BASIC GUIDE IN BUYING PHILIPPINE PROPERTY part 2

<– From part 1…

 

CONTACT YOUR REAL ESTATE BROKER

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When you got all the data of the kind of property you’re looking for, and the budget range, contact your real estate broker and tell him all these details.  These information will tremendously make life easier for both the client and the broker. It will give the broker an idea of what exactly the client is looking for. Your real estate broker based on his expertise of the area, can present to you properties that closely match your specification and budget for you to choose from.

 

Your broker can also tell you about the trend in the real estate market within his area of specialty, prices, developments and additional information that can help you make your decision.

 

Initial presentation of these properties can be done on the internet through advertisements, like what we do here, or through email. If you like what you see online, then you can set-up an appointment to view these properties personally.

 

DO NOT DO THIS UNETHICAL PRACTICE –> There are many clients who do these kinds of unscrupulous acts… Many clients after seeing the advertisement, would contact the broker and inquire about the property. Then after knowing the location of the advertised property, the clients would go directly to the location or send their representative to the property without informing the broker who is the source of information about the property.

And when that happens, usually, its very tempting for most clients to throw ethics out of the window and by-pass the efforts and the advertising expenses of professional licensed and authorized real estate brokers in marketing the subject property. These clients, would then directly deal with the sellers themselves taking the broker out from the picture, even with full knowledge that the “procuring cause” came from the authorized broker.

 

Furthermore, most sellers go to authorized brokers because they don’t want to be bothered dealing and answering inquiries. And if a clients, who is a total stranger to the seller, go directly to the property, would seem like the real estate brokers are not doing their job accommodating their prospective buyers. Instructing a stranger to go directly to our selling clients can be potentially dangerous and at the same time unethical.

ETHICS

Please do understand;  To protect the interests of our selling clients and the brokers, against these unethical practices done by many clients, it is industry practice to initially withhold disclosing the exact location of the advertised property. Only the general location are mentioned in the property advertisements.

 

Please be guided that should you wish to know the exact location of the property being inquired, it is only courtesy to schedule a viewing trip to meet with the real estate broker, so the broker can present the property through first-hand experience . For sure, eventually the prospective buyer will still want to personally see the property he/she wants to purchase, anyways.

 

It would be better if we can present the property properly, as there are many things about the property that the client still do not know, and may not know if they’ll just look at the property themselves from the outside. And by meeting the real estate broker personally during site viewing trip, the brokers can attend to the clients’ questions regarding matters related to the subject-property or properties.

PERSONAL SERVICE

Remember, there are no substitute for actually experiencing the property first hand.  And as a real estate broker, I would prefer working with my clients personally so I could build good working relationships with my clients

 

SCHEDULE A VIEWING TRIP.

 

Please do schedule a viewing trip in advanced, so your real estate broker can have enough time to inform the sellers of the site inspection and prepare the itinerary for your visit. And also, please schedule the viewing trip at reasonable time of the day as due courtesy to the seller.

 

Once the scheduled viewing trip is set, PLEASE COME ON-TIME AT THE AGREED MEETING PLACE.

 

When on viewing trip, take note if the property closely match the specifications you have in mind. If you are buying a “re-sale” house, chances are, it will not fit your preferences 100%.  Simply because, an already constructed house was built according to the owners’ preferences and not your preferences.

 

If you are very strict in particular with specific features, amenities and details of the kind of house you want, then it would be best that you purchase a land and construct a house to be built according to your specifications. Otherwise if you insist on purchasing a pre-existing house, then you must be open to concessions here and there.

If the ocular inspection looks good, and the price, terms and conditions are acceptable, then it is time to do DUE DILIGENCE on the property.

 

Please find GUIDELINES ON PROPERTY DUE DILIGENCE <—  Basic guide in buying Philippine property part 3

 


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REMINDER!!!

ALWAYS TRANSACT BUSINESS WITH LICENSED REAL ESTATE SERVICE PROVIDERS!!!

DEALINGS BY UNLICENSED REAL ESTATE AGENTS ARE PUNISHABLE BY LAW. Republic Act 9646

CHECK IF YOU'RE DEALING WITH LICENSED REAL ESTATE BROKERS HERE

real estate board prc

Cheers,

Gary Louis David

Real Estate Broker License No. 0003469

VP for Marketing KingDavid Realty Co.


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