A Reputable and Professional Licensed Real Estate Broker: Why You Need One

I’ve been reading some news and featured articles on various magazines and online platforms about acquiring a real estate property since 2005. All of a sudden, I just realized how impractical  it would be for a strart-up  families or  real estate investors and  to buy a property without the help of a reputable licensed real estate broker.

As a bump-start, here’s my story..

Years ago, I was so excited to acquire a lot sale  in Quezon City. I remember how uncertain we were before to pay the full amount of the property even if  we will get an additional 10 percent off from the total purchase price. We were in doubt if the developer  could really complete the project. The subdivision project was on the pre-selling stage. 

It was indeed an endearing act from the firm to give us a total of  20 percent discount from the total purchase price for that lot for sale in Quezon City . 10% for being the one of the first 5 buyers to reserve plus another  10%  discount if we will pay in full within 7 days. But we  knew we had to do our homework first and verify risks involved before we pay for that lot for sale in Quezon city. So we thought of asking help from a reputable broker in doing a due diligence on the subdivision project. Believe me, you would really be needing the help of a professional broker (only if you want to find great value for your money and lower the risk of being cheated and tricked).

Taking into account the various angles of the situation, we discovered that the realty firm that issued us a receipt for our reservation fee was not yet licensed to sell the subdivision project . Thus, the developer has a partner bank  so there will be no problem in as far completion of subdivision is concerned. Our broker suggested that we place the full payment in an "escrow account" , until they get their license to sell. With that we've essetnially paid so , gave us the 20 percent discount as agreed. For added security we had the contract to sell annotated in the “Title” of the subject lot of subdivision project.

We paid the broker 2 percent of the total price and it was a win-win situation for both ends. I’ve been considering the services of a reputable and licensed real estate broker since I was an amateur in the Real Estate Industry and it was a huge help actually.

Everything happens for reasons. My experiences from the past might be the cultivating point of who I am today; a Licensed Real Estate Broker who just wanted to share her learning and ideas for those who are just starting out as newbie owners of a real property.

Here are the reasons why you need one:

  1. You will have their loyalty

A reputable licensed professional broker will only charge you a fair and reasonable commission that is in accordance with local practice. Their loyalty is also with you. They’ll unlikely connive with other agents’ ideas like setting a five hundred thousand pesos overhead to a three million pre-owned Townhouse in Quezon City that you are planning to buy just to get a higher commission.

  2.  To do due diligence on the property

Whether you’re planning to buy a 12sqm condominium near MRT or a start-up house and lot in Bulacan, it will be a test of getting the most out of your money. You should always be careful because you won’t want to see your money flying out because the title to the property sold to you is fake. You will also not want to become a victim of double sale (title has encumbrances that will make you unable to own the property. It is a standard responsibility for a reputable licensed real estate broker to conduct due diligence on the real estate property that you would want to buy to avoid any constraints.

 3. Assist you with the sales process and documentation

Even big developers can sometimes get creative with sales documentations, and/or include clauses that are not fair to the buyer or at certain extent against the law. A reputable licensed real estate broker should be able to evaluate the documents you are about to sign for that condominium, townhouse or house and lot. Stated in the documents should be fair to you and always in accordance with existing laws.      

Let us all be conversant and knowledgeable in investing our money and time for our future properties as we are all liable for every action and decision we make.

Let us also be wise in putting our trust to every person especially to the brokers and realty firms’ personnel as well. It is difficult to recuperate the lost. Better be wise and curious than having no idea at all.                                                                                                                                                      



 Photo Credit: Cesar E. Santos
 Photo Credit: Sneg Mortgage Team
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