Real Estate Information and
By: Rltr® John Odonnell R. Petalcorin
Part I. Free Services for the General Public
(1) Pro Bono Real Estate Service Coach
My online coaching service is pro-bono, which makes it the most patronized among all services I offer. Under this category is the Do-it-Yourself (DIY) where I will, by email or Facebook chat, merely provide free procedural guidance to clients and customers.
(2) Real Estate Outreach Service
If lawyers have legal outreach and doctors have medical outreach, real estate brokers have real estate outreach too and this is like a buffet of free consultation. Issues such as rights of real estate ownership, inheritance, titling, tenant’s rights, multiple claims, subdivision development, squatters, land use, buyer protection, and even multiple agent scenarios are big headaches among the Philippine population. No wonder, the category of real estate has the most number of stagnant cases in courts. Before I forget, the outreach could also serve as venue where we can answer question of high school students who are contemplating to take a college degree in real estate service after they graduate.
There are a lot of municipalities in the Philippines with insufficient number of professional real estate practitioners. One way or the other, almost everyone have real estate issues. Real estate service outreach is usually a philanthropy sponsored event for the benefit of the people. During outreach, the event is pre-announced month-long, and a long table will be manned with expert brokers, appraisers, and consultants so that people can fall in line to get free consultation on their real estate issues.
If you happen to organize a real estate service outreach, please count me in. I will be glad to be invited to man a broker’s technical consultation desk. If it is charity, then my time for this will most likely be a pro bono.
Part II. Coaching Services for Real Estate Buyers, Dealers,
(3) Exclusive Buyer Agent (EBA)
There are two levels of players in a transaction, (1) client level and (2) agent level. At the client level, there are two sides of the transaction—buyers and sellers. At the agent level, there are also two sides of the transaction—the buyer agent and seller agent. I specialize in buyer-side agent service, which is popularly called Exclusive Buyer Agency or EBA for short. This service can be paid by PF or Percentage Commission.
You can learn more about it by watching Exclusive Buyer Agent (EBA) in YouTube. My clients in this service are always buyers who usually come in to request my assistance in searching the best property they can get out of their money. If you are a potential buyer with nothing yet in particular to buy, and you want me to serve you as your EBA, please drop me an EMAIL to introduce your self. Below are some pointers of my operating principles as EBA.
(a) One of the tasks that challenges me much is real estate search service. This function is easy and costless if search is only done via internet. The problem is, the best properties are usually not found in the internet, but by searching at street-level. This kind of operation may become very tedious and expensive if the client wants the search to be done at the street level. Taking into account that I may charge PF on hourly basis for this type of work, please allow me to emphasize that this service is best for serious and ready buyers only. Considering that street-level research is expensive, I don't recommend this service for buyers who are merely window-shopping for information.
(b) Impulsive real estate buying would always result to regrets for not getting the best deal for your money. Real estate buying involves a lot amount of money and long-term commitment to pay the costs of ownership. The best properties in the market slip out fast. So I would advise buyers to take time, around a year or two, to collaborate with an EBA in continuously researching for better properties, yet being quick to reserve and ready to pay the initial payment outright to close a deal whenever the market offers the best property.
(c) When the client is the buyer, I go out to search for properties that fit the demanded specification of the buyer. Out in the street, even if the property is not for sale, I can make an offer to buy it in behalf of my client who is interested to buy whatever he/she saw and liked. It is normal when some real estate owners out there don’t grant percentage commission to agents. To ensure that even those properties that don’t offer commission get included in the choices that I can present to my client (buyer), I have made a personal policy not to demand percentage commission for myself from sellers. However, just in case my client (buyer) would not like the property, I want the property to be in active file for other potential buyers in the future; this is the reason why my authorization form have a default clause wherein sellers commit to pay a percentage commission as finder's fee to the one (any one) who will find the buyer.
(d) An EBA serves the buyer-side only. So I let go of the percentage commissions that most other Brokers normally run after as jackpot compensation from sellers. The reason behind this is that I believe dual agency is unethical. Dual Agents play middle-man between buyers and sellers, and they don't normally present the best property options to the client if there is no commission at stake in that property. I don't do dual agency practice because it is not good for the buyer.
(e) One of my favorites as an EBA is serving anonymous buyers who want to keep their names secret or dummied in the paperwork and insiders who want to make money out of done-deal transactions. Anonymous buyers are real. They prefer to be anonymous because they are popularly known to be rich and famous. Having this notion that they are wealthy just make the asking price unreasonably jacked up by the seller like crazy. There are real estate buyers who have "special needs", and I make sure they get served ethically, legally, systematically, and professionally with extra care under a client confidentiality clause.
(4) Price Validation Service
This is basically providing preliminary or secondary opinion on ideal asking price. This is not supposed to be confused with appraisal service. Although I may have longer experience in actual price determination compared to most licensed appraisers, I don’t do Appraisal Report service because I am not a licensed appraiser.
There are actually three types of appraisers, first are those commissioned by the seller, second are those commissioned by the buyer, and third are those jointly commissioned by the seller and buyer. In my practice, I don't honor appraisal report done by an appraiser who is at the same time the broker of the particular property because the percentage commission at stake in brokerage always makes the appraising biased. With my long experience as a license Broker as my edge, I do price validation service for secondary opinion (check and balance purpose).
To prevent getting ripped-off, price validation by a professional must be done before buying. This savings-generator type of service can be availed by PF.
(5) Due-Diligence Service
Most real estate transactions are very simple to complete, but you just have to be careful, especially in dealing with sales agents in struggling countries such as Philippines where anomalies, fraud, scams, and corruptions are undeterred in front of government’s nose. Sales agents in this country, especially the 95% who are unlicensed, are openly recruited by legitimate developers and deployed in the malls to hand out fliers. These unlicensed “in-house sales agents” and so-called “property consultants” (that’s how they usually call themselves) are trained to handle objections, conceal defects instead of disclose, they are paid by commissions only, and they stay associated with the developer for as long as they are aggressive in pursuing investors (especially foreigners).
You don’t want to be buying real estate without service warranty from unlicensed agents, non-existing properties in the internet, or buying it from someone else unknown to the owner, or buying a unit in a well-advertised clusters of high-rise condominiums that never disclose that it is sitting atop the fault-line, or a resort that you can only resell in the future back to developer at original price.
One of the major undertakings in due-diligence work is basically researching government’s file to verify record of ownership, liens, encumbrances, and defects of a specific piece of land title or condominium title. Falling under this same service category is corporate profiling services such as investigate fundamentals of condominium or subdivision project and legitimacy of its seller agents.
To prevent headache in the future, due-diligence by a professional is a must before buying. This much-needed type of service can be availed by PF.
(6) Negotiation Service
This workload involves representing the interest of buyer in actual bargaining of the price, ocular inspection, and review of contract.
To outmatch the caliber of the seller’s agent, the buyer must get a special negotiation services of a professional buyer’s agent before agreeing to the seller-prepared contract. This great service can be availed by PF.
(7) Status Inspection Service
This service is usually covers the task of inspecting and taking photographs on site to document the construction status of a project (condominium or subdivision). This service is normally engaged by anxious clients who are planning to buy or who already bought real estate project at pre-construction stage.
This great service can be availed by PF.
Part III. Coaching Services for Real Estate Home Owners
If you need assistance in selling or leasing out your property, please follow the instructions in the Broker Authorization Form Page.
(8) Exclusive Broker Service (Sales or Lease)
“Exclusive” means I will be the only one Broker who is extended with the seller’s right to offer the property for sale or lease to the public. Under this service, I technically don’t represent the interest of the seller in the negotiation (because I am an EBA specialist), but will assist in advertising the property as an FSBO (For Sale by Owner).
Real estate owners who want to avail of this service are initially instructed to send me an EMAIL (titled: Request for Exclusive Broker Service) and I will reply with a Broker Authorization Form, which in the client will complete and email back to me. In the form, I would be asking the seller to allocate a finder’s fee for Exclusive Broker Service; but I also give an option for clients to choose a free service under the DIY scheme.
When I say “exclusive”, it means “exclusive advertising rights”, which means the exclusive broker will be the only one authorized by the client to broadcast the offer using a conspicuous signboard (tarpaulin) and advertise the offer in open listing websites such as Sulit.Com.Ph, AyosDito.Ph, and BuyAndSellPh.Com and social media sites such as Facebook, Twitter, Google, and Yahoo.
The beauty of this exclusive broker service is that the commission rate is much-much lower compared to other brokers and the broker’s sense of security on the commission encourages him to aggressively advertise the offer (buy, sell, or rent) in any open listing websites.
(9) Non-Exclusive Broker Service (Sales or Lease)
“Non-Exclusive” means I am just one of the many brokers extended with the seller’s right to offer the property for sale or lease to the public. Under this service, I technically don’t represent the interest of the seller in the negotiation (because I am an EBA specialist), but will assist in advertising the property as an FSBO (For Sale By Owner).
Real estate owners who want to avail of this service are initially instructed to send me an EMAIL (titled: Request for Non-Exclusive Broker Service) and I will reply with a Broker Authorization Form, which in the client will complete and email back to me. In the form, I would be asking the seller to allocate a finder’s fee for Non-Exclusive Broker Service; but I also give an option for clients to choose a free service under the DIY scheme.
The beauty of this non-exclusive broker service is that the commission rate is perfectly competitive and the client can engage the services of as many brokers he/she wants.
(10) Real Estate Photography
Photography of condominium unit or house for advertising purpose. This service can be availed by PF.
(11) Property Presentation and Tripping
This service involves assisting real estate owners in presenting the property to interested buyers/tenants. This service is kind of expensive because it may need a vehicle for the tripping. It is always best if the property owner have trusted relatives or friends living nearby to present the property to interested buyers or tenants that I refer. If they have no one else to present the property, I can do the service, of course for a PF. Tripping using my the vehicle of the project developer is free, but a tripping using my own private car is not free. I can provide the private SUV or car for tripping only if a prospective buyer would make a request. If my private car will be used, fuel cost and toll fee (to destination and back to origin) during tripping will have to be shouldered by interested buyers. Rarely do I personally do the presentation of projects — it’s the job of the salesperson to do it.
(12) Tenant Assistance Service
This includes the following: (a) directly facilitating the ingress of incoming tenant or egress of outgoing tenant; (b) routine periodic inspection of wellness of a leased property; (c) supervise clean-up, repairs, renovation, acquisition and delivery of furniture; (d) representation in settling disputes on utility bills and other kinds of property-related disputes; (e) proxy in homeowners' association meeting, court hearing, or complaints conference in PRC, HLURB, BIR, DENR, etc. This service can be availed by PF.
(13) Condo Unit Safety Inspection
This workload includes recommending countermeasures against chemical and biological hazards, detecting unsecured door locks, installing main door peephole, installation of digital door bells, earthquake readiness and safety measures, installation of early warning device for hazardous gas, detection of presence of explosive gas using high-tech gadget, detection of spy-type eavesdropping and hidden camera devices using high-tech imported gadget. This sophisticated service can be availed by PF.
(14) Guarantor Service
Real estate transaction usually involves huge amount of money. This particular service of mine is actually a protection against swindlers. In this service, I can be hired jointly as a third party guarantor to ensure that payment will be made and product is delivered to the buyer. This service would involve writing the escrow agreement and opening of bank account. As an escrow agent, my job is to hold the bank account where the buyer’s money is deposited, guarantee the seller that the buyer has money, and release the money to the seller only when the buyer receives the product. This service can be availed by PF.
Part IV. Coaching Services for Real Estate Developers,
If you need assistance in selling or leasing out your property, please follow the instructions in the Broker Authorization Form Page.
(15) Project Launching
I can attend launching of a brand new condominium or subdivision project, take a few pictures, and write a promotional blog. I can also take photographs of a model unit of a brand new condominium, housing, and resorts project and write promotional photo blog about it. This service can be paid by PF.
(16) Project-Selling Accreditation
For Real Estate Developers or Exclusive Real Estate Marketing Companies and Dealers, and Foreclosed Properties Departments of Banks, other form of Financial Institutions, and Local Government Units who need Brokers to include their project and foreclosed assets in the properties that we recommend to our buyers, I usually instruct the Broker Coordinator to just send to me an EMAIL containing the following:
(a) A single .PDF file that contains (1) Authority to Sell or sometimes they call it Accreditation Agreement that indicates my complete name and license number on it and signed by the Developer and/or the Exclusive Marketing Company; (2) the technical description of the project; (3) features write-up of the project; (4) contact person in the Developer-side; (5) Master Deed of the project; (6) maps and lay-outs; (7) initial price list, (8) HLURB License to Sell, and (9) the URL or Web Page where we can find the updated information of the prices.
(b) Several .JPG files of the pictures/images of the project for marketing purpose. Each .JPG file must not exceed 100 kilobytes.
When it comes to project selling, the Broker’s job is to manage and supervise Salespersons. It is the Salespersons who do the actual buyer headhunting. There is no need for Brokers to go out to attend the accreditation seminar — the Developer, Exclusive Dealer, or Bank can just send us the digital requirements above by email and that’s it. Rest assured, as soon as we receive the digital requirements, we will find a way to recruit and assign Salespersons to focus on training and specialize marketing your projects.
Broker Coordinators of Developers, Dealers, and Banks are also advised to regularly send their Product Knowledge Seminar (PKS) schedule to us (Brokers) so we will know where to send our new Salespersons to training (please read more about it in the Application Process and Requirements for Salespersons).
If we are invited to go out and spend time listening to a corporate or project presentation, we would love to go, but we would appreciate to read a note in the invitation that out there is a gratuity fee to cover our gasoline and time off-work if we will attend — a suggested amount is P3,500 which is just fair if the venue is within Metro Manila.
As accredited Broker of real estate developers, I adhere to fair competition, abide to the standard commission set by the developer to all its Brokers, and don’t allow rebate requests from buyers.
Part V. Coaching Services for Fellow Professionals
(17A) Salesperson Accreditation and (17B) Salesperson Pre-Licensing Seminar
If a person comes to me with motivation to make money as agent in a real estate transaction, and he/she is neither the seller, nor the buyer, nor the tenant, then I prescribe the salesperson application process. Salesperson accreditation is our way of advocating the Real Estate Service Act of 2009 (RESA) and extending employment opportunities to real estate agents. A Broker is authorized by law to accredit a maximum of twenty (20) Salespersons under his/her license. For more information, please read the Application Process and Requirements for Real Estate Salespersons.
(18) The Rltr® Professional Title
Realter (Rltr) is a registered and recognized in the Intellectual Property Office (IPO) as the official professional title that can be attached as prefix to the name of an individual real estate professional. The intention of the IPO registration is to offer the “Rltr” professional title to real estate professionals for a fee (of course with exemptions). I am already granting rights to a few individuals to use the Rltr® (Realter) titles for FREE just to start the snowball rolling — read more at Realter Society website.
Real estate professionals who may apply to become members of Realter Society include brokers, salespersons, appraisers, consultants, dealers, developers, builders, interior designers, bank auctioneers, educators, assessors, registry of deeds, Real Estate Investment Trust (REIT) Brokers, etc. Realter Society is very new, I am still trying to figure out how it will operate and earn smoothly; and to get myself off the business hassle, I am open to sell this Rltr® Realter IPO registration to any interested taker at PhP3Billion (negotiable).
We, Real Estate Brokers and our accredited Salespersons are compensated in two ways: (1) by professional fee for the actual input work we do for a client and/or (2) by percentage commission (Finder’s Fee) as reward for successfully closing a sales or lease deal.
Professional Fee (PF)
Professional Fee means the client will only pay per hourly rate for the actual service rendered. My suggested PF is computed at hourly rate (P800/hour with ceiling of P4,500 for the whole day’s work) plus actual transaction costs, actual travel expense, and sometimes hotel accommodation for out-of-town work. Contracting a Broker’s service under PF is ideal for big transactions because the client can generate a lot of savings from PF compared to percentage commission.
PF is also our alternative way to secure our earnings in the event the client’s front, representative, attorney, or nominated agent makes a full disclosure (must be before the start of broker service) of his/her interest on part or whole of the percentage commission.
I have internal policy called “lowest commission rate guarantee”. You can read about this below under the topic Money-Back Guarantee.
Commissions are normally agreed upon between the Broker and the Seller who is offering the property for sale, for lease, or for joint venture. It seldom happens that commission is set by the buyer.
The commission rates of brand new and pre-sell properties being sold by Developers and foreclosed properties being sold by Banks are usually set by their corporate policy which applies uniformly to all agents, and it is very difficult (if not impossible) to negotiate an increase, reduction, waiving, or rebate of their commission rates. In dealing with Developers and Banks, I adhere to fair competition among agents, abide to the standard commission they set, and don’t allow rebates and overpricing.
However, in servicing privately owned properties (also known as pre-owned or pre-loved properties) being offered For Sale By Owner (FSBO) or For Lease By Owner (FLBO), I present two types of percentage commission rate options for the seller to choose from, namely: (1) Exclusive Broker Agreement, and (2) Non-Exclusive Broker Agreement.
As an Exclusive Broker, in sales transaction, my suggested commission rate is two percent (2%); and in lease transaction, my suggested commission rate is four percent per month of rent (4%/month).
As a Non-exclusive Broker, my suggested commission rate is negotiable, starting from the standard rate of five percent (5%) in case of sales and eight percent per month (8%/month) in case of lease. I can guarantee that the commission rate I would be recommending is lower compared to anyone else’s. Under the lowest commission rate guarantee, if the client would bargain on the commission rate for non-exclusive broker service, I could always recommend a reduction down to 0.5% notch lower than what is offered by any other competing broker.
If you need a quotation of professional service rate for any piecemeal or set of work, please feel free to contact me by telephone, email, or request for an appointment so we can discuss your exact needs, my plan of action, and proposed compensation.
As licensed real estate Brokers, the quality of our service is insured with a bond that the complainants can claim from the Professional Regulations Commission (PRC). Aside from the bond, I am the only Broker who grants a money-back guarantee on any of the following conditions:
· Amount. The money-back guarantee is the equivalent amount I received as PF and/or commission. Personal gifts and gratuities are not included. Any amount the client or customer paid to someone else is not covered.
· Reason. A Broker of my years of experience is expected to have already reached an expert level in coaching. If any of my peer points out an error or if the client expresses dissatisfaction in my professional coaching service, I commit to return whatever the client paid me, without any question.
· Lowest Commission Rate Guarantee. If you can find a commission rate by other disinterested party that is lower than mine, I can always go a notch of 0.5% lower; and if the commission rate elsewhere is 0.5%, I can always forego the commission and shift the transaction to PF mode and/or even to Pro Bono mode.
Rltr® John Odonnell R. Petalcorin
Complete contact information:
1504 Cityland Vito Cruz Tower 2, 720 Pablo Ocampo St. Malate Manila.
SMART Cellphone: 0921-7172040
Summary of Professional Profile:
· Specialization: Exclusive Buyer Agent (EBA) and Peer-to-Peer Coaching
· Pro Bono, Real Estate Consumer Rights Advocate
· Licensed Real Estate Broker since 1998 (Lic.# 0010105, Registered in PRC and HLURB)
· Google Blogger site title: Real Estate Service Coach
· Academic Background: B.S. Economics, University of the Philippines at Los Banos
· Completed Basic and Advance Courses in Private Investigation at United States Academy of Private Investigation (USAPI)
· Seven years full-time experience in front-line customer service and due-diligence work with a foreign embassy.
LIST OF COACHING SERVICES
1. Pro Bono Real Estate Service Coach.
2. Real Estate Outreach Service.
3. Exclusive Buyer Agent (EBA).
4. Price Validation Service.
5. Due-Diligence Service.
6. Negotiation Service.
7. Status Inspection Service.
8. Exclusive Broker Service (Sales or Lease).
9. Non-Exclusive Broker Service (Sales or Lease).
10. Real Estate Photography.
11. Property Presentation and Tripping.
12. Tenant Assistance Service.
13. Condo Unit Safety Inspection Service.
14. Guarantor Service.
15. Project Launching.
16. Project-Selling Accreditation.
17. Salesperson Accreditation and Pre-Licensing Seminar.
18. The Rltr® Professional Title.
If you need professional help in looking for or negotiating a property to buy or rent, please complete the Client Information Form.
Below are the short descriptions of the above list of services for various clients. We can do any coaching service for free. If the service you need is not in this list, please feel free to inquire, I can do customization, or I can refer you to my fellow trusted and highly recommended Brokers if the workload is out of my league.
Direct Contact +63921-7172040