Philippine Real Estate Update – November 2010

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here’s a newsletter i did way back during my days with the Real Estate Broker’s Association of the Philippines particularly distributed during the 2010 Convention we had at Subic.  take note of how the real estate industry was then. the RESA Law just passed then and what pride we had as it’s been long coming.  take note that i’ve been doing this newsletters way back in 1993, something i picked up from my work in San Francisco which was to advise everyone about the industry i was in.

hello everyone,

it’s 31 days till Christmas 2010 and what a year it has been for the philippines. from politics, stock market, strong philippine peso, very resilient real estate market and our pride and joy, pacman.. all are heading towards new positive highs !  it’s also the first day of our annual real estate convention so if you have a copy of this newsletter, then you’re here to take part in this three day event that highlights our year’s dedication to our careers !

so how’s the year been ?  for most, it’s been busy and productive, as this “real estate boom” may be even better than that of the 90’s.  in the course of my activities, i’ve seen how the different variables that affect our industry have changed and this change mirrors the growth and stability that’s in store, not just for the industry but for us “licensed brokers” as well.

these variables consists of the following : developers, banks, brokers, agents, property owners, and the property listing itself.

developers now have a very active market that’s capable of buying their projects because of attractive housing loans that banks provide.  some of these major developers are backed up by their sister company who happens to be a bank ( smdc, ayala land, eton properties, robinson’s land inc, and filinvest land inc ), how’s that for stability !  project selling has never been better.  these then leads to bullish expectations and that’s why see a lot of landbanking as inventory of properties to develop is a must for these developers.  bottom line, positive note !

banks are very liquid and that’s the reason they are very aggressive in giving out housing loans with attractive interest rates.  aggressive but not careless, as they have always been conservative in their banking system and because of this, we survived the asian and global crisis and suprisingly came out as the only asian country that didn’t go through recession while the rest of the world suffered. bottom line, positive note !

i’ve also seen how brokers and agents change during the good times.  all of a sudden, those that left real estate for a regular job or joined a networking group to sell some product are now back in the industry.  there are some that are a blessing to have and some not worthy to deal with, so it’s up to you to filter your network.  sharing of listings also got tough as some brokers kept their listings to themselves ( taken na, under neg na, we’re already three, no listing ) as inventory got scarce.  this is when you know if you have a good relationship with your network if you know what i mean.  is your network’s concern to keep your deals going regardless of the number of brokers involved in the deal or the sad fact that he or she solely wants the deal ? guilty or not guilty ? hehe.  as licensed brokers, we finally got the recognition we so long deserved so we should take pride in what we do and also look forward to a very promising future ( take note that we are heading towards even better times because of the world’s perception of our new government and the asean region ! ).  bottom line, positive note !

due to the resa law, i’ve seen a number of “agents” step up , wanting to professionalize themselves, and that’s really good !  sometimes it really takes pressure for us to do something we thought we couldn’t do or don’t want to do, right ?  i am sure that some of us have already benefitted from the situation at hand. our industry is heading towards professionalization which means more opportunities for us as we start eliminating unlicensed practioners.  bottom line, positive note !

property owners.  i’ve seen the how signages and classified ads change as property owners aren’t as aggressive as they used to be.  it’s a seller’s market, so in some cases, the need for our help isn’t there. classified ads aren’t worded as they used to, “brokers welcome”.  in my office, we consistently update our property listings and we’ve come across some owners who aren’t entertaining brokers for the moment due to lack of inventory.  in the posh villages of makati, pasig, quezon city and alabang, signages for sale or lease which were once posted outside their gates are now long gone except for a few.  another situation that’s disturbing is when property owners raise their price just when the market is accepting their old price.  i’ve also seen properties being pulled out of the market in anticipation of better times.  bottom line, negative note !

notice that prime foreclosed properties are rare nowadays ? they’ve either been sold by the bank or put on hold for their sister company to develop.  properties that didn’t move before are now moving or have been sold. in today’s market, it doesn’t matter if the property is a perimeter, tumbok or irregular. given the right price and location, a property has a potential buyer.  in makati, pasig and bonifacio global city, we’re talking number of days in the market on some properties.  income properties are also in demand as investors prefer to put their money on real estate rather than leaving their money in the bank. overall, there is so much demand for properties but inventory is low.  as a broker, our job is to source out that property our clients are looking for.  that is why networking and building a relationship with our fellow brokers from our organization in now more important than ever !  for instance, i see a lot of property listings and  requirements from our rebappls egroup that matches my inventory  but somehow, not knowing who you’re dealing with hinders that opportunity.  it’s up to each one of us to make a move if we want to enhance our business, so get busy and network as we already belong to REBAP !  bottom line,  positive note !

given the above scenario, isn’t that enough reason to be here in this convention with our fellow rebap members ?  together, we face challenging and times filled with opportunities we never had before, so if we prepare ourselves for the task at hand, work closely to build our network and relationships, then we may all achieve our goals, help each other out, and enjoy the fruits of our labor together.  that’s what this convention is all about, BUILDING RELATIONSHIPS !

these newsletter generally describes how the market has been.  for a more detailed analysis on the movement in the industry, property market values and other information that may be useful to you, please check my blog and websites.  wishing you an enjoyable & successfull REBAP convention. thanks and may God Bless Us All Always !

robert

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robert
Robert G. Sarmiento Properties
Professional Affiliation :
Philippine Association of Real Estate Boards
Member, City of Taguig Real Estate Board 2016 – 2017
Real Estate Broker’s Association of the Philippines 2000-2015
President, Greenhills Chapter 2008, 2009
Philippine Association of Real Estate Brokers
San Juan Mandaluyong Chapter 1998, 1999
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