Top 3 Trivia Before Dealing with a Real Estate Agent in the Philippines

What You Should Know When Hiring a PH Real Estate Broker

Did you know that there are a lot of misconceptions when it comes to dealing with a real estate agent in the Philippines? Many Filipinos are reluctant to talk to real estate brokers because they often think that these people are only after the commission. Well, it’s part of their job - to earn and survive this economy, but there’s more than that to realize in this kind of transaction. Knowing how brokers work can help you appreciate the hard work they do for both Filipino home buyers and sellers.

Trivia #1: With or Without a Broker, the Property Price is Fixed

Whether you hire a real estate broker or not, the price of any property is just the same. You might think that dealing with a real estate agent will only add to the cost of the property because of additional agent’s fee. This is not true. Even if you go directly to the property developer’s office such as DMCI or SMDC, the price of the property is fixed. Meaning, there’s no additional cost just because a broker handled the buying process. Some buyers even ask the agent to give them a portion of the commission they will get, which is not a good practice.
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On the other hand, if you’re going to buy from a private listing, which is sold by an agent, there’s a chance that the price will change since they will be the ones to decide how much they will sell the property. This is why the agent may say that the price is negotiable where the buyer can ask for a discount until they agree on a certain amount.

Trivia #2: Real Estate Agent or Broker Cannot be the Payee

It’s important to know that you should only pay directly to the company that is selling the property. Real estate agents are not allowed to collect any payment during the buying transaction. They cannot say that the buyer should write the check under the agent’s bank account because this is illegal. Unless you trust the broker, then you may transact with them at your own risk. Generally, agents cannot collect payments on behalf of the developer or property owner.

Trivia #3: Brokerage is a Bachelor's Degree with Revocable PRC License

This is a great development for the real estate industry in the Philippines as brokerage is now a bachelor’s degree in college. Before you can become a real estate broker, you will need to finish this 4-year course called Bachelor of Science in Real Estate Management. Therefore, you also need to pass the board exam in order to get a PRC license just like teachers and engineers.
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So when you are dealing with real estate brokers, bear in mind that you are dealing with professionals in their field. They have a license which can be revoked once they commit something that is against the law. Although real estate agents are allowed to sell properties, they must be accredited by a real estate broker to legally transact with buyers.

Final Thoughts

When transacting with licensed real estate brokers, you are simply in good hands. You have the peace of mind that you are dealing with the right person who knows how to help you throughout the buying process. As the leading real estate brokerage company in Baguio City, we are highly committed in providing clients with the best service you deserve. Visit REALS.PH website if you want to find exclusive listings in Baguio.