PH Real Estate - Why You Should Choose Your Real Estate Broker Judiciously

Before purchasing any real estate property, you have first to choose your broker or agent judiciously. Why? It’s because they are crucial in the success of your endeavor. Reliable brokers would ensure that you buy a property that’s free from hidden damages. 

But first what are brokers?

The term ‘brokers’ and ‘agents’ are often interchangeable. But brokers are more associated with companies who are authorized legally to sell and buy properties, while agents are middlemen, who sell properties for commission.

You can ascertain that the broker is reliable by choosing brokers who have the following criteria.

Criteria of brokers that you should look for :

1. Licensed  

They should be licensed by the government and have passed the licensure exams for brokers. Obviously, you can enlist the help of unlicensed brokers at your own risk. This is not advisable. 

When a broker is licensed, they would be fearful of committing anomalies because they can be charged in court, with their licenses revoked.

You can confirm if they are licensed by checking the list of licensed brokers. You can Google the list online. You can also check through the Professional Regulation Commission or PRC’s official list.

2. Good track record 

Verify the track record of the broker. Visit the previous listings of the broker, and read reviews about the company. Does he have a good record? How long has he been involved in the real estate business? 

The length of time can be an indication of his integrity. The longer he had been in the business, the more trusted he is. Obviously, there are exceptions to the rule.

3. Look for awards or recognitions

A broker with awards or recognitions is commendable than a broker without awards. The recognition is an acknowledgment of the broker’s hard work and reliability. You must consider these data when deciding on a broker. 

What about real estate agents? What are the traits that you should look for?

1. Honesty 

He must be honest and sincere with his dealings. He should not have any records of misdemeanor. His integrity must be unblemished by any misdeeds. This can be difficult to notice, especially if the person has mastered his craft when dealing with people. Nonetheless, a small action can reveal the truth.

2. Reliability 

He should be counted on to inform you accurately about essential information on the property. He must know the property like the back of his hand. He must also be ready any time that you require some assistance.

3. Hard-working

He should be willing to work hard to see to it that everything about the sale is in proper order. He comes on time during your scheduled meetings.

4. Trustworthy

Being trustworthy is the same as being honest. You can trust him to reveal all the hidden areas of the property that needed repair. This can be a difficult task for an agent to do, but if he is trustworthy, he should not mislead you – even if it means losing the sale.

These are all the characteristics that you should look for from a broker or agent. 

How can you know if he has these traits? You can do so, through the following :

1. Observe the person’s way of talking, acting and doing things. For example, if a person constantly curses, he may be hot tempered and impatient. If he comes late every time you have a scheduled meet-up; he doesn’t respect your time and may not be trusted with bigger responsibilities.

2. Go through his work history. If he has changed jobs several times, it’s an indication that he may not have enough emotional maturity to deal with responsibilities. It may also be an indication that his employers may not have been satisfied with his work.

3. Go over his customers’ reviews. These reviews can be a gauge of his competence, honesty, integrity, industry and trustworthiness. Read each comment and decide whether the comment is justified. Majority must be positive. You wouldn’t want working with an agent who is unreliable, right?

4. Ask his peers about him. Naturally, you have to be diplomatic in getting the consensus of those in the same field as he is. You may start with, “I’m working now with agent __, and he had recommended the property in highland. What do you think about it?”

This will prompt the other person to talk about him and the property. Be fair in your judgment because another agent may destroy his reputation to snatch the sale for himself.

5. Talk with his previous clients in person. Were they satisfied with his assistance? Was he truthful with his disclosure of the property? What about his work ethics, was he a good worker? 

You can find the answers to these questions by simply talking to his previous clients. Know how to discern the truth, so you won’t be misled.

After your fact-finding task, you can now decide whether to accept him as your broker and/or agent. Sometimes, the broker will assign and agent to you. You may refuse him, if you don’t feel comfortable working with him. It’s your prerogative as the buyer.

Also, when working with a broker that has in-house agents, don’t be shy to ask for another agent, when you don’t want the assigned person. The broker would surely give in to your request. 

Keep in mind that as a buyer, you should be treated like a king or a queen. They are wooing you to buy their property and they would be willing to accommodate your requests, as much as possible.

Conclusion

Choosing the right broker and/or agent would ensure that you are well-informed about the property you have planned to buy. In cases, when the broker or agent is dishonest, you would suffer the consequences as a buyer. 

Don’t allow this to happen to you. You have to choose your broker or agent judiciously, and you won’t have problems later on with the property that you have bought with your hard-earned money.

Tags:    Tips on choosing the right real estate broker