When you are looking for real estate in the Philippines, you will want to have someone working with you who knows how the process works, is familiar with the area, and is, of course, trustworthy. You may ask: “What are real estate agents? Do I need one?” But the person you really want is a Real Estate Professional. This is a person who is licensed to market properties in the Philippines, has a bachelor’s degree, has good moral character, and is a citizen of the Philippines. They also must continue to learn about real estate and renew their license every 3 years. This is regulated by the Philippines’ Professional Regulation Commission.
What Are Real Estate Agents?
Many times we call someone an Agent when he or she actually has a different title. In the Philippines, these people might be called real estate agents and they charge appropriate fees for the different jobs they do.
Real estate consultants These people are registered and licensed, and offer professional advice on all areas of real estate projects.
Real estate appraisers These are registered and licensed professionals who know how to calculate the value of a property and give you a written report explaining why it costs the amount it is valued at.
Real estate assessors These professionals work for the local government and are registered and licensed to look at assess the value of your property and calculate how much taxes it has accrued.
Real estate brokers These professionals are registered and licensed by the Professional Regulatory Board of Real Estate Service to sell, buy, exchange, and lease out pieces of real estate.
Real estate salespeople These professionals work for the broker.
You can see that there are different types of real estate professionals who will be involved in your search for a home to own. The two you will most likely have contact with will be the real estate broker and the real estate salesperson (or sales agent). In some cases, these two may very well be the same person. A broker can also be the one who shows you the property and answers your questions.
The biggest difference between a broker and an agent’s job is the responsibility that comes with it. The broker is trained and licensed to know and perform all the paperwork that must be done when you make a real estate transaction. They make sure that any agent (salesperson) working with him or her is doing his or her job properly. Brokers are also legally accountable whenever something gets amiss.
But whoever you are working with to help you find your new home, make sure you are comfortable with that person. After all, he or she is going to answer all your queries, show you around the property, give you information about the neighborhood, and -- more importantly -- help you with the paperwork. They may also be the person who works with the consultant, appraiser, and assessor to set up the appointments your lender may ask for. This agent could also be considered your agent as well, because he or she is helping you.
