where traffic is a major problem it will be best to concentrate within your place of office or residence. At the same time, it will save you a lot in operational costs; travel time and lower gas expenses. You can also establish yourself as the expert broker in the area or your neighborhood. Have a nice tarpaulin ready with your name and contact numbers including your PRC license to establish your credibility as a duly licensed Real Estate Service Practitioner in your neighborhood.


Nowadays, when everybody has tablets, laptop and androids, you cannot miss not to have your listings online. A lot of people are now using the internet to search for anything to buy including their dream homes. Sad to know that there are still many real estate service professionals, duly licensed at that who are still not using internet, or do not even know how to attach pictures to their emails. If you happen to be one of those who still is having a hard time, take extra effort to learn this new skill as this will make your selling job easier and be in step with the times. Learn how to upload your listings in free ads sites though these sites are proliferated by colorums and many calls you got are also from them.


If you can afford and knows how to maintain one, the best way to build your credibility online is to have your own website. You may have a nice one depending on your budget and requirements built for you and have someone regularly maintain it for you. You need to learn how to upload or post your listings or blogs in your site just in case your web developer went elsewhere. It is important to always have a new content from time to time so you get a good ranking or your website will be buried below millions of other websites. Always make the content of your site fresh, informative and worth visiting each time so that your clients or prospects will continue to patronize your page. Real estate investment is a major decision. For some clients it takes them years before they finally decide or it takes them years to build the equity they need to buy their dream homes. In my case, I still see clients still visiting my website or remember me when they need to sell the house they bought from me.


For many years, I have been promoting internet marketing ever since I 'discovered' it but until now, though you can see many thousands of ads of real estate in the web, a great majority are advertised by colorums. The legitimate brokers are so few. I have observed that a greater majority are still trying to 'discover' or still in the process of learning.


It was this observation that gave me the idea of creating a MLS site where member RESPs will just email their listings and we do the postings for them. There I saw that many RESPs are not ready with their listings. Much less that there are complete descriptions or pictures readily available. This is probably one area why colorums are better because they are always more than ready with their listings organized and posted on the internet. I hope this year, more and more duly licensed RESPs will 'discover' online marketing more with better presentation of their listings. For the “less techie” and wants to have their listings and business card online, you are welcome to join and subscribe to our directory and MLS. You need not have your own website but your listings will be posted in a colorum-free website. All you do is email your listings with pictures and description to rebgigib@gmail.com


As a reminder, whether you upload your listings online or email it to your clients, make it a point that your listings will stand out from among the many properties they will consider. Describe the property in a way that your client will be attracted to it, its advantages over other properties, why they should choose that property, etc. Let us move away from paid line ads in newspapers where every letter counts. In the internet, you can describe your listings as long as you can such that when you have to meet your client for viewing, all you need to do is show the location. With complete pictures and full description they saw online, half of your job has been done. What remains for your client to do is verify the location, if it is still the same condition as he/she saw it on pictures. That happens to me most of the time. Tripping only once and its closing time. Saves a lot of time for you to show so many listings. If your clients wants to see as many listings as you can show, chances are they are not real buyer. You won't be able to close them because they got 'confused' or they are just 'window shoppers'. To increase your sale with less effort, use online marketing. Learn as much as you can how you can use internet to increase your sale.


More sales to all of us this 2013!



Its New Year! Have you set your goals?

4th of Series : Equipping Ourselves as Real Estate Service Professionals.

 By: Genevieve Flores Bonquin

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

 

 Its New Year! Have you set your goals?


Usually at this time of the year, some of us have a habit of making New Year resolutions. As they say, resolutions are just promises meant to be broken, so instead of resolutions, let us make our goals for the year instead. Resolutions are more of the negative side which mean we do not do some bad habits anymore or stop doing some things that are not productive. With goals, we aspire to do or reach a certain level or achieve something that we want.


After all the celebrations, parties, gift -givings, the revelries, which meant that we spent so much money these holidays, some because of tradition and for others maybe as a reward for what we did the past year. This can mean that our pockets are empty, our budget depleted, our energies drained. So, let us not dwell too much on these but only momentarily just to remind us the new set of goals we need to set at the beginning of the year.


Every year as the year comes to end, its my habit to evaluate the goal I set the past year then start a new goal. To motivate myself, I read new inspirational books or re-read my old books by my favorite authors like those of Tom Hopkins, Brian Tracy, Stephen Covey and even Napoleon Hills. I also go back to my old goals. I wrote some of them at the loose pages of these books or sometimes in my yearly diaries to remind me daily of my goals. I am always in the look out for inspirational books but I still treasure the old wisdom that of Napoleon Hill, Andrew Carnegie and of course, the Holy Bible. I still have the books of Tom Hopkins since 1985 and as I re-read them lately, they are still applicable especially his book The Official Guide to Success which was a gift from the seminar I attended. I am not sure if its still available in bookstores but I am glad I still keep this book.


It is good to review the past so we learn from our mistakes, or for some of our goals, maybe its not destined for us but that should not stop us from making another goal and to strive some more to reach our goals in life. What is important is we decide where we want to go, what we want to achieve else we end up nowhere. Reviewing the past year or even beyond will help us to revisit our goals and maybe adjust accordingly. You may resolve this year to turn your life around say from poverty to riches. How you plan to do that, start with the goals that you will set for yourself.


The reason why I can still review my goals is because I have them written. Buy yourself a high quality notebook where you can write your life goals or maybe buy a planner if you intend to make just yearly plan. I have usually have yearly plan but I also base it on my 5-year, 10 year or even 20 year goal. Sometimes, things happen beyond our control and maybe some of these goals are not meant for us or perhaps its the choices that we make. Having these goals help us chart our activities, help us make better choices or do activities that will get us closer to these goals.


Let me share some goal -setting guidelines from the book of Tom Hopkins – The Official Guide to Success . He listed five.


  1. Your goal must be believable. At least, for yourself, you believe you can reach your goal. Some goals are hard to reach because it is too impossible or it will take you to be a Superman to be able to reach it. But that doesn't mean you set goals too easy to reach that you need not exert effort.

  2. Your goal must be clearly defined. Your goal should be specific and put a date when you want it done. If you want a new car this year, then maybe specify what type of car, model and make and if you want it on your birthday in August. If you want to travel, specify where you want to go and when. Do not plan to buy a Lamborghini when you can only afford a Toyota Vios.

  3. Your goal must be ardently desired. To motivate yourself to reach your goal, have one that you really, really want to have right now, if you can. That will inspire you to wake up early everyday, be early in your appointments, meet more clients, get more listings, schedule more trippings, etc.

  4. Your goal must be vividly imagined . If your goal is that brand new car that you really like, imagine yourself driving it, the color, the dashboard, the accessories that you want, the exact color, etc. You may even take a picture of that car and make it your wall paper of your cellphone or laptop or tablet. You may imagine using your car to bring clients to the houses or projects that you sell. If you want a house and lot (maybe this is a 5-yr goal ) then, you may have a drawing or a picture of the house you want.

  5. Your goal must be in writing. No matter how nice and exciting our goals, if we did not write it down in a place where we can be reminded of them daily or as often, we will easily forget then we lost in track.

Your goal should not be centered on a material thing alone. Make your goal to cover not only for material things but for your total well-being. You may divide your goals for your family, like you will bring them to HongKong Disneyland this year; for your finances, say you will earn P3M in commission this year, or for your career take that Appraisal or Consultancy this year or enroll in a Masteral class. Our goals will be more meaningful if we have the inspirations to motivate you to keep on going and working until you meet your goals.


After writing your goals, your next step is to list down HOW YOU PLAN TO ACHIEVE YOUR GOALS. If you want to make P3M in commissions this 2013, so that you can buy your dream car and bring your family to HK, then you need to sell at least P10M each month with 3% commission. So now, your monthly goal is to close P10M sale. If you are selling condo units, with P3M average price per unit, then you need to sell 3-4 units a month. That can also mean you need to close one unit a week. There you can already work your everyday activities so that you will be able to meet your weekly and monthly goals. If you stick close to your goals, you will develop self-discipline, you will improve your skills in prospecting, presentation, closing. You will develop the skills that you need. The secret in meeting a goal is to chop it in sizes that you can chew it easily and patiently do it until you reach your goals. 


Sometimes, even if we work hard for it, we don't get what we want. Maybe, for some but that should not keep us from trying and working for our goals. Some are maybe luckier than us but when we are ready for it, everything will come maybe much more than we can expect. Happy Selling and may we all reach our goals in 2013!!

Proverbs 16: 3 Commit to the Lord whatever you do and your plans will succeed. (NIV) 


What is your Niche market? -Getting Listings

What is your Niche market? -Getting Listings


The reason why I discussed first about finding your niche or identifying your territory or your area of concentration is because it will be easier for you to organize your listings that you will build. With an organized area or territory, you can easily become an expert and later on, sellers, buyers and fellow brokers will just call you if they need something from your area or location.


If you plan to concentrate on condos, both sale or lease, it is best to identify your area. You maybe living in a condo unit already with more than a hundred units in the building, then you may not need to go far. You can already build your listings within your building and expand to neighboring building and community. In the same manner if you live in a subdivision or village. You may approach your homeowner's association, distribute business cards or fliers. Have some tarpaulin ready with your name, contact details and don't forget to indicate your PRC License Number. Always have ample supply of business card at any given time, especially if you go out on meetings. Business cards are our ammunition or tools of trade. I have encountered many colleagues in meetings who said they ran out of cards. It is a no-no in our business. It says a lot about us in how we do business. It is a sign that we are always ready to do business.


Another tool of our trade is a good camera. Nowadays, with all technologies available, even our cellphones has built-in camera. Make it a point that all your listings will have as much pictures as you can get. Get familiar with your cameras or cellphone with cameras and make sure you know how to transfer the files to your computer, putting each listing in one folder with corresponding label and include a word file for its description so you will be able to email it properly to your clients. I still encounter many brokers still having a hard time attaching pictures of their listings to their emails or even give a complete description of their listings to even attract a buyer. As you secure listings, get as much information as you can about the property and learn to describe the listing as best as you can so that prospective buyers will get interested with your listings. Look for some highlights of the property and try to get the best shot of its best feature to make it your primary picture to display it in online ads. As they say, pictures says a thousand word and it really helps a lot as we sell our listings. In my case, the pictures and descriptions of my listings in my website does half of my job already. The viewings or "trippings" are only a matter of confirmation that its the same as what they saw in the photos, they just want to see if they like the location or neighborhood. When we go and view the property, the client is already half-sold to the property.


Another important thing to remember when securing listing is getting the right price for the property. Many sellers do not have the idea how much their property will sell. As a Broker, we are not allowed to do appraisal. We may recommend a selling price comparing to other properties in the neigborhood but always tell the Seller that your recommended price is not official and recommend instead that they hire a duly licensed Appraiser so they will know the real value of their property. Always sell the idea of having a formal appraisal of their property by a Licensed Appraiser. From the appraisal, the Owner/Seller can make better perspective of his/her property.


Some Owners/Sellers will have a price for his/property that are way above market, in a bad location, needing repairs, etc, and do not want to hire Appraiser. How do we deal with such kind of Seller/Owner? These types of Sellers are usually the one who approaches us and offer their house to list. In many cases, I reject the listings though some I find it hard to say no especially if we know them. Even if we already explained that with the price they want, they still insist their asking price. What I do is I tell them, maybe we can test the market for three months then we evaluate. Many times, the Seller is not really serious putting it in the market. They are just testing the market.


 



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.



Equipping ourselves as Real Estate Service Professionals

Title: Equipping ourselves as Real Estate Service Professionals


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



Part I : So you are now a licensed Real Estate Service Professional.... what's next?


It was easy to get into real estate business, at least for many of us who just took Brokers Exam and passed but by 2016, only those who are graduate of Bachelor of Real Estate Management can be Brokers or Appraisers. And for those who completed only two-year college education, they still can get into real estate as Salesperson under a Broker.


Easy as it is to get in, but to stay long in this business and be successful is another thing. Even worse because the seminars do not include salesmanship trainings. Somehow, it is expected that all of us had some sales training and that we only need the license to legalize our practice. Well, a good percentage who are good at sales are still illegal and those who get license first do not have sufficient sales training. That is where the difference lies. That is why we heard that colorums are better at selling than those who are holders of REB license.


It is time to change that perception because that is discriminating all of us, the duly licensed Real Estate Service Professionals. It is time to brush up on our selling skills and train ourselves to be good at selling and still be professional.


Where is the best place to get our trainings?


For the new kids in the block, that is for those who just jumped in without selling skills, maybe you can start with project selling. Acredit yourself with a reputable developer who are conducting training. Maybe start as an in-house broker so you only concentrate on selling their inventories. You will only concentrate on finding buyers and you get to become an expert about the projects. You become an expert as you keep on presenting the same projects to different buyers. You get the training you need and earn at the same time. And when you think you have learned enough, it is time to move to another type of project. If you are selling house and lot packages and you want to learn about condominium then you can move to another project, maybe same developer or another developer. When you think you can be independent, able to train and handle agents, then maybe its time to be on your own. And again, like any other business, if you go independent, you will have to know first if you have enough capital and resources to be on your own.


For those who preferred to become an independent broker, a free-lancer, having had some selling experience, how do you plan to sustain your business? How do you plan to be successful in this business? Like every profession, we should acquire expertise first. While we did not go through four years in college to learn real estate management- we have to acquire expertise somewhere else- through experience, CPE seminars, readings, from experiences of other colleagues to name a few.

We acquire expertise from day to day experience and each property and clients are not the same, even if we sell same inventory or same type of property. And as soon as we sold one from our inventory we have to keep replenishing our listings, else, we will have nothing to sell. We need to make sure we have enough inventories to sell to keep our business going. We don't have as many neighbors or relatives who will sell or buy properties every month. These things are not discussed in the seminars before we take our examinations. Sales and Marketing topics are seldom part of the syllabus in brokers exams. Topics are more of theoritical or legal side of real estate. It is this lack of sales training that many of our colleagues cannot stay full time in real estate and would only consider real estate job as part -time job. Hence, many do not develop their expertise that is required to make it in this business. Soon, they leave this job in favor of other business or employment.


(On Part II of this article, we will discuss techniques how to get listings)