QUESTION: Sir John, I am a Doctor of Medicine. I have accumulated a number of residential land. They are all idle as of today. I want to start getting the best value for these lands. Am I going to sell it or what is your advice? ANSWER: Find a licensed Real Estate Broker and commission him/her to visit the properties, make a determination, and write a report about the best possible use of those lands.
You can either sell it, lease it, build an apartment on it, exchange it, or have it developed by a REIT Corporation under a joint venture agreement. It is better if a professional broker sees it first.
Section 3, Paragraph 4 of the R.A. No. 9646 defines the 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 , list, 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.
QUESTION: How much will the Broker charge on workload like this?
ANSWER: He will charge you Professional Fee to cover the whole day work plus travel expense if the property is out of town. A seasoned Broker like me would charge you Professional Fee of P3,000 per property, it includes the visitation and writing of report, but excludes the travel expense.