The Big Sell: Avoid the Pitfalls of Real Estate Selling

Like other careers, being a realtor comes with a list of responsibilities to clients and the property in the market. The obligations may pose as challenges, but the payoff makes it worth it. A house and lot for sale in Laguna that has a history, for instance, can open opportunities for you and serve as the big break you wish to have. For others, it can be real estate properties in Cebu which are priced beyond the typical household’s capacity. Either way, being a real estate agent can result in a rewarding career as long as you follow the guidelines for selling a house, condo or apartment complex.

If you’re at the beginning of your career, it can be challenging to identify the things you must do to close a deal successfully. The same goes for knowing the things to avoid when dealing with a client. There’s a high chance that your encounters with clients and other professionals in the industry are far from a smooth sail. Fortunately, this list provides a few pointers on how to avoid the pitfalls of real estate selling.

Here is how you can sell the property under your belt without waiting to gain experience.

Show the property’s best features 

As a realtor, you should be on your clients’ side while leaning a bit towards the property. It is important that you remain objective and serve the client as much as possible. But if you are assigned to sell a particular property, you should also be bent on offering it to house hunters. You should always highlight the house or unit’s best features, so people take an interest in it. 

Showing the property’s best features might pose a challenge especially if it’s a fixer-upper. The key is to look into the trends in real estate. Knowing your clients’ wants and needs also help in finding the features that would help you sell the property without a hitch. Before offering the property, you must first look into a clients’ background and assess if what the look for in a property is present in what you are trying to offer them. If it is, then you should point them out during the visit. If not, you should highlight the structure and other aspects of the home that can make potential homeowners reconsider it.

Use natural light and other types of home lighting 

Sufficient lighting indoors is a game changer. When you have enough light in a room, the property transforms into a warm and cozy space ideal for growing roots and raising a family. It helps house hunters and property buyers to see the potential of the house, apartment or condo you offer to them. Therefore, you must ensure that the property for sale has access to natural light and have working bulbs installed.

The first thing you should do is to have a room-by-room audit. Open the windows, push away the curtains and blinds while all of the lights are on. Look at each room through a buyer’s perspective. Taking photos of each room helps you see objectively. You should also do this at different times of the day—in the afternoon and night. It’ll help you address light issues such as dimming bulbs, shadows, and energy efficiency. The light audit also applies outdoors. Don’t forget to check them after you finish inside the property’s structure.

Wait for the right time

Like other things in life, there’s a right time for buying and selling real estate properties. Do not rush to find a buyer. If you do have a buyer, you should not pressure him or her to reach a decision overnight. Most buyers like to think about their choices before having a final decision. In that case, it is much better if you busy yourself with other clients. It prevents you from pressuring potential buyers and offering the property less than its original price.

Part of timing is having a buyer who can afford the price you offer. You might have clients willing to buy the property on the spot, but they won’t take it with the amount you set. Sometimes, the change in price isn’t under the influence by the buyer. It can also be from the ongoing market conditions. The supply might be higher than the demand which pushes you to slash the property’s price. Always consider these things before prioritizing the property in your sell list.

Cooperate and retain your professional stance

Real estate selling is a service. As a realtor, you assist people in finding the right home or office space. These people are placing their faith and trust in you to match them with a property fit for their needs and personality. It’s only right you provide the service they need. Thus, you should always remain truthful and hands-on with all your transactions. As much as possible, you must dispense the information you know about the property to clients.

Being a real estate agent also means you must remain professional during real estate transactions and negotiations. When you are calm and relaxed, you can quickly deal with all kinds of people. Whether they are crass, loud or fussy, you can be useful and seal the deal when you choose to be objective and level-headed. Choose your battles wisely and be alert when facing money matters. It can help you in the long run and make you the best realtor out there. Most of all, it becomes a smooth sail to sell properties.

The pitfalls of real estate selling often come from a lot of factors. However, most of them are with your influence and control. It means you can determine if you are successful in an endeavor when you think of how you can improve your skills and change your tactics.

These tips can serve as a hack for selling properties. You can also use them as a guide to improving your selling skills as a realtor. Whatever purpose these may serve, the tips are-without a doubt-a huge help in advancing your career.

Note: This article was first published on April 8, 2015, as "4 Things Home Seller Must Avoid." It was updated to serve as a guide to all realtors and professionals in the real estate industry.

Image by rawpixel

Real Estate Scams Everyone Must Know

No one relishes in being deceived by a trusted realtor or partner in growing your real estate Cebu investments. Though every scam story points to the scammer, it is also essential to note that each has participation. The scam can be a result of negligence from the buyer, seller or agent. Either way, no one looks forward to the event.

There are several factors involved in executing the crime - the property, documents, lenders, sellers, buyers, agents, and third-party entities. All of these can perform the violations or be an accomplice. Hence, it's best to be aware of the real estate scams in the Philippines. Below are the crimes rampant in the industry and how they operate.

Abrupt Change in Lender

The property owner receives an official notice regarding the transfer of load to a different lender. Besides the change in the lender, the letter will also inform you that your remaining balance will be carried over a different account name.

If you didn't request for any changes on your loan structure or anything connected to it, it's best to disregard the letter. Moreover, you must verify instructions before accepting any of the terms.

Bogus Buying

A woman under the alias Virginia "Virgie" Manalang had gone around Manila to trick real estate agents and homeowners into giving her cash. She presents herself as a potential buyer of a property. She says she can purchase the unit or house and lot as she is married to an engineer in Australia who sends his monthly pension. To prove it, she issues a check worth hundred thousand as initial payment. However, she initiates to draft the deed of sale and handle the transactions from there. Her acts are questionable as she asks the agent or seller for cash so her lawyer can write the deed of sale. She asks additional amount to cover attorney and notarial fees. She also requests for photocopies of valid IDs and signatures which she uses to target other real estate agents and realtors. Her check is also a bouncing check and the bank account used for it belongs to a different entity.

Copycat Rentals

The person would post an online listing of his or her rental that seems harmless at first. The photos look valid as there are images of the rooms of the unit and its amenities. Fake agents use this tactic to ask renters for a deposit without meeting them in person.

Double Sale

It may be a case of an initial buyer of the property may neglect the registering and transferring the title, or a seller accepting a higher price thought a potential buyer already placed payment.

Fraudulent Schemes by Agents

Agents advertise properties that aren't for sale or currently handled by a different agent. They offer the properties at a low price to bait people. Once the client sends inquiries on the property, the agent will claim it as sold or unavailable. He or she will then offer their own listing which may have a higher price than the previous property.

Some brokers and realtors may take advantage of their skills in selling and building rapport. They may misrepresent a property and neglect to disclose the most important details. Though it is the duty of the agent to be transparent on the pros and cons of choosing the land, condo unit or house and lot, they may not comply to close a sale.

On the other hand, other agents connive to raise their commission fees. One acts as the listing agent, while the other represents the buyer. Both the seller of the property and its buyer aren't aware of the setup which distorts the value of the property. The practice violates the Code of Ethics and Responsibilities for Real Estate Service Practitioners.

Predatory Lending

Loan sharks and small time, unscrupulous financial institutions lure home buyers and house hunters to unfair and abusive loan terms. They coerce their victims through deceptive or exploitative actions to acquire a loan. Most of the time, the forced borrowers don't need, want or can't afford the mortgage.

Property Title Fraud

This type of scam involves the use of old property titles and use it to generate fake titles. The scammer provides supporting documents keep buyers from doubting the deal. Another way of doing it is by presenting a fake title over an existing an existing property regardless if it has an owner or not. People who neglect due diligence are potential victims of this scam.

Sale of Foreclosed Properties

This scam is rampant and likely to happen with Overseas Filipino Workers (OFWs) wanting to invest in a home in the suburbs like Vermosa. Scammers, who act as a homeowner or realtor, offer foreclosed properties to potential buyers who cannot check and inspect the property (due diligence). They forge the documents to make the transaction as real as possible. Once they close the deal and the buyers are ready to move in, they disappear. They are out of reach while buyers deal with the bank.

Unfinished Developments

Lesser known developers or names you haven't heard in the industry must be taken with a grain of salt. Scams involving unfinished developments include asking for reservation fees or amortization on a property without the advertised amenities and facilities. These add-ons can also be pending or abandoned by the developer. These developers may refuse to return the money leaving the owners empty-handed.

Part of this scam is pre-sold properties with low rated that remain unfinished until the turnover date. The developer promises a different period. They move it several times until the buyer gives up.

“Too-good-to-be-true” Real Estate Champions

Individuals advertise themselves as experts who can provide insights on the market and valuable pieces of advice. They sell themselves by conducting seminars promising quick returns and strategies. They market immediate success which is far from reality.

There are also individuals posing as real estate agents. They set up a website full of property listings copied from legitimate realtors. They trick home buyers by presenting forged documents and contact information to pay a security deposit or initial payment.


You can avoid these schemes by raising awareness and spreading them to communities. That way, other people recognize the signs and report them to authorities and institutions immediately. Moreover, you must conduct your research when inquiring in a real estate property in Cavite or any place in the South. You'll have your notes to compare with your broker which can prove their reliability on the transaction.

Note: This article was first published on May 5, 2015, as "Top 3 Real Estate Scams You Need To Avoid." It was updated to raise awareness of potential buyers and sellers of real estate properties.

Image by Quill Group

The Cold, Hard Truth Behind the 90/10 Rule of Real Estate Industry

Managing properties, gaining commissions, and meeting a bunch of clients with different needs are some of the activities of a real estate agent. The hefty paycheck is motivating factor despite running around the city during the open house of two properties. Thus, a lot of people want to work in the industry as the job seems natural.

It is at first glance. Once can become an agent as long as he or she can sell one 2br condo for rent Bonifacio Global City (BGC). If he or she influences a startup to go for a serviced office Makati CBD, then he or she does a swell job of using their marketing tactics. As the industry, more people look forward to making a profession out of it. Thus, the 90/10 rule exists.

Before the regulations existed, anyone who finished high school or passed Grade 12 can become an agent. At present, one study the curriculum and obtain a license to be a realtor. Since most don't want to give the time and effort to finish the course, only 10 percent of the total number of real estate agents are doing 90 percent of the work.

It's evident that a lot of agents fail in their profession. Below are some of the hard truths in permeating the real estate industry.

• The real estate curriculum lacks the scope of marketing and deal management. Some examples of topics that brokers must know and understand are:

1. Psychology of salesmanship
2. Art of selling and crafting deals
3. Networking
4. Creating listings
5. Presenting listings in a professional manner
6. Overcoming objections from buyers and sellers
7. Working with financial institutions
8. Dealing with appraisers and home inspectors
9. Communicating with utility companies and government agencies
10. Handling permits

Agents can learn these skills along the way, but they will become highly efficient in their tasks if they knew these things beforehand. They are likely to proceed and be motivated to pursue their individual goals if they know how to navigate the waters. Therefore, developers and real estate companies must provide mentorship, trainings, and seminars in their respective offices to minimize the agent failure and turnover rate.

• Realtors, especially beginners, undermine their abilities. Setting a timeframe for lead generation is acceptable. A 30 to 60-day real estate success may be correct for some and may not be for others. Lots of agents quit when they don't generate leads. They berate themselves and the market when they don't tick anything off their list. They leave early in the game without persevering and lose their confidence. When that happens, they become unlikely to take risks. They won't explore new strategies or try a new path yielding high returns.

• Real estate entrepreneurs neglect the power of advertising. Developers and housing realtors forget they are part of a business. A business needs investments to grow. Mixing traditional advertising and digital marketing increases the company or brand's outreach and, in turn, expands their market.

• Being greedy with opportunities destroys a realtor's career path. Real estate trades is and always was a job. Depending on the company's salary scheme, it is a reliable source of income. A lot of agents think that realty management doesn't qualify as a job, so they look for additional opportunities. Looking elsewhere places property selling on the sidelines and disrupts the focus on expanding the business.

Consulting a licensed yet non-practicing real estate agent is no different from getting surgery from licensed, non-practicing doctor. When in the game, vision becomes limited. One can only focus on what's in front. Business owners focus on income and realtors to their commissions.

No one wants to do the dirty work that's why the 90/10 rule exists.

The Big Sell: Experts Share Pitching Advice

Another day at UP Ayala Technohub, slaving for 8 hours. You have an idea brewing in your head. You also have a plan to improve your group’s communication system and project management style. But these powerful ideas or well-kept backup plans are just in your head, and won’t matter unless you share it with the group; most importantly, to your superior. Until then, it will just be a plan or idea that won’t be making the changes you envision for the company.

The aim is to have their approval. To hear that sweet sounding yes is a melody to the ears, which makes you fly high in the sky even if it means being buried in paperwork. Before that, you have to face your boss, the management or who ever it is you have to talk with to settle the proposal. Sometimes, it only takes one chance for the person or committees to decide your faith, so it’s better to ace it on the first try.

Few experts had a say on how to successfully present a pitch to a challenging audience. To show off your ideas without a hinge, read on to find what the experts had to say to amp your presentation.

John Rood of Next Step Test Preparation

John Rood suggests to lay out how managements should judge the project’s success quickly. What are the indicators that the project will be a success? Having a specific goal will help you set measures of success or key performance indicators (KPIs) early on. Step-wise goals or buildable goals are easier to digest than having a long-term goal. It also suggests that fewer risks are involved. Thus management is more accepting of the idea.

To reduce the risk of rejection, form alliances with those in the upper levels of the company who will approve the pitch. Test out the waters, talk with them to see what clicks and what doesn’t. It will also help you improve and expand your idea. There will be instances when they will see the details you may have overlooked. The more feedback you get for your pitch, the better you can prepare for the actual and formal meeting.

Phil Chen of Systems Watch

It’s not enough to just have the proposal ready; it’s also important to prove you can handle it. They want to see a work ethic that can sustain the onset of the project throughout its growth. You have to show redeeming qualities—agility, thoughtfulness, and efficiency.

Remember that you still have current task and projects. Phil Chen advises preparing an outline that illustrates the order of your priorities. It will show you still have the time and resources to lead a new project. The outline is especially useful if you haven’t proven your leadership potential.

Brian Honigman of BrianHonigman.com

Brian Honigman shares a piece of advice that isn’t often followed. Composing a polished plan shows the time a thought invested in it. It also shows you’ve reviewed potential problems along the way. It suggests you can take charge and lead the project which will help convince the management of the proposal.

Kenny Nguyen of Big Fish Presentations

As much enthusiasm you show when presenting the project, prepare to defend your idea when objections arise. Being able to justify your proposal is particularly useful when negotiating with investors. You should not be swayed with counter-arguments no matter how logical they may seem. Withstand the onslaught of questions and prepare a counter-attack.

Thus, when answering the management or investors’ queries, pay attention to the current inquiry only. Give a simple and straightforward answer. Avoid getting thrown off your train of thought by overthinking the panel’s questions.

Jyot Singh of RTS Labs

The benefits of the pitch should be clear - how will it add value to the company. Jyot Singh says the presentation should be directed to those benefits and the ways how it will be utilized by the audience of your presentation.

A presentation that states the advantages of the projects creates a positive mindset over the project proposal. With that, keep your winning statement simple.

Adam Stillman of SparkReel

Of course, create visual aids. Adam Stillman knows the importance of visual aids. Visuals are powerful; they help make the plan seem real and relatable. Visual aids also hold power regarding communication as the information comes much faster and lingers in the form of memory.

When creating visuals, concentrate on the essentials. If it allows you to explain the project, return on investment and growth strategy for five minutes, then you’re good to go.

These experts know what they’re talking about, and you should too. When proposing an idea to top level management, remember to account for risks. The less risk involves, the higher the chance to get their approval. A clear-cut and carefully constructed plan will cover the basics. No matter how polished the proposal is, there will be details which aren’t acceptable to the audience. Hence, prepare to defend your ideas during the presentation. It means you can handle it the pressure and sustain the project.

As a realtor, it is part of your job to present products and services to clients and top management. Therefore, knowing these tips are valuable to your career.

Practicing Caution When Buying a Brand New Property

Another year has passed and we’re now welcoming a new year in hope of improving our lives better than the last.

To many, this means settling down on a personally owned property like those in High Park and provide their families a comfortable and safe haven. Owning our dream house is an accomplishment, and frankly, who doesn’t want to have their own?

With the variety of real estate available for purchase, it shouldn’t be that difficult to find a home that fits your budget and lifestyle. However, it’s also important to keep in mind that buying a new home requires a huge amount of money, something you might not necessarily be able to pay in cash on the spot.

There are loans and other installment options you can avail, but generally, you’ll need to double-check every decision you make including the people you deal with to ensure you’re not wasting money or falling into a scam.

Credibility of a real estate agent

Real estate agents help you a lot when choosing a good property. They have a wide connection of people who can make recommendations and can negotiate on your behalf. However, just like any other professionals, not all of them are created equal. Some perform better than the others.

Also, hiring an agent is optional, and you’ll need to pay them separately. If added fee is an issue on your part, you may want to do the scouting yourself. Should you decide to ask the help of one, make sure he or she has the necessary credentials.

Documents for ownership

Buying a new property has a lot of procedures than you initially thought. There are specific documents that need to be signed and papers you must submit. All of these hassles can be taken care of by the agent, which is another reason why you must choose them well.

Even if you hire an agent, you’re still responsible for double-checking the documents that have your signature. The last thing you want is to sign on a document that doesn’t have something to do with the property.

Mode of payment

Can you pay in cash or will you settle for installment? There are various rules that govern different modes of payment so make sure you understand the details of your choice. In case you are unsure of your chosen payment method, you could ask a consultant, preferably from the company selling the property, to advise you on the best method.

Terms and conditions

Aside from the necessary documents and the paying method, it’s also important to have a clear view of the responsibilities you are expected to comply once the property is transferred to your name.

This includes the fines and penalties you will pay in case you fail to comply with certain ownership requirements.

Loans

For those who plan on purchasing a new property using borrowed money, it’s good to know that there are already several open options available. Among the most popular are bank loans. Of course, banks woudn’t just let anyone borrow money without a certain collateral.

When choosing the option to loan, make sure you understand the conditions and policy details stated by the money provider. This way, you wouldn't be surprised for any unexpected fee you will be asked to pay.

The idea of finally owning a property can get us very excited. However, you must keep in mind that huge money is involved in the transaction. It is your responsibility to know the details of the deal and ensure that you have all the necessities covered before signing everything. If you are doubtful of any move, take some time to consult experts or real estate consultants who could provide answers to your questions.  

7 Qualities of All Top Performing Real Estate Brokers

Owning a personal land property is a dream come true to a lot of people. But if you’re having some troubles looking for the best deals in your area, hiring a third party entity who can do the legwork for you helps.

Image Source

There are a lot of professionals who can help you locate the best real estate Cebu offers. The real challenge comes with finding a reliable agent who has the experience, connection, and attitude to deliver the best options.

To get the best estate list, better look for brokers who possess the following qualities:

Rich local knowledge

It’s a given requirement for all brokers to be highly knowledgeable when it comes to land properties that are available for sale in their area. To get the best deals, it’s best to work with those who know the locality well to give you a detailed list of properties you might be interested in.

Image Source

Wide Industry Connections

One thing that sets aside a good broker from an excellent one is the quality of network they built for the years of service to various stakeholders.  A trusted agent is one that does not only know the key personnel to contact for a potential property sale but also those who can take care of the legal matters.

Professionals who deal with land deed transfer, mortgage, tax requirements, repairs, inspection and more are only some of those who are part of their business network.

Customer-centered

While land brokers are generally the go-to people for finding the best properties in town, their work revolves mainly on addressing client concerns. All of the best ones are those who put the interests of the client a priority.

They use their connections and technical expertise to get the job done but work according to the specifics provided by the client. A top broker is one who is also willing to educate the client to help him or her arrive at an informed choice.

Image Source

Excellent verbal communication skills

Since they work with people, it’s a given for them to have a good PR.  Clients know this by the first time they set a meeting with an agent. An approachable and well-groomed look is usually a good sign of someone who communicates really well.

Proactive and attentive to details

As top brokers, you can trust them to do much of the legwork on your behalf and present you with the best offers. They don’t just wait for their contacts to inform them of new deals. They go out there, visit actual property sites, interview owners and negotiate for you.

They are highly professional and are very keen in terms of noting down salient points that you might find interesting.

Image Source

Positive recommendations from past clients

Those on top of their league are personalities who are trusted by a lot of clients whom they worked with in the past. They are the names that often come out when you start asking for recommendations from past customers.

If you bring your search online, you will most likely find their names on real estate forums and social media sites.

Solid brokerage profile

Lastly, their actual portfolios speak for themselves. In this digital age, a lot of these professionals are now bringing their successful works through professional social media sites like LinkedIn and Twitter.  

Client recommendations, work experience, and successful brokerage deals are all laid out for you to check. Some also keep hard copies of documentation detailing the past works they dealt with.

Your dream house is just out there, waiting for you. Call the top brokers to help you scout for the best properties and lay down your specifics. At the end of the day, you’re still the boss. Seek for recommendations from other homeowners and get the best deal for sale in the market!