Finding a Reliable Real Estate Broker in the Philippines – Tips You Need to Know

However the gains on selling the property is enormous with the current buyer’s market for the OFWs and affordable segments of Class D and E with seller’s market of segment A, B and C (Upper Society or Upper Middle to Low Middle Class). There has been a slow down in the demand however people are still dreaming of owning a property either for immediate need as a home or as profitable rental business.

Anyways, here are some tips in finding a reliable realty practitioner:

1.) Set an Appointment – It would be wiser for sellers / buyers to get to know first the person you are negotiating with. Make an interview him or her and get to know him/her well.

2.) Qualifications: Is he/she a licensed realty practitioner? He can show his qualifications on hand with a resume, a calling card with license to practice on it. Plus the contact numbers or he / she has a website it will have plenty of information about him/her on his short bio etc. As of today, most Filipino broker / realtors follow the Republic Act 9646: Real Estate Service Act of 2009 on which the Implementing rules and regulations plus the code of ethics is still on the process. The Philippine Regulatory Board on Real Estate Services under the Professional Regulations Commission (PRBES-PRC) overseers all the regulations in the practice of the Realty Profession. Other suggestions for sellers is to further investigate and research about the person you want to contact by reaching the following websites for realty practitioners as bona fide members of good standing Certified Real Estate Brokers (CRBs) who are members of Real Estate Brokers Association of the Philippines (REBAP), for Realtors or members of Philippine Association of Realtors Board (PAREB) and contact their organizational secretariats to verify.

3.) Knowledge and expertise – he/she must know the current condition or state of the properties he would be selling off. Sometimes will ask for a meet up with a seller and make an ocular inspection on the said property. Also must be updated with current tax laws and property zoning and valuation especially for commercial properties. Don’t forget to ask what his / her real estate specialization to narrow down your interviews and the person you are looking for. There are real estate practitioners who are very good in general brokerage, others may be focused only in project selling and marketing on newly developed markets, others maybe engage in raw land or farm land selling.

4.) Marketing experience – he/she would ask questions ranging from the size of the lot area, the price you are selling your property and any terms or conditions from modes of payment, other pertinent information like history of the home, the tax declaration and also ask for the photocopy of the transfer of title certificate. A buyer should be open to some suggestions of a reliable real estate broker on payment terms for example. A seller should also be flexible with some terms as long as it is feasible and would all the benefit the party in liquidating the property.

5.) Network – A reliable realty broker / realtor must be connected with clients looking for properties and at the same has built a large network among fellow brokers from within the organization he or she is a member of. Realty Brokers / Realtors have Multiple Listing System (MLS) for Realtors (members of Philippine Association of Realtors Board or PAREB) and Property Listing System (PLS) for Certified Real Estate Brokers (CRBs) for members of Real Estate Brokers Association of the Philippines (REBAP) wherein they can post online within their organization website or show the listing during organization meetings in order for the broker to get help in marketing and selling off your property immediately.

Commercial Building Inspections – Tips for Finding a Reliable and Competent Building Inspector

If and when planning to purchase a commercial property, the question often arises, ‘How Can I Find a Reliable and Competent Building Inspector for Conducting a Commercial Building Inspection?’ While one could easily write an eBook on this subject matter, this article offers several tips to help you hire a reliable and competent inspector for the purpose of obtaining a thorough and diligent commercial building inspection. So without further ado, let me begin by telling you ‘What Not to Do’.

Never hire a commercial building inspector who was referred to you by the real estate agent or any other outside party who has a vested interest in and stands to gain from the sale of the property.

Although this statement goes without saying, it’s worth mentioning simply because many of those looking to purchase commercial real estate believe it is standard protocol to rely upon the realtor’s recommendation for hiring an inspector. In reality, this practice poses a conflict of interest that can have dire consequences for the party purchasing the property. Unfortunately, real estate agents who knowingly partake in this practice along with inspectors who continue to burn the candle from both ends know exactly what they’re doing and how to get away with it. While there may be a few exceptions to what I am telling you, I can assure you that the majority of inspectors who rely heavily upon referrals from real estate agents for their business are not going to rock the boat by disclosing any information to the client during the course of an inspection that may later serve to jeopardize their relationship with the broker or real estate company who referred them in the first place.

Never hire a Home Inspector to conduct a Commercial Property Inspection.

As for hiring a home inspector to conduct a commercial building inspection, suffice it to say that in most cases, conducting a commercial building inspection is altogether different from performing a home inspection for reasons too numerous to list in this article. However, the proliferation of home inspectors over the past twenty years (everyone wants to be one, especially in those States where home inspection licensing has become mandatory making it relatively easy for anyone to become licensed), hasn’t helped either as this has spawned an increasing number of home inspectors who are still unable to properly inspect a home, much less a commercial building, even if their life depended upon it. Moreover, given the number of significant and distinct differences between residential and commercial property, while experience in inspecting homes may well serve as a prerequisite, it is by no means a substitute for the vast amount of knowledge and experience required and yet to be learned by most home inspectors before they can even begin thinking about conducting a diligent and thorough building inspection.

Aside from ‘What Not to Do’, there are also other criteria you need to consider or at least be aware of in your quest to hire a reliable and competent commercial building inspector. namely:

Know the fundamental difference between a Commercial Building Inspection and a Property Condition Assessment (PCA).

Although this topic warrants a separate discussion, it’s important to note that the terms ‘PCA’ and ‘Commercial Building Inspection’ are often used interchangeably in the commercial sector. This in turn has resulted in a lot of confusion not only among real estate investors and others looking to purchase commercial property but real estate agents as well who more often than not simply do not know much less understand the difference. To make matters worse, the ASTM (American Society of Testing Materials) has also gotten in on the act by promulgating their ASTM Standards for Conducting a Baseline PCA. What this means is that since they happen to be a nationally recognized organization in the construction industry, in certain respects they’re similar to the AMA in the medical profession meaning anything and everything they write on a particular subject happens to bear a lot of weight. The problem arises in that the Standards for Conducting a Baseline PCA are often misunderstood by many in the profession and seldom if ever read by those buying and selling real estate.

To simplify things, all one really has to know is that the difference between a commercial building inspection and a Baseline PCA is like night and day since the later can be performed in a fraction of the time it takes to conduct a thorough and diligent commercial building inspection. The reasoning behind this is pure and simple in that a PCA is essentially a cursory walk-through of the property that relies heavily upon second hand information obtained through interviews and documentation (that may/may not be readily available let alone veritable) normally obtained through the owner and/or occupants of the property. Hence, my advice to anyone who is seriously considering having a PCA in deciding whether or not to purchase a commercial property is to forget it since in most cases a PCA is a total waste of time and money in providing information contained in a property condition report that isn’t worth the paper it’s printed on.

Try to obtain as much information as you can about the company and the inspector beforehand

This is another statement that goes without saying but I mention it because many people feel uncomfortable in asking questions of this nature especially when speaking with someone they don’t already know. However, if you reflect upon what I’ve just said for a moment, the fact you don’t know anything about the company or the inspector should be reason enough to ask all the questions you can to solicit answers without being embarrassed.

Be sure to ask the company or building inspector for references

Last but not least, do not be embarrassed to ask for bonafide references regarding recent clients for whom they have conducted similar commercial building inspections. If the company or inspector is reputable and if they have confidence in the service they provide, they normally will not have any reservations whatsoever in providing you with this information.

My next article will provide tips as to what questions you need to ask and what else you need to be aware of in looking to hire a reliable and competent commercial building inspector.