Brokers
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- Written by Genevieve Flores Bonquin
How to spot scammers, illegal real estate persons or ‘colorums’ and their modus operandi
By Genevieve F. Bonquin REC REA REB
MBA (Academics)-MLQU SPACE
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Are you one of those scammed by unscrupulous agents and scammers?? Lost money in reservation fees to a real estate project?
Moderating many social media groups had me seen hundreds of posts every day. Sad that 98% of these posts are from illegal agents, fake brokers or ‘colorums’. I have also seen posts by victims or posts that showed the faces of some scammers they want the public to be warned. Then I see stories of victims how they lost their hard-earned money through these scammers. For buyers of real estate properties out there especially pre-selling projects or those that they advertise rent-to-own, here are some tips to avoid being scammed and protect yourselves from unscrupulous agents and brokers.
$11. They use Aliases, not their real names.
It is easy to register in any social media and assume any names. We can’t help that, its social media but once you use it for business, advertise or sell anything, it is important to be credible. So, inquire only from those using real names. Sometimes, it’s their names but spelled backwards. Why hide their identity if you mean business? Are they for real business? On classified ads or in their websites, they only put telephone numbers.
$12. They use their names but do not indicate their PRC license registration numbers and HLURB numbers.
RA 9646 or RESA law prohibits real estate practice without proper license and violation of its provisions merits imprisonment of not less than 4 years and P200T fines for illegals. For the legitimate practitioners who violated its half of the penalties of the illegals. Sec 38 of RA 9646 requires display of licenses in all advertisements.
$13. They use real names and indicate PRC and HLURB numbers but not theirs.
We have discovered unscrupulous agents in order that we allow their posts in our groups, would add a PRC number or HLURB numbers. Verify first their names if they are legitimate. If you are dealing with agents, you can verify their names at :
For Agents and Brokers :
For Brokers, here is another link you can verify. They don’t have the Salespersons though and you should know their complete names
http://www.prc.gov.ph/services/?id=16
Alternate sites to verify Licensed RE Brokers and their Salespersons:
http://realestatedirectory.ph/ or http://philrealestatedirectory.com/
In both site, you can check Brokers by their family names, their location and associations. Just type family name then comma and click search, or use the dropdowns if you want to find brokers by location.
$14. They want you to pay reservation the day you inquired at showrooms, their posts or at the first day you met.
Many agents are recruited by developers and after three days product knowledge training, they are deployed in malls and distribute flyers. They are given allowances for three months and if they don’t make a sale during the period, they lose their allowance. Hence the pressure selling. So many buyers who bought from these agents are orphaned buyers because the agents they bought it from are no longer with the developer so they are left to themselves to follow up their papers. I have heard many buyers complain about their agent no longer with the developer when they call to ask help. Real estate investment requires careful planning and once you reserved, you cannot get it back.
$15. They advertise rent-to-own when the project they are selling is still under construction
You’ll see these posts by many agents in social media. But when you check the name of the projects, the delivery dates are few years from now, so how can you rent a unit when it’s not yet built? This they do to catch attention but it is also misinformation and is not allowed by HLURB (Board Res 922 Series of 2014). Colorums are easy to say anything just to get your money. Countercheck their claims by verifying with HLURB these projects before making reservations or any payments.
$16. They want you to issue blank checks or pay to cash for reservation.
This is where most buyers have lost money. Just recently, two buyers of same developer came forward to complain about an agent who accepted cash reservation but were not recorded with the developer. The agent made fake receipts and acknowledgement receipts. But when buyers checked their units, their names are not recorded with the developer and they have no reserved unit. One has paid over P48,000 and another P99,000 plus blank checks. This even happened inside developer’s projects so the innocent unsuspecting buyers thought they were legit. When you should pay, make sure you use checks payable to Developer and make it crossed check. Never issue check in the name of any other person unless it’s the developer. Read the reservation agreement carefully. Reservation forms has letter heads and it says there to whom you should pay your reservation fees among other payments. Get first the computation of the total price you will pay until you can own the unit.
Some buyers who has money would and inquire to showrooms with loads of cash and so unscrupulous agents can smell your cash. No matter how much you are eager to buy a unit in a project you want, always be cautious. Real estate is not like vegetables that get spoiled if you didn’t buy the day you come. Go shop and compare. Talk to as many agents as you can and verify if they are legitimate.
Real estate investment or buying your first home is not a spur of the moment decision. It takes careful consideration because of the amount involved. Ask yourself first if you are ready. For OFWs, while it is fine to ask your relatives to find investment for you, it is still your hard -earned money so do careful study before making that important decision. I have seen so many buyers lose money after paying for down payment only to find out they cannot get a bank loan nor they cannot afford to pay the in-house term because the agents were in a hurry to get their reservation money and their down payment.
If you are one of these scammed, feel free to contact us and tell your story or if you are planning to invest and need advice how to properly do it and with the legitimate brokers and professionals, you may contact this author. We’ll be glad to be of help. You may visit my website: http://www.greenhuts.net/
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- Written by Genevieve Flores Bonquin
Who are Real Estate Service Practitioners or RESPs? Brokers, Appraisers, Assessors, Consultants
By :
Genevieve F. Bonquin REB REA REC
PRC Real Estate Broker Lic. No : 2309
PRC Real Estate Appraiser Lic No. 5754
PRC Real Estate Consultant Lic. No. 92
Have you seen this term before? Real Estate Service Professionals or Real Estate Service Practitioners? Collectively, this term refers to real estate persons duly licensed to practice real estate services in the Philippines namely, Real Estate Brokers, Real Estate Appraisers and Real Estate Consultants . Only if they passed the board exams administered by the Professional Regulations Commission (PRC) and properly registered then they can practice their profession. There were those who did not have to take Board Exam because they were licensed by DTI before the RA 9646 became a law in 2009 and were considered Licensed via grandfather’s clause but that was only until 2011. Nowadays, only those who have graduated from BS Real Estate Management, a four-year course created by RA 9646 which eventually transferred the regulation of real estate service industry to PRC, can take the Board exam. The last Brokers examination given to non-BS REM graduates will be on February 28, 2016. After this, only the BS REM graduates are the only ones qualified to take Brokers examination.
Below are their functions according to RESA or RA 9646
Real Estate Broker
“A duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture or other similar transactions on real estate or any interest therein. “ RA 9646 Sec 3 (4)
Under the Real Estate Brokers are “ Real Estate Salespersons – Sec 3 (5). a duly ACCREDITED natural person who performs service for and in behalf of a Real Estate Broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service (PRBRES) for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration. “
They are to be recognized under a Broker because their accreditation is through a licensed broker and they should be supervised by a Licensed Real Estate Broker. By themselves, they should not practice without the Broker.
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- Written by Realtor Genevieve F. Bonquin
FIRST TIME PINOY HOME BUYERS GUIDE!
By: Gigi F. Bonquin, REB REA REC
One of the most cherished or biggest dream for us, Filipinos is to own a home. This dream has driven millions of Filipinos to work abroad bringing with them their dream of owning a home for their loved ones when they come back. Because of this dream, many of them fall prey to unscrupulous agents, brokers and developers and subsequently lost not just small amount of money. Some lost many years worth of savings.
For many of us, owning our home is a trophy, a reward for our hard work. Unlike in Western countries, we Filipinos stay in our first homes for almost all our lifetime. For many, even if they have their own families, they still stay at their parent’s home, even if we can already afford to buy a new one, we keep our first homes.
Being in a third world or a developing country, owning a home is a huge challenge when our income, if we are lucky enough to have a regular job, is barely enough for daily survival on top of sending our children to good school. For many of us, owning a home equate to giving our family and children a good future.
It is this ardent desire to own a home that many un-informed prospective home buyers become willing victims to unscrupulous agents, brokers and developers and subsequently lost their hard-earned money. Many are still unprepared for the responsibility and challenges of owning a home and were just attracted to nice brochures and fliers the agents gave them. Many agents, especially neophytes and unlicensed ones are pressured to make a sale so they would entice and sweet-talked these unprepared prospects into putting up reservation money the moment they presented the project to them. Nowadays, many developers have nicely built mocked up model units tastefully furnished by interior designers, making it hard for home dreamers to resist.
Be fully informed of your rights as a home buyer before signing anything or before paying any single peso to any developer or seller.
We aim to educate first time home buyers, or even those who have bought or invested in other real estate properties who, probably made some mistakes in the past and would like to retrace where they have gone wrong. Here, we will discuss each step in home buying process from assessment of your finances up to your moving –in to your new home. This can be your work book, your coach and guide or your road map as a you embark on your journey to owning your dream home. We will leave no stone unturned so to speak in the process so that you won’t miss a step or overlook something that will cost loss of money in the process.
Your own home, An Investment – your future, your choices
For many of us, home can be any place where we can build a family, a future, a roof on our heads. It’s a place where we can find peace, security and sense of stability knowing that even when we grow old we have a place to stay and perhaps a place for our children’s children. Our own home can be a way to secure our children’s education or academic success, our economic growth or financial gain. Our home is a safe haven, a place where we can relax after a day’s hard work. It can be a place where we can entertain friends, host parties or gatherings. For not so few, a nice home is a culmination of their lifelong dream.
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- Written by Genevieve Flores Bonquin
http://philrealestatedirectory.com
http://realestatedirectory.com.ph
To succeed in this industry, you need to have/learn/acquire certain qualities, traits or characters so you stay long in this industry. The six figure income doesn’t always come in silver platter. They do sometimes but you have to prepare for it for long then one day it will come regularly.
First, let’s differentiate between the Broker and the Agents or Salespersons. Strictly speaking, before one becomes a broker, he/she should have done agent’s or the salesperson’s job. An agents finds a client, make presentation or showing, negotiating or closing. The Broker supervises agents so the Broker should know the ins and outs of a transaction so he/she can better manage or assist the agent.
While there are licensed Brokers who took the REBLEX without selling experience, and there are many salespersons who have more experience, there should be no delineation of roles should they work together. The Broker should endeavor to learn and develop his/her skills and the salesperson must learn to submit to the broker as his/her superior to avoid conflicts. In this set up, unless the salesperson will have a chance to take up BS REM and passed brokers exam later, this will be the set up for broker-agent relationship. RA 9646 Sec 31 have differentiated this more lengthily Read more...
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- Written by Genevieve Flores Bonquin
The Right Selling Price Affects Your Bottom Line
When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced realtor. This person can provide you with an honest assessment of your home, based on several factors including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
- Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
- Limits showings. Other salespeople may be less reluctant to view your home.
- Used as leverage. Other realtors may use this home to sell against homes that are better priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been properly priced at the start.
- Wasted time and energy. A bank appraisal is most often required to finance a home.
Realtors have known it for years – Well-kept homes, properly priced in the beginning always get you the fast sale for the best price! And that’s why you need a professional to assist you in the selling of your home.
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