Being a real estate agent in the Philippines, or in any other country, seems good on paper. Aside from being your own boss in terms of spending your time at the office and with prospective clients, the commissions to be received when you land a sale is a major attraction. However, there are certain perks insiders know about that makes them stay in the already cutthroat business of Philippine real estate. If one works hard and plays his cards right, he may very well be on his way to become a success story fellow real estate agents would certainly pass on by word of mouth.
So what would make a Filipino real estate agent stay in the business of selling real estate properties? We asked Filipino real estate sales leaders in the Philippine industry about the coolest incentives agents receive from some of the largest property developers in the Philippines.
1. Travel
One thing real estate professionals enjoy in their line of work is the amount of travel that they get. Real estate agents who are focused on international markets often get this type of incentive. Kim Uy, who is the Sales Director at Arthaland, said,
I have to say travel. A country and a hotel of your choice. Good thing my company doesn’t scrimp on their incentives.
In a newspaper piece published in Philippine Star, it has been observed that more overseas Filipino workers (OFWS) and foreign entities are investing their money in real estate properties more thanks to the political and economical stability foreseen in the next few years. As such, it makes business sense that developers heavily invest in their frontline agents’ travel expenses to go that extra mile in securing a sale or reward them with travel at their own leisure, sometimes along with their loved ones.
2. Cash Incentives
One of the things aspirants seek the real estate profession is because of the job’s capacity to earn lots of money via commission in single sales transaction. According to median estimates provided by interviewed real estate professionals in Manila, an agent could earn as much as P300,000 in commissions.
Luxury Residences Head of Luxury Division Joy Yap Lim said this is the most coolest for her by far considering the many investment opportunities it presents to the agent. She added,
Financial freedom. You can buy the things that you want and can put up your own business.
For example, the amount could either go towards a shopping spree for the entire family, or towards a smart investment like a downpayment for a brand new car or a purchase of a secondhand vehicle that looks brand-new. The amount could also be used to set up a new business venture for yourself or for the aging mom and dad to augment your income. Franchise cart packages in the Philippines could go as low as P10,000.
3. Cars, Expensive Gadgets
When a sales quota is achieved, the developers splurge like there’s no tomorrow. According to PICAR Development Assistant Vice President for Sales Jeffrey Somera,
The company awards real estate agents with cars either every quarter or annually. We also have parties to celebrate the sales milestones in clubs. I have also received high-end gadgets worth my commission as incentives as well.
Robinsons Land Senior Regional Manager for North America Richard Reverente said that aside from the hundred thousand peso cash incentives, developers sometimes give away gadgets, jewelry, appliances, and even a condominium unit for good measure.
4. The Intangible Incentive
But if you are going to ask a seasoned real estate professional, the one thing that they would tell you is that they are not in this industry just for the money alone. Reverente, for one, said, “These are nice to have but, in my opinion, are not considered as an achievement.
For many Filipinos, buying a proper home in Metro Manila is a daunting challenge despite the availability of resources. According to the real estate insiders we have interviewed, there is a noble cause to the profession, which is to empower every Filipino in purchasing his own home. The satisfaction of closing a sale is more than just thinking about the massive commission or the possible incentives that would come after.
Century Properties Sales and Marketing VP Maggie Dy Cagurangan explained,
As a Filipino Real Estate Agent, one of the coolest incentives we get is the satisfaction of serving clients and providing what they need. Giving them options in terms of a new home and a better lifestyle. Nothing beats a happy client saying he’s grateful for your help.
There are many misconceptions homebuyers think about real estate professionals. But the one thing that you can always count on with them is that they will work double time to ensure that you would have a home to call your own and not just closing a sale. In the digital age, real estate professionals still put in a lot of their time in engaging with prospective homebuyers, according to an article on Forbes.This would include hours of getting the right amount of data needed to aid the buyer in his decision-making process.
The real estate agent will also provide advisory services as the homebuyer goes through the processes of acquiring the home, including finding available financing options and figuring out what a homebuyer needs in his new home, like features and amenities. Also, the real estate agent accompanies the buyer to oculars and work with them on narrowing their choices and educating them on how to keep the prospective home in tip-top shape after the sale. In most cases, the buying process will have the agent involve other people to help make the purchase happen. As such, the closing of a sale signals that a real estate professional has done his job right for the homebuyer.
As a real estate agent, what other cool perks or incentives you have received from a developer after closing a sale or meeting a sales quota? Share us your stories by leaving a comment below.
