How to Start Selling Real Property
When it comes to making big money with almost no capital, there is nothing bigger than the real estate industry in terms of opportunities. Just one transaction can make you millions. This potential to hit the jackpot is what draws so many to this field. But unlike most things sold, it takes some qualifications and a great deal of effort to sell real estate.
Because of the large sums involved and its economic impact, selling real estate is heavily regulated by the government. In fact, real estate selling is now considered a profession, with licensing now under the Professional Regulatory Commission (PRC). To sell other people’s real estate property, you must either be a licensed real estate salesperson or a licensed real estate broker. A real estate salesperson must work under a real estate broker.
At present, you cannot be a qualified real estate broker if you have not finished a relevant bachelor’s degree. With real estate salespersons, you must have completed at least two years of college and some real estate related training. If you aspire to be a real estate broker, you are required to attend trainings and pass an exam by the PRC. In the future, only people who have a Bachelor’s Degree in Real Estate Service will be allowed to take the real estate broker’s exam.
If you are already licensed, there are basically two ways to go into real estate selling. You can go into project selling or you can choose realty brokerage. For the vast majority of people, it would be far easier to go into project selling. Both the real estate broker and the real estate salesperson have the option of choosing either project selling or brokerage. It is not true that if you are a real estate broker, you must go into real estate brokerage.
Project selling is when you sell properties of developers, like a new condo, subdivision, or some other large newly launched realty project. Examples of project selling are when you sell projects by Ayala Land, SMDC, or Robinsons Land. Virtually your only concern would be how to sell the project since most of the other functions are done by the developer.
On the other hand, if you go into realty brokerage, you usually deal with a property that is already owned by the user and not from a developer. An example of this is if a person you know wants you to sell his/her apartment building. If you are the real estate broker, you have a lot more responsibilities. You have to verify the ownership of the property, the authenticity of the title, and the computation of the taxes and fees, besides other concerns. On top of everything, a real estate broker must constantly be in search of new properties to sell. In real estate lingo, this is called “listing” a property.
Despite all the stringent requirements in selling real estate, thousands still strive to get into the industry every year because there is big money to be made for those who are hardworking or simply lucky. It would be a wise investment to first attend an introductory seminar on the business. You may attend a seminar from BusinessCoach, Inc.
Click here to view details of the seminar on: Real Estate Marketing »
*Originally published by the Manila Bulletin. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.
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