Differentiating Real Estate Brokers from other professionals in the industry is necessary to understand the rules and legal practices in any particular country. This is because Real Estate is a lucrative industry where continuous improvement on the regulations is done to protect the sellers and buyers, and to connect them with Real Estate Developers that have a stellar track record. So, get started with knowing the basics, this is a high-income career path. Know the qualifications for one to become a broker of Real Estate Properties in accordance with the Philippines’ laws.
Real Estate Broker Vs. Real Estate Agent
The main difference between a broker and an agent is the license. An agent could facilitate the same transactions, but under any circumstances are NOT allowed to sign legal documents on their own without another signature from a licensed broker. Thus, agents must work under the supervision of brokers who run the firm and take on higher accountabilities.
The agents commonly introduce themselves as real estate salespeople or real property specialists. They are usually in charge of property viewings, and the tedious process of paperwork which the broker must also be able to do. In case one is introducing himself or herself as a salesperson, it’s a must for a client to require Identification documents and call the developer or broker to confirm the current business relationship.
Who earns more, the broker or the agent?
In terms of commissions, the broker’s or brokerage company’s name is always on the line, so the percentage is higher than that of an agent. On the other hand, the gross sales of an individual agent could outrank that of a broker or even a company since the differences in sales and negotiation skills, training, network, and experiences matter a lot in this highly competitive industry.
A Bachelor’s degree of Science in Real Estate Management (BS REM)
Yes, it’s now a degree since the knowledge of laws and valuable skills are needed to effectively perform the duties of a Real Estate Broker.
Duly licensed by the Philippines’ Professional Regulation Commission (PRC)
Potential clients of any Filipino Real Estate Broker can verify licenses on the PRC Website by searching the license numbers. A very easy way to protect oneself from online fraud in case an offshore investment by either foreigners or locals are considered.
This is for everyone’s due diligence and security. For an individual to be a Licensed Real Estate Broker (REB), the following documents were submitted along with passing the board exam:
- Original copies of Birth certificate or a valid Philippine passport;
- Transcript of records or College diploma;
- Notarized certification of the applicant’ years of experience by the employer or Professional Identification Card, or DTI license
- Valid clearance released by the National Bureau of Investigation (NBI)
- Duly notarized certificates from Continuing Professional Development (CPD)-accredited seminars or training providers
- Community tax certificate
A license from the Housing and Land Use Regulatory Board (HLURB)
After passing the board exam, this must be processed to secure eligibility to sell all types of Real Estate Properties in the country. The following are listed to set the minds of stakeholders at ease because fraudsters are usually intelligent individuals who would prompt anyone to process payments even before verifying their identity. In so cases, companies are not liable for a lack of due diligence.
Valuable Skills that Broker or Agent Should Possess
Relationship Management
Every network is an opportunity, as one’s career progresses, the smaller the world would be. If integrity and reputation are at their best, no one will talk about an agent’s habit of being late during appointments, or even making promises that aren’t fulfilled. Like in any business, intentions must be well-thought-of, and actions must be purposeful. This way, a previous client will be comfortable with sharing the best networks of people that will yield higher revenue.
Communication Skills
Having a seat at a table in front of Millionaires is not cheap. For one to be comfortable meeting their eyes while speaking, it requires a lot of experience. Confidence is built by doing things over and over, improving speaking skills and language proficiency. The reason people are impressed with a person who fluently talks in a certain language is the time it takes to flawlessly speak it just like the native speakers do—which required reading a lot of books, watching movies, and speaking it a million times over for proper enunciation.
Sales, Marketing, and advertisement
Since communication skills are already improved, the perpetuation of a career in Real Estate is made possible by creating new networks. Sales happen when a person targets the right people and communicates the beauty of having a product. For example, how would a salesperson magnify the benefits of having a condo over a house to eventually purchase? While in marketing, how would a person know where to put up a booth with Real Estate Flyers? At what time of the day do people interested in purchasing real estate properties go online for research? All these skills require strategic thinking with the tools of technology and proper research.
Attention to detail
People who experience dealing with a lot of potential clients are skilled in profiling. At glance, a salesperson might know whether one is ready to put out money. Okay, it’s a bit judgmental, but it still helps that these people know real pieces of jewelry, or even fashion, especially in urban areas. It also helps that one recognizes the paralanguage of people who are comfortable with their financial disposition. Someone who wears the Rolex might not be the decision-maker in terms of finances, so again, communication skills come into play. One cannot just ask a person if he or she bought an expensive thing on his own. It’s rude.
The real estate industry can be overwhelming at first glance and if one does not have the right knowledge, mindset, and network, the chances of quitting are high. The volume of sales is one strong and measurable result of successful real estate professionals, at the same time, sales are a result of a few determinants of success.
If you are thinking of moving into a new condominium, check out Vista Residences!
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit-oriented locations, and developed business districts.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
