Each industry has its jargon. The same is true of real estate in the Philippines
The real estate industry, like other professions, is full of various terminology and buzzwords frequently used by those who work in the field. A lot of this jargon is plain unclear to everyone else.
"Broker" and "real estate agent" are frequently used interchangeably in the real estate world. But these titles don't mean the same, and getting them requires different skills and responsibilities.
If that's the case, what's the difference between a real estate broker vs. an agent in the Philippines? We'll explain each job title, what it involves, and how it differs from the others to clarify it.
What Are Real Estate Professionals in the Philippines
This individual is a Filipino citizen with a bachelor's degree, a clean record, and a license to sell real estate in the Philippines. They must renew their license and continue their real estate education every three years. This is the responsibility of the Professional Regulation Commission of the Philippines.
We typically refer to a real estate professional as an Agent, Seller's Agent, Buyer's Agent, or someone who handles real estate transactions on our behalf, but this professional has a different specialty or role. These individuals, referred to as real estate agents in the Philippines, charge fair rates for their numerous tasks.
What is a Real Estate Agent
Real estate agents help both buyers and sellers, as well as landlords and tenants, make deals. Agents are responsible for transferring offers, counteroffers, and any queries between the parties.
An agent will liaise with another agent to help customers with the paperwork once an offer is approved. Additionally, they make sure that their customers are well aware of all requirements for sale, including movers, house inspections, and crucial dates like the closing.
Agents that represent sellers are known as listing agents. These agents help determine listing prices, suggest renovations to the home that will raise its worth, aid with home staging, and promote the house through the neighborhood Multiple Listing Service.
They also help with document preparation, submission, filing, and negotiation of purchase prices, closing expenses, and other fees.
Agents who represent purchasers are known as buyer's agents. These agents aid in the coordination of house assessments and inspections and find properties that fit the buyer's requirements and price range. Like listing agents, buyer's agents help with contract negotiations and the creation, submission, and filing of required paperwork.
What Is A Broker In Real Estate
When real estate agent seeks additional education and receives a real estate broker license, they become real estate brokers. Unlike real estate agents, brokers are able to operate for themselves, establish their own brokerage, and employ other agents.
Agents and real estate brokers both carry out many of the same tasks. When working with buyers, brokers often find homes that fit their client's needs, engage in negotiations, create offers, and support the buyers with any additional difficulties that come up before the closing.
On the other hand, seller's brokers assess the market worth of their client's properties, list and display them, talk to the sellers about offers, and assist throughout the offer processes.
On the other hand, seller's brokers assess the market worth of their client's properties, list and display them, talk to the sellers about offers, and assist throughout the offer processes.
Based on their level of responsibility, real estate brokers are divided into three groups:
- Brokers who operate as associate brokers are those who another broker supervises. Associate brokers often don't oversee other agents.
- The managing brokers are in charge of managing the day-to-day activities of the office as well as transactions. Additionally, they train fresh hires, appoint agents, and manage administrative staff.
- Principal/designated brokers check on real estate agents to ensure they follow real estate laws. One broker is in charge of each real estate office.
Real Estate Broker Vs. Agent in the Philippines
A real estate broker in the Philippines manages the real estate office, whereas a real estate agent in the Philippines deals directly with the clients involved in the transaction. But which is preferable? Technically, brokers and agents can both represent customers when buying and selling a home or piece of property. Both of them can look up available properties using a variety of listing services, show customers houses, advertise a home, and create real estate contracts.
A broker might be hired if you want someone to handle everything from the comfort of an office. Since a broker is fully knowledgeable in real estate law, all of your questions regarding real estate legality will be addressed. A broker can design the finest deal for you since they are well-versed in market circumstances as insiders in the real estate industry. A broker will also handle the administrative and legal transactions. To make sure that everything goes well and nothing is overlooked, the broker will take care of the crucial documentation that must be finished and presented before a sale is signed.
But you may use an agent's services if you'd like someone who can help you more personally. A broker will only oversee the transaction; an agent will assist you with dealing with the actual aspects of selling or buying your home. You can get advice and direction from an agent to help you purchase or sell a house. A real estate agent will inform you, guide you through the purchasing or selling process, and ensure that all essential due diligence is done.
Real estate brokers and agents have similarities and differences that should be considered when determining which one best suits your requirements and personality. If you're still unsure, you might work with a broker-agent. You will have the opportunity to utilize both an agent's and a broker's services in the real estate industry.
The most important thing is to locate someone you can put your confidence and trust in, regardless of whose service you decide to use.
Real estate job titles can be a little complicated. Even while the differences between real estate broker vs. agent may not be huge, it's still crucial to be aware of them, particularly if this career route interests you. You'll be confident with your knowledge the next time someone mentions a broker or agent.
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.
