QUESTION: What is a Listing? Do we have this in the Philippines?
ANSWER: The term "Listing" originated from the Stocks Exchange, which refers to a listing of stocks that are authorized for trading. Later on in Real Estate sector, the Americans use the term Listing to refer to properties authorized by licensed real estate brokers to be entered in the National Listing, which is a one online database administered by the National Association of Realtors (NAR).
The data in the national listing, which includes properties sold by individual owners, developers, banks, and local governments, can only be accessed by real estate brokers who subscribe monthly dues to its services.
When a property owner requests the services of a broker to sell his property, the owner pays a fix amount to the broker for the property to be inputted in the National Listing -- this fee is called listing fee and the contract is called listing agreement.
When a buyer approaches a broker, the latter can instantly access the National Listing to quickly provide a wide array of choices to the buyer.
The brokers in US also use this National Listing to compare real estate prices in the neighborhood so that they can give reliable information that will help sellers become realistic in their asking price. Whether you are a listing broker or buyer's broker, with a National Listing, you will earn (1) listing fee, (2) professional fee for due diligence, and (3) guaranteed share of the commission.
In the Philippines, we still don't have a National Listing database. So, we shouldn't be using the term "listing" here yet in the real estate sector.
The thing we have in Philippines are small separate collections of "Authority to Sell" being shared among a small group of Association members and this is what I call inefficiency. This inefficiency means the brokers' income is not sure, the buyers are not given a wide array of choices, the properties don't get sold fast.
This inefficiency is the thing that I want to eradicate by creating a one Integrated Professional Organization of Real Estate Practitioners (IPORESP) as the RA 9646 prescribe and then administer the National Listing. I envision that all licensed brokers will automatically become member of the IPORESP as individuals as the law prescribe and each one will benefit from the National Listing. So when you pay your membership to IPORESP (I proposed P1,000 a year), you get the benefit of access to the National Listing. So, this is it that we look forward to as the relevant development in line with the RA 9646 implementation.
The downside is, I am having difficulty pushing the initiative because there are people along the way who are doing a blockade, specifically the PRB-RES of PRC who are anomalously put to power by the two Associations (PAREB and REBAP). For three decades (1980s, 1990, 2000s), almost all brokers were not able to operate profitably well because of these Associations. Under the reign of the Associations, the colorum agents grew in thousands and these exploited flier-handing sharks ate a huge share of the market, displacing the licensed brokers. As long as the Associations control the market, the real estate broker license will continue as a mere plain pocket badge rather than a profitable profession.
If you support my National Listing Initiative, we as individual brokers have to form the IPORESP first, then replace the current PRB-RES, and establish the National Listing for the benefit of the buyers, sellers, brokers, and the entire real estate sector.
The National Listing is just one of the 17 Initiatives I have in mind so we can catch up with the global pioneers. If my initiatives will push through, the real estate industry in the Philippines will surely become dynamic.
I dedicate this blog to my Facebook friends who celebrate their birthdays. I dedicate this blog to my friends who celebrate their birthdays.
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QUESTIONS AND ANSWERS
Alex: Regarding our salespersons, can they serve 2 brokers with different projects?
ANSWER: A salesperson can only work under the control and supervision of one broker, a broker can only have a maximum of 20 salesparson, this is what the RA 9646 provides. The good thing in my National Listing Initiative is that the Developers who have HLURB Permit automatically accredits IPORESP and all its members; in short, ALL brokers will automatically become accredited to sell anything that is captured by the National Listing of the IPORESP, whether that be a condo/subd project, individually owned property, bank foreclosed properties, or gov't foreclosed properties. In short, a salesperson working for a broker can sell EVERYTHING in the National Listing, and thus in short ans simple statement it means ALL salespersons and Brokers nationwide can sell your project.
Noel: Sir John, I just want to make clear if the 20 Salespersons limit per Broker is applicable only to in-house corporate brokers. How about those independent brokers who are selling different projects from different developers?
ANSWER: The 20:1 Ratio is a legislated limitation na aplicable sa lahat, whether the broker is an employee (inhouse) of the developer or the broker is an independent office, klaro yan sa RA 9646.
Yung independent brokers ay may limitation on the number of salesperson 20 lang talaga ang maximum, pero pwede mag-benta kahit gaano ka-raming project (in fact ang ideal ay lahat na project) walang limitatation.
Dapat alam mo rin ang difference ng in-house broker and independent broker. Lahat na broker dapat merong OPISINA, required ang official place of business sa RA 9646. Ang in-house broker, ang office niya ay ginagastosan ng developer at merong terms and conditions yan. Ang independent naman ay ginagastosan ng sarili niya.
Ang tanong, under RA 9646, pwede pa ba mag-continue na merong license ang mga brokers na walang opisina, yung tipo bang parang fly by night na sa Jollibbee nakikipag-transaction? Ang sagot ay HINDI NA, nasa RA 9646 yan nakasulat sa Section ...33. Hindi na pwede yung mga Brokers na walang official receipt. Kung inhouse broker ka, gamit mo resibo ng Developer. Kung independent broker ka, ehhhh gamit mo sarili mong resibo. Eto ang na overlook ng anomalous na PRB-RES ngayon, kaya ayun pinagbibigyan lahat ng license without exam kahit walang mga office and resibo ang mga fly by night.
Noel: Thanks for the quick reply and for the additional insights. I have seen some postings in the internet by some brokers who used "independent broker" loosely. Well, at least now this is clear. Your idea above of coming up with a National Listing would be very useful since the database (I'm assuming it is online?) could be accessed by a subscriber even if the broker is in the province.
ANSWER: The National Listing is online na kasama eto ng IPORESP Website. Kung licensed broker ka you can access it through the internet kasi yan ang incomable (mapapakinabangan mo) service na babayaran (P1,000/yr) mo bilang member ng IPORESP. Brokers lang makaka-access ng National Listing. Ang mga salesperson, kung kailangan nila ng info from the National Listing Database, ehhhh hingin nila sa kani-kanilang boss broker.
Ang public hindi nila makikita ang National Listing. Ang makikita lang ng public sa IPORESP Website ay ang National Directory ng mga Brokers in compliance to RA 9646 Sec 22. In short, for example kung merong buyer na gusto bumili ng residential lot sa Cebu, ang gagawin niya punta siya sa website ng IPORESP, then tingnan niya ang Brokers Directory, then click niya ang Cebu and lalabas na mga pangalan ang address ninyo mga brokers sa Cebu, ang buyer na ang mag choose sino sa inyo ang pagtatanungan niya tungkol sa availability ng property sa Cebu. Through the National Listing, ikaw na broker dyan sa Cebu, makikita mo kung ano ang mga for sale na units dyan sa cebu in just one click by accessing the National Listing, and you can give real-time reliable info to the client.
QUESTION: Sir John, under RA 9646, the Salesperson is only allowed to collect compensation from the Broker. How will the Salesperson know if the Broker received the commission already, or his share is due already?
ANSWER: The IPORESP National Listing System will also be used to promote transparency and prevent buyer-seller-broker-salesperson disputes on payment information. The National Listing System information will surely be providing real-time information. You would know the status of a property, whether it is actively for sale, or for lease, or on reservation, on conditional sale, or under pending due diligence clearance, etc. I believe there should be no no dispute if information is clear, reliable, and accessible.
IF YOU HAVE QUESTIONS, please go to the IPORESP Page in Facebook and ask it there. Thank you.