What Type of Broker Do You Need?

Blog, Regulations, Tips & Advice

It always starts on the premise of… what is your need?

Firstly, find out what is your real estate needs. Are you planning to purchase a property? Are you looking for a pre-selling property or secondary property? You need to lease out your property or sell your property?

Secondly, depending on your answer/s to the questions above, it is highly recommended to look for a Broker who will cater to what you need.

Pre-selling properties refer to those properties that are still being developed or constructed. In other words, the development stage comes with a timeline for its completion and delivery. Upward price adjustments by the developer are done as the project development milestones comes closer to completion or delivery date.

The secondary market on property/s refers to property/s with existing owners who bought from the developer. The nature of secondary market property is that it may be used as a primary home of the Seller, or a property for sale while being leased out by the owner, meaning it has existing income that goes with the sale of the property.

If you plan to lease out your property, what you are looking for is a Leasing Broker. This particular type of Broker does primarily leasing of properties.

Should you decide to sell your property, what you need is a Selling Broker. With the volume of paper works that is required in a sale transaction, it is best that you are well represented by a Selling Broker, who knows the ins and outs of proper documentations and know-how in tax compliance and all, who can competently handle all the nuances & complexities that goes with a sale transaction, depending on how simple or complicated the sale transaction maybe.

From a mere error in spelling in the Deed of Absolute Sale, a wrongly worded clause, a delay in paying the taxes and fees due to lack of information of the timeline in complying in tax payments can cause the Seller a hefty amount of charges, penalties or fees.

Likewise, for a lease transaction, as a Lessor, if you are not well represented by your Leasing Broker, you may end up paying a huge amount of taxes when there is no need for such, to start off with. The Lease Contract is always the reference point of all circumstances, incidents or scenarios that may arise in the course of the lease. Hence, as simple as a Lease Contract, if not properly and handled with delicate care, may come out one-sided rather than a win-win reference for both you, as the Lessor and your Lessee.

Always aim to get a licensed and professional Broker for your real estate need/s. It should mean that your Broker will be present up until the transaction is completed.

Regardless whether it’s a lease or sale transaction, the Broker should be with you every step of the way, offering uncompromised service within the bounds of what is legal and above board.

Suffice to say, that in a lease transaction your Broker is present while the lease is enforced during its lease period. Likewise, in a sale transaction, your Broker has an active hand in dealing with the intricacies of your transaction, at times collaborating with the lawyer, if there’s a need for this.

Make sure to always keep in mind that you are dealing with licensed & professional Brokers, as they are bounded by RESA LAW 9646.